Strategic Minerals PLC (LON:SML)(USOTC:SMCDY) has confirmed that operations at the Cobre magnetite stockpile have been unaffected by the recent decision of the state of New Mexico, USA to undertake a partial lockdown in response to the threat of the coronavirus.
The movement of the magnetite material is considered an essential service and, as such, operations associated with it are exempt from conditions required during the partial lockdown.
What’s more, the company’s wholly-owned subsidiary, Southern Minerals Group, has four employees operating on site, which is less than the state mandated five maximum employees for non-essential service organisations.
“Operations at Cobre in the first quarter of 2020 have continued in line with historical seasonal patterns and sales volumes have been in line with expectations,” said managing director John Peters.
“More detailed figures will be provided in the company’s quarterly update to be released by during April. Whilst the progress of Leigh Creek’s application to the South Australian government for a program for environment protection and rehabilitation is likely to be slowed, the fundamentals of the company remain unchanged with tight cash control and continuing low overheads being combined with sustained revenues from Cobre.”
