Cornwall Resources Ltd’s parent company said it had received the A$100,000 for an exclusive call option to acquire the Leigh Creek copper mine in South Australia.
REDMOOR
If the sale proceeds and completes, Strategic Minerals plc is expected to use net proceeds for its Cornish subsidiary’s Redmoor tin-tungsten project in the east of the county.
Potential purchaser Axis Mining & Minerals Pty Ltd now has six months to decide whether it wants to buy 100% of the asset for an initial payment of A$1.9 million cash.
Strategic Minerals also owns the distribution rights to the Cobre magnetite mine project in New Mexico, USA, which has been in production since 2012.