viewStrategic Minerals PLC

Strategic Minerals makes big strides in advancing key projects


  • Strategic Minerals to take full ownership of Redmoor
  • High grades at Redmoor recorded and strong sales at Cobre
  • Leigh Creek Copper Mine starts production
copper wire

Quick facts: Strategic Minerals PLC

Price: 0.525 GBX

Market: AIM
Market Cap: £7.71 m

What Strategic Minerals owns

Cobre (iron ore): In 2011, subsidiary Southern Minerals acquired the rights to process the Cobre magnetite stockpile in New Mexico where currently there are six years of tailings reserves.

Central Australian Rare Earths (nickel sulphide, cobalt): CARE holds tenements and has access to mining rights for cobalt, nickel, and rare earth elements in these tenements in Western Australia.

Leigh Creek (copper): Strategic acquired the rights to the old copper mine situated in the North Flinders Ranges of South Australia, 500km north of Adelaide in 2018. The project comprises three sites: Mountain of Light; Paltridge and Rosmann East.

Redmoor (tin tungsten): Located 25km from Plymouth, and 40km from the Drakelands (Hemerdon) tungsten mine and processing plant.

How it's doing

In October, SML said sales from the Cobre magnetite stockpile in New Mexico were up 26% at £1.1mln while tonnage rose 23% to 12,704 in the quarter to September,

Strategic, though, is in dispute with one of its main customers there and third-quarter revenue included a US$375,000 forfeit.

The AIM-listed company is currently pursuing US$21mln plus damages in an arbitration claim against Cobre’s main customer, whose name has not been disclosed.

The bill includes at least US$2.3mln sought in relation to payments still outstanding, and US$19mln for lost profits for the balance of the contract.

On a running basis, twelve-month revenue fell to £3.2mln, almost half of the 2018 figure,

What the boss says: John Peters, managing director

"The progression of a formal claim against the major client at Cobre has resulted in the board having to reconsider the pace at which it can progress planned projects.”


Inflexion points

  • Strategic Minerals now has total ownership of the Redmoor asset. 
  • A recent preliminary assessment of the underground possibilities for Redmoor by consultantWardle Armstrong concluded there is scope to mine 600,000 tonnes of ore a year for the next decade based on a 7.1mln-tonne resource with a 1.09% tin equivalent grade.
  • Legal action taken against Cobre client
  • Leigh Creek cashflow starts to pick up


Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Strategic Minerals PLC named herein, including the promotion by the Company of Strategic Minerals PLC in any Content on the Site, the Company...



New Age Exploration advancing Redmoor and Otago, exploring Lochinvar options

New Age Exploration Ltd (ASX:NAE) chairman Alan Broome provides Proactive Investors with a thorough update on the company's international portfolio of assets. The UK Redmoor project, being developed in JV with Strategic Mineral PLC (LON:SML), is advancing at an opportune time with respect...

on 15/2/19

2 min read