Last checked at 
(Alliance News) - Strategic Minerals PLC on Friday reported a fall in Cobre magnetite sales for its recent financial year, however the fall is being described as "moderate".
London-based Strategic Minerals is an operating minerals company actively developing projects tailored to materials expected to benefit from strong demand in the future.
Shares in Strategic Minerals were down 2.4% at 0.42 pence each in London on Friday afternoon.
Magnetite sales continued at USD2.9 million for the year to June 30, a 6.5% fall from USD3.1 million in the prior year. The moderate decline is considered to be mainly attributed to a spike in sales last year linked to an increased demand for reinforced concrete, for which magnetite is an input, the company said.
At June 30, the group's non-restricted cash balance was USD734,000, an increase of 7% from USD686,000 at March 31.
Cash flows have been consistent with budgets and the moderate increase in cash at bank over the quarter reflects the reduced investment in projects, notably in the Leigh Creek Copper Mine, as the company awaited the approval of a Programme for Environmental Protection and Rehabilitation in relation to planned mining at Leigh Creek Copper Mine's Paltridge North deposit.
"Cobre sales remain strong with its cash flows providing a valuable revenue stream for the company. Currently, it is not believed that the conditions associated with Leigh Creek Copper Mine's approval will have a significant effect on timing of planned production and the company intends on providing clarification on this at the beginning of August. The company continues seeking debt style funding for the Leigh Creek Copper Mine project and believes its economic attractiveness will result in securing such funding," said Managing Director John Peters.
By Amrit Sahota; newsroom@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
