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Strategic Minerals settles rail claim for US$675,000

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Strategic Minerals settles rail claim for US$675,000

StrategicMinerals Plc will receive US$675,000 after it accepted a settlementoffer related to its claim pertaining to rail works for the magnetite tailings minein New Mexico, according to a July 21 company release.

"The settlement reflects management's belief that ithad a valid claim in relation to rail access during the period it shippedmagnetite internationally," Managing Director John Peters said.

The claim is related to the reimbursements of funds expendedon upgrading the rail spur of the mine, at a cost of over US$3 million.Strategic believes that the history of derailments and "go slow" onthe line breached the warranties given to subsidiary by therailroad company.

The amount, which will be paid in installments of US$100,000in August, US$400,000 in January 2017 and US$175,000 in June 2017, will providethe company with "non-dilutive" funds to complete its plans.