Strategic Minerals* (SML LN) 1.025p, Mkt Cap £15.0m – R & D Grant for Leigh Creek copper mine
• Strategic Minerals has confirmed receipt of A$269,564 as a research grant and reimbursement of expenditure at the Leigh Creek copper mine in South Australia where Strategic Minerals has produced and sold an initial consignment of copper cement and is working to bring the mine back into full scale production in late 2019 / early in 2020
• “The payment recognises a portion of works conducted at LCCM and a subsequent claim is expected next year. Management is currently evaluating funding alternatives to bring forward a portion of this anticipated payment”.
• Commenting on the grant, John Peters, Managing Director said that "The Research and Development re-imbursement reflects the substantial works being undertaken at Leigh Creek in preparation for restoring full operations in 2020. The receipt confirms our expectation of cash flow from the Australian Taxation Office and reinforces our expectation of a higher amount next year."
Conclusion: Strategic Minerals’ work at its Leigh Creek operation in South Australia is being recognised by the Australian tax authorities as eligible for reimbursement of research and development expenditure
*SP Angel act as Nomad and Broker to Strategic Minerals