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Strategic Minerals PLC - London-based exploration and production company - Gains extension to access to the magnetite stockpile in New Mexico from the recently announced rollover to March 31, 2023 until March 31, 2027.
Sales at Cobre have recovered to previous levels after the dip experienced from October 2021 to January 2022. The extension of access and a planned marketing programme is expected to reflect in sales growth in the second half of 2022.
Group's subsidiary will lodge USD21.9 million claim within two weeks following short order.
"While a long time in coming to fruition, the extension of access at Cobre to 31 March 2027 is a huge achievement by the excellent team at Cobre and especially by its President Clovis Hooper. This extension should underpin the company's future profitability and provides scope to broaden Cobre's clientele, which is expected to lead to higher sales in the future," says Managing Director John Peters.
Current stock price: 0.33 pence, up 8.3%
12-month change: down 23%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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