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Strategic Minerals locks in lower purchase price for Leigh Creek copper mine

Strategic Minerals Plc decided to go ahead with the acquisition of the Leigh Creek copper mine in South Australia on amended terms, it said Dec. 15.

To acquire the project's holding company, Leigh Creek Copper Mine Pty. Ltd., Strategic Minerals now has to pay A$3.0 million in cash and equity to Resilience Mining Australia Pty. Ltd.

The previous agreement required Strategic Minerals to pay a total of A$5.0 million through royalties, cash, shares and the assumption of debt.

The company will finalize the purchase Jan. 16, 2018, by paying A$1.5 million in cash and issuing A$1.5 million in shares.