AIM Price: 2.22pUpdated: Jun 27, 4:30PM GMT+1
Our goals are to:
Expand domestic US sales.
Build a cash generating portfolio of mining projects.
Diversify the revenue streams.
Operate all assets safely.
This is undertaken through operating and investment strategies that concentrate on the Company's cash flow self sufficiency and investing in projects that have either tied offtake arrangements or have strong demand/price upside.
The Cobre operation currently sells magnetite through the Company’s wholly owned subsidiary Southern Minerals Group LLC. Cobre is a reliable high-capacity supplier of magnetite to industries throughout North America Improving conditions in the US provide opportunity to expand our customer base and unlock the value from the existing magnetite stockpile. Cash flow generated from Cobre has been instrumental in the Company being one of the few listed resources companies that does not require regular raisings to cover operating overheads.
The Company recently funded a drilling programme at the highly prospective Hanns Camp Prospect located within CARE's Laverton Project. In doing so, it acquired 50% of the ownership of CARE from Rarus Limited ("Rarus").
CARE holds or has an agreement to acquire tenements with nickel sulphide, rare earth element and gold exploration potential in Western Australia and the Northern Territory of Australia.
The Company has a 50% interest in the Redmooor tin/tungsten project which holds an exploration licence and option over 23km2 in the Cornish tin-tungsten-copper mining district in the UK.
The funds the Company subscribed for in the special purpose holding company, Cornwall Resources Limited, are principally intended to be utlised for drilling purposes, designed to provide the market a clearer indication of the quality and size of the resource.
Strategic Minerals plc is a minerals production and development company registered in the UK and listed on the AIM market (AIM:SML) of the London Stock Exchange. Subsidiary Southern Minerals Group Llc