Sign up Australia
Proactive Investors - Run By Investors For Investors

Strategic Minerals continues to see strong sales from Cobre project

The AIM-listed miner reported quarter sales of US$1.4mln on 21,635 tonnes, in line with management expectations
Mining truck
The results were a 60% increase on the same period the previous year

Strategic Minerals Plc (LON:SML) said its Cobre magnetite tailings operation in New Mexico saw continued strong sales in the first quarter of 2018.

The AIM-listed miner reported quarter sales of US$1.4mln at 21,635 tonnes, in line with management expectations.

WATCH: Leigh Creek plans taking shape for Strategic Minerals

While lower than the record breaking US$2.1mln on 30,730 tonnes in the fourth quarter of 2017, the results were a 60% increase on the same period the previous year.

The numbers also reflected an increase in year-on-year sales and cash flow from the Cobre project, with the 12 month period to March 2018 seeing a 288% increase in revenue to US$6.2mln on 92,351 tonnes compared to the 12 months to March 2017.

The group also said it had settled the US$1.07mln cash component of its Leigh Creek copper mine acquisition, while maintaining a cash balance of US$3.1mln as of 31 March 2018.

John Peters, managing director of Strategic Minerals, commented: "Sales remain strong at Cobre and Management continues to focus on this operation whilst looking to reinvest the proceeds into projects that will provide the Company further cash flow, most notably, the recent Leigh Creek Copper Mine acquisition.

He added:  "The Board and Management is establishing its growth strategy within the context of the expected performance at Cobre and has an exciting, and potentially lucrative, development programme planned which should see the Company in a strengthened position in 2019."

View full SML profile View Profile

Strategic Minerals Plc Timeline

Related Articles

1520866985_shutterstock_161588243.jpg
March 13 2018
Getting financing will be a "significant" milestone toward the construction, said the group
copper wires
October 12 2018
Leigh Creek will add to the cash being generated by New Mexico-based iron ore business Cobre to fund exploration and development opportunities elsewhere.
copper tubes
May 30 2018
The latest economic study at Parys Mountain has delivered some encouraging numbers against a backdrop of rising base metals prices

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use