Welcome to Cambridge Mineral Resources
Cambridge Mineral Resources Plc is a junior mining exploration and development company founded in 1992. Our main focus is the Iberian Pyrite Belt in southern Spain where we are investigating the Masa Valverde copper-zinc deposit near Huelva in conjunction with a major mining and commodity trading group. We are also evaluating a number of other mining projects in Andalucia.
The Chairman's Blog
Chairman's blog 6th December 2016
Firstly, I would like to apologise for the delay in news since my last Blog on 17th February 2016. Such further news as there was during the year was incorporated in my Chairman’s Report in the Annual Report and Accounts on 14th November 2016, to which I can now add some further news.
The exploration permit for Masa Valverde is held by our Spanish subsidiary Cambridge Mineria Espana SL (“CME”). As you know, CMR has an Investment Agreement with Glencore under which Glencore could earn-in to CME by way of their funding of expenditures; at the same time CMR had the option to match Glencore’s funding in order to retain our share of CME according to milestone levels. However, CMR has not been able to raise further finance in the current harsh climate in commodity markets and mining, and thus could not contribute any funding to CME and therefore Glencore has now completed its earn-in to 100% of CME. That leaves CMR with its entitlement to a 1.5% Net Smelter Return (Royalty)on Masa Valverde. This is potentially very valuable if and when Masa Valverde goes into production at some stage in the future and indeed it underpins the share capital value of CMR. Currently Glencore is evaluating the results of its drilling campaigns at Masa Valverde. A great deal more work is required to take Masa Valverde towards production for which there is no certainty in these volatile economic times. We therefore await further news.
Following our maiden drilling campaign at the Romerita Group of properties we have evaluated the results. As I have reported before, those results were as expected given the limited drilling scope. One of the issues we have had to contend with at Romerita was the paucity of data left by previous companies, which for example included BHP Billiton in the 1970s. So our work has had to entail considerable research on identifying potential drilling targets and that work is ongoing.
As you know, our Annual General Meeting is to be held on 8th December 2016 and I look forward to welcoming any and all who are able to attend. As usual there will be a Q&A session afterwards.
06 December 2016