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Strategic Minerals PLC - London-based exploration and production company - Posts lower sales at its Cobre magnetite operation in New Mexico and cash balance falls.
Sales at its New Mexico, US-based operation reduce 10% to USD666,000 in quarter to June 30 from USD740,000 a year ago. Magnetite sales drop 12% to 10,711 tonnes from 12,130 tonnes.
Cash balance plummets by 41% to USD430,000 as at June 30 from USD734,000 a year ago.
"While the extension of access to the stockpile until March 31, 2027 has provided a platform from which [wholly owned subsidiary] Southern Minerals Group hopes to increase future sales revenues, the current increase in transportation costs and recession concerns have moderated expectations accordingly," Strategic Minerals says.
Current stock price: 0.27 pence, down 2.3% on Wednesday
12-month change: down 37%
By Tom Budszus; tombudszus@alliancenews.com
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