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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."

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