Check out our new Timeline feature to give you the latest updates on all the stocks you follow. Clickhere to set up your Timeline.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksStrategic Minerals Share News (SML)

Share Price Information for Strategic Minerals (SML)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.25
Bid: 0.20
Ask: 0.30
Change: 0.00 (0.00%)
Spread: 0.10 (50.00%)
Open: 0.25
High: 0.25
Low: 0.25
Prev. Close: 0.25
SML Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

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.

More News
28 Sep 2021 15:58

Strategic Minerals reports 'significant' tin result from Redmoor trenching

(Sharecast News) - Strategic Minerals announced on Tuesday that its wholly-owned subsidiary Cornwall Resources (CRL) has successfully completed a trenching and auger exploration programme to investigate the possible presence of extensions of mineralisation to the west of the established Redmoor resource.

Read more
2 Aug 2021 17:48

IN BRIEF: Strategic Minerals notes potential for CVI claim recovery

IN BRIEF: Strategic Minerals notes potential for CVI claim recovery

Read more
16 Jul 2021 16:19

Strategic Minerals reports 6.5% fall in annual Cobre sales

Strategic Minerals reports 6.5% fall in annual Cobre sales

Read more
29 Jun 2021 12:08

TRADING UPDATES: Appreciate profit drops on gift cards decline

TRADING UPDATES: Appreciate profit drops on gift cards decline

Read more
25 Jun 2021 16:35

TRADING UPDATES: Arkle 2020 loss widens; Arc, Safestay delay results

TRADING UPDATES: Arkle 2020 loss widens; Arc, Safestay delay results

Read more
14 Apr 2021 19:23

TRADING UPDATES: Distil expects solid annual growth, revenue up 48%

TRADING UPDATES: Distil expects solid annual growth, revenue up 48%

Read more
14 Apr 2021 11:32

Strategic Minerals reports 'robust' sales from Cobre

(Sharecast News) - Strategic Minerals updated the market on its cash position and ore sales at the Cobre magnetite operation in New Mexico for the quarter through March on Wednesday, reporting continuing growth in sales as revenues rose by over 12% year-on-year.

Read more
1 Mar 2021 20:11

TRADING UPDATES: Invesco Enhanced and City Merchants plot merger

TRADING UPDATES: Invesco Enhanced and City Merchants plot merger

Read more
23 Feb 2021 12:53

Strategic Minerals begins trenching programme west of Redmoor

(Sharecast News) - Strategic Minerals announced on Tuesday that its wholly-owned subsidiary Cornwall Resources (CRL) is starting a trenching and auger exploration programme to investigate the possible presence of extensions of mineralisation up to 1,000 metres to the west of the already-established Redmoor resource.

Read more
23 Feb 2021 11:53

TRADING UPDATES: Tracsis First-Half Revenue Set To Decline Amid Virus

TRADING UPDATES: Tracsis First-Half Revenue Set To Decline Amid Virus

Read more
15 Feb 2021 16:09

Strategic Minerals gets European funding for Redmoor project

(Sharecast News) - Strategic Minerals announced on Monday that its wholly-owned subsidiary Cornwall Resources (CRL) has been notified that the 'Deep Digital Cornwall' project, led by the University of Exeter's Camborne School of Mines (CSM), has been awarded funding by the European Regional Development Fund (ERDF), through the Ministry of Housing, Communities, and Local Government.

Read more
15 Feb 2021 11:10

AIM WINNERS & LOSERS: Live Co Falls After Two Board Departures

AIM WINNERS & LOSERS: Live Co Falls After Two Board Departures

Read more
15 Feb 2021 10:12

Strategic Minerals Unit Gets Funding Award For Deep Digital Cornwall

Strategic Minerals Unit Gets Funding Award For Deep Digital Cornwall

Read more
14 Jan 2021 21:55

UK TRADING UPDATE SUMMARY: AVI Japan Disappointed By Fourth Quarter

UK TRADING UPDATE SUMMARY: AVI Japan Disappointed By Fourth Quarter

Read more
3 Dec 2020 13:26

Strategic Minerals Fundraises For Equipment Renewal, Project Growth

Strategic Minerals Fundraises For Equipment Renewal, Project Growth

Read more

Make Better Investment Decisions

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.