Dear Investors Hub subscriber,
We are keen to draw your attention to AIM listed company, Strategic Minerals Limited (AIM:SML) (OTC:SMCDY). It is following a unique path of combining projects that have the ability to generate significant revenue in the near term with longer term exploration projects in the iron ore sector.
As you will see from the release today, it has signed a significant sales agreement with Glencore through which Glencore will be purchasing up to 800,000 tonnes of magnetite from Strategic Minerals' flagship stockpile project in New Mexico, Cobre. Deliveries are due to start next month.
Please read the full release below - or alternatively, check out the Company through this link http://strategicminerals.net/about-us/welcome-page.
For immediate release: 13 March 2012
Strategic Minerals Plc
("Strategic Minerals", "Strategic" or the "Company")
Cobre update: Glencore contract
Strategic Minerals Plc (AIM: SML) (OTC:SMCDY), the magnetite focused iron ore producer and exploration company, is delighted to announce that it has entered into a commercial contract ("Contract") with a subsidiary of Glencore International PLC (LSE:GLEN), for the sale of iron ore concentrate from its Cobre Project in New Mexico, to Glencore AG.
Under the terms of the Contract, the total quantity of magnetite to be made available to Glencore from Strategic's Cobre Project is 800,000 wet metric tonnes ("WMTs"). Initial deliveries of up to 60,000WMTs under the Contract are scheduled to start from April, subject to the relevant standard freighting and performance related documentation being in place.
The start date coincides with the expected completion of the Cobre rail-spur upgrade this month. The rail-spur will allow the contracted magnetite to be transported by train to the Port of Guaymas in Mexico where it will be unloaded for shipping.
Steven Sanders, Chairman of Strategic Minerals, said:
"We are delighted to have entered into this long-term agreement with one of the world's leading commodity suppliers. It demonstrates not only the strength of our business model and our ability to acquire projects that can deliver shareholder value, but also the ability of our management to execute on those projects."
For further information:
Strategic Minerals plc
Matthew Bonthrone/Alex Borrelli +44(0) 20 7887 1912 / +44(0) 7730 402 783
Nominated Adviser/Joint Broker
Allenby Capital Limited
Jeremy Porter / James Reeve +44 (0) 20 3328 5656
Daniel Stewart & Company Plc
Sean Lunn / David Hart +44 (0) 20 7776 6550
Financial Public Relations
GTH Communications Limited
Toby Hall / Suzanne Johnson Walsh +44 (0) 20 3103 3903
About Strategic Minerals
Strategic Minerals plc (AIM: SML) (OTC:SMCDY) is developing a portfolio of projects that provide near term production along with those that potentially offer longer term capital gains. Strategic Minerals currently holds iron ore stockpile assets in North America and exploration properties in Australia.