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Pin to quick picksStrategic Minerals Share News (SML)

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Strategic Minerals Annual Profit Hurt By Drop In Cobre Magnetite Sales

Tue, 14th May 2019 13:07

LONDON (Alliance News) - Strategic Minerals PLC on Tuesday said its profit fell in 2018 due to reduced domestic sales from its Cobre magnetite operations in the US.

The minerals company posted a USD1.9 million pretax profit, down 14% from USD2.2 million in 2017. Revenue dropped 39% to USD3.4 million from USD5.6 million.

This difficulty was caused by a reduction in magnetite sales at Cobre to 55,565 short wet tons from 84,980 short wet tons. This was caused by a major client's inability to "physically receive its minimum 4,000 tons per month", as was specified in the client contract.

This contract was altered so that, until March 2019, the client made payments of USD375,000 per quarter as a non-refundable deposit.

"In working with the client, the company was able to secure a series of advance payments on expected future product deliveries, which is reflected as deferred revenue," said Strategic Minerals Chair Alan Broome.

"If this series of payments were taken into consideration, they would add a further USD900,000 to sales for the year," Broome added.

Looking ahead, the company intends to restart production at its Leigh Creek copper mine in SOuth Australia in 2019, as well as expanding Cobre's domestic sales. The company also seeks to complete its acquisition of the other 50% of Cornwall Resources Ltd, owner of the Redmoor tin and tungsten project in Cornwall, which was announced on Monday this week.

Shares in Strategic Minerals were down 0.3% at 1.62 pence on Tuesday.

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9 Feb 2023 11:40

Strategic Minerals magnetite sales from Cobre mine in US fall in 2022

(Alliance News) - Strategic Minerals PLC on Thursday reported a decline in magnetite sales from its Cobre operation in the US state of New Mexico.

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Strategic Minerals positive after recent price increases

(Sharecast News) - Strategic Minerals updated the market on its cash position and ore sales at the Cobre magnetite operation in New Mexico for the September quarter on Thursday, reporting that July price increases boosted revenue to $0.653m, up from $0.607m year-on-year.

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IN BRIEF: Strategic Minerals finds new areas of mineralisation at DDC

Strategic Minerals PLC - London-based exploration and production company - Posts update on its Deep Digital Cornwall project via its wholly-owned subsidiary Cornwall Resources Ltd. Says "new areas of mineral prospectivity for tin and tungsten" found in DDC soil sampling results. Finds 1% tin, or 1.1% tin equivalent in soil sample DDC001275. Explains the project is entering its second and final phase.

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IN BRIEF: Strategic Minerals posts lower Cobre sales, cash balance

Strategic Minerals PLC - London-based exploration and production company - Posts lower sales at its Cobre magnetite operation in New Mexico and cash balance falls.

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Strategic Minerals quarter marred by weaker January

(Sharecast News) - Strategic Minerals updated the market on the Cobre magnetite operation in New Mexico on Friday, reporting that sales to the project's largest client returned to "normal levels" in February and March.

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Strategic Minerals gets 10-year extension to Redmoor licence

(Sharecast News) - Strategic Minerals announced on Thursday that its wholly-owned subsidiary Cornwall Resources (CRL) has signed a 10-year extension to its Redmoor exploration licence agreement.

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IN BRIEF: Strategic Minerals gains extended access to Cobre stockpile

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.

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