Strategic Minerals' subsidiary Ebony Iron has is acquiring Leigh Creek Copper Mine (LCCM) from Resilience Mining Australia (RMA) for A$3m (approximately £1.7m).
LCCM owns the exploration and mining rights and associated copper processing assets at the Leigh Creek Copper Mine in South Australia, a historically mined copper oxide deposit that was last operated in 2011.
The board believes the project represents a near-term, low-capex copper production opportunity with the potential for early cash flow generation. Additionally, the project will allow the company to significantly expand its current resource base.
At 9:51am: (LON:SML) Strategic Minerals PLC share price was +0.08p at 2.13p