Strategic Minerals acquisition of remainder of Redmoor project advances

Battery materials-focussed producing mineral company Strategic Minerals has been informed by New Age Exploration that it would not be required to refer its decision to sell its entire 50% shareholding in Cornwall Resources - the joint venture vehicle developing the Redmoor tin and tungsten project in Cornwall - to shareholders at a general meeting, it said on Monday.

The AIM-traded firm said taking that information into consideration, New Age Exploration and itself had agreed on a settlement date for the transaction of 30 May.

It said the settlement remained subject to New Age Exploration confirming the form of both the promissory note and royalty stream, although that was “largely an administrative process” according to the board, and not likely to delay settlement.

“Recent meetings with wholesale mining investment funds have highlighted the level of interest that the Redmoor tin and tungsten project has engendered,” said Strategic Minerals managing director John Peters.

“We are pleased that, subject to standard documentation, the contract will settle at the end of May 2019 and the company will gain full control on project timing and investment.

“The company looks forward to developing Redmoor to pre-feasibility status, at which time it believes it can better demonstrate the project's underlying value to the market.”