Strategic Minerals optimistic as copper price rises

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What Strategic Minerals owns


Subsidiary Southern Minerals has the rights to process the Cobre magnetite stockpile in New Mexico, US.


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 April, Strategic said its annual ore sales from the Cobre magnetite operation in New Mexico rose 12% from the year earlier.


Sales increased to US$3.0mln in the year to end-March 2021 from US$2.7mln the year earlier.


Interest in Leigh Creek has risen, in line with increased copper prices, the statement said.


“The board considers that the current copper price, of circa US$4/lb, is likely to endure and is also encouraged by feedback from the company’s recent meeting with the South Australian Minister for Energy and Mining on the Leigh Creek copper mine project.”


What the directors say: John Peters, managing director


“The company is confident that 2021 will begin to unlock the substantial value inherent in the Leigh Creek copper mine project and provide a valuable, significant second income stream before the end of the year.”


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