Strategic Minerals PLC Lodgement of additional PEPR at Leigh Creek (0731L)
December 29 2022 - 2:00AM
UK Regulatory
TIDMSML
RNS Number : 0731L
Strategic Minerals PLC
29 December 2022
29 December 2022
Strategic Minerals plc
("Strategic Minerals" or the "Company")
Lodgement of PEPR for treating transitional ore at Leigh Creek
Copper Mine
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a profitable
producing mineral company , is pleased to announce that its wholly
owned subsidiary, Leigh Creek Copper Mine Pty Ltd ("LCCM"), has
today lodged, with South Australia's Department of Energy and
Mining ("DEM"), an application for a new Program for Environmental
Protection and Rehabilitation ("PEPR") relating to planned mining
at Paltridge North. This is being sought as part of LCCM's expected
2023 re-opening of operations at Mountain of Light at Leigh Creek,
subject to funding.
The new PEPR encompasses much of the information in the previous
PEPR plus additional information DEM required in relation to the
treatment of transitional ore expected to be mined as the planned
pit reaches greater depth. Accordingly, it is not expected that
approval of this PEPR will be as protracted as was the case with
the previous, now approved, PEPR.
Negotiations on planned funding of the restart of production are
at an advanced stage with a party who has extensively accessed the
Company's data room and visited the LCCM site. However, it is
stressed that, at this time, no binding arrangements have been
entered into and there can be no certainty that such arrangements
will be entered into.
Commenting, John Peters, Managing Director of Strategic
Minerals, said:
"Lodgement of the PEPR for treatment of transitional ores at
Paltridge North represents the next step in the expected re-opening
of operations at Mountain of Light in 2023, subject to funding. It
is expected that this PEPR's approval will be achieved in a time
frame that is within the planned mining critical path.
"While no binding arrangements have been entered into yet, our
dealings with a party during the December quarter are very
encouraging and the Company hopes to be able to convert this into a
binding arrangement early in 2023.
"Although the time taken to get to this point has been
frustrating, the Board now considers it highly likely, subject to
finance, that operations will recommence in 2023 and we are
encouraged by the rebound in the copper price to around
US$4lb."
For further information, please contact:
+61 (0) 414 727
Strategic Minerals plc 965
John Peters
Managing Director
Website: www.strategicminerals.net
Email: info@strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
+44 (0) 20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Broker
Matthew Johnson
Ewan Leggat
Charlie Bouverat
Notes to Editors
Strategic Minerals plc is an AIM-quoted, profitable operating
minerals company actively developing projects tailored to materials
expected to benefit from strong demand in the future. It has an
operation in the United States of America along with development
projects in the UK and Australia. The Company is focused on
utilising its operating cash flows, along with capital raisings, to
develop high quality projects aimed at supplying the metals and
minerals likely to be highly demanded in the future.
In September 2011, Strategic Minerals acquired the distribution
rights to the Cobre magnetite tailings dam project in New Mexico,
USA, a cash-generating asset, which it brought into production in
2012 and which continues to provide a revenue stream for the
Company. This operating revenue stream is utilised to cover company
overheads and invest in development projects aimed at supplying the
metals and minerals likely to be highly demanded in the future.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited and, in February 2017, acquired 50% of the
Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds
from the Company's investment were utilised to complete a drilling
programme that year. The drilling programme resulted in a
significant upgrade of the resource. This was followed in 2018 with
a 12-hole 2018 drilling programme has now been completed and the
resource update that resulted was announced in February 2019. In
March 2019, the Company entered into arrangements to acquire the
balance of the Redmoor Tin/Tungsten project which was settled on 24
July 2019 by way of a vendor loan which was fully repaid on 26
September 2020.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Australia and brought the project temporarily into production in
April 2019. In July 2021, the project was granted a conditional
approval by the South Australian Government for a Program for
Environmental Protection and Rehabilitation (PEPR) in relation to
mining of its Paltridge North deposit and processing at the
Mountain of Light installation. In late September 2022, an updated
PEPR, addressing the conditions associated with the July 2021
approval, was approved.
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