Strategic Minerals access extended to New Mexico stockpile
Source - SMW
Strategic Minerals said access to the Cobre magnetite stockpile in New Mexico had been extended until the end of March.
A subsidiary of the company, Southern Minerals Group, had an existing contract with the owner of the Cobre Mine for access to the magnetite stockpile, subject to an annual extension.
Strategic Minerals received confirmation from the Cobre Mine owner that the existing contract would roll over, providing guaranteed access until 31 March.
An automatic one-year extension would occur should the owner, prior to 28 February 2019, fail to notify the company in writing of its intention to terminate the contract.
'We are delighted to have our access at Cobre extended until April 2019 considering our expectation that the strong sales achieved in 2017 will continue this year,' managing director John Peters said.
'We have a good working relationship with the mine owner and, on this basis, it would suggest that the contract will ultimately continue to rollover until the entire stockpile is removed.'
At 11:17am: (LON:SML) Strategic Minerals PLC share price was +0.03p at 2.08p