Strategic Minerals Plc: Cobre Update: Glencore Contract
LONDON, March 13, 2012 /PRNewswire/ –
Strategic Minerals Plc (AIM: SML), 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
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.”
About Strategic Minerals
Strategic Minerals plc (AIM: SML) 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.
For further information: Company Strategic Minerals plc Matthew Bonthrone/Alex Borrelli +44(0)20-7887-1912 +44(0)7730-402-783
SOURCE Strategic Minerals Plc