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Covid-19 continues to have an impact on our business as with many others in the UK. However work has continued to promote the project and get the necessary funding to enable it to reach the next stage, this includes further drilling to convert the Resource from Inferred to Indicated and completing the Pre-feasibility and Bankable Feasibility Studies.
During October a new Mining Scoping Study was announced which showed greatly improved economics by targeting higher grade ore at depth in the early years. Using more conservative metal pricing, post tax IRR is now 23.4% with post tax NPV at US$91m. On the back of these improved economics, Strategic Minerals have engaged NRG Capital to develop options to advance the Redmoor Tin and Tungsten Project.
Recently in early December Strategic Minerals raised £700,000. The proceeds of this placing will be used primarily for the renewal of equipment at Cobre Magnetite Operation in the USA and for the ongoing development of the company’s two other projects: Leigh Creek Copper Mine in Australia and the Cornwall Resources, Redmoor Tin, Tungsten project.
Further details on the above can be found on Strategic Minerals website.
We continue to work closely with the Critical Minerals Association on lobbying the UK Government to recognise and address a key focus on the domestic supply of minerals. Cornwall forms an obvious part of that initiative and we are highlighting the opportunities here.
Wishing you and your families a merry xmas and lets hope for a much better 2021.
Best wishes Jeff Harrison
