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Strategic Minerals in talks over finance options for key projects

Published: 19:34 14 Jan 2020 AEDT

Strategic Minerals PLC -
"Stable sales volumes and continued organic growth at Cobre provides the company with a solid foundation"

Strategic Minerals PLC (LON:SML) is in 'active discussions' over the finance options to develop Leigh Creek in Australia as a second source of revenue.

Revenue currently comes from the Cobre iron ore tailings operation in New Mexico.

This rose by 12.5% to US$713,000 in the final quarter of 2019 but dropped over the year to US$2.5mln from US$3.35mln due to an ongoing dispute with one customer.

An arbitration meeting is expected to be scheduled shortly.

Strategic’s cash balance at end-December was US$0.520mln.

In a statement, Jonn Peters, Strategic Minerals’ managing director said: "Access to the magnetite stockpile {at Cobre] is expected to automatically rollover at the end of February. Stable sales volumes and continued organic growth at Cobre provides the company with a solid foundation from which the board can look to execute its strategy across the wider portfolio."  

"The key focus in 2020 remains on developing a reliable second income stream from LCCM and SML is engaged in a number of active discussions with potential sources of financing to move its projects forward via a solution which is best for the company and its shareholders alike," he added.

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