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Strategic Minerals Increases Sales And Production At Cobre Operation

Thu, 12th Jul 2018 14:21


LONDON (Alliance News) - Strategic Minerals PLC said Thursday sales from its Cobre magnetite operations in New Mexico, US increased in the three months to June.

During the period, magnetite ore sales increased to USD695,000 from USD602,000 the year before. In the 12 months to June, sales increased to USD6.0 million from USD2.4 million.

Strategic Minerals increased the tonnage produced to 11,694 tonnes from 10,446 tonnes in the three months to June. In the 12 months to June, the mining company increased the tonnage produced to 89,599 tonnes from 41,828 tonnes.

Strategic Minerals reported a "suspension of a major client's contract", however, "recent arrangements" means there will be minimal impact on cash flow.

Managing Director John Peters said: "Underlying Cobre sales continue to underpin the company's operations and existing resources are being reinvested to progress the company's other exploration and development projects, most notably the reinstating of the Leigh Creek Copper Mine which is expected to return to production and deliver substantial cash flows for the company in the second half of 2019.

"The board maintains its expectation for this activity to be fully funded from internal cash flows."

Shares in Strategic Minerals were up 0.4% Thursday at 1.38 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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