Less Ads, More Data, More Tools Register for FREE

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: 0.185
Bid: 0.17
Ask: 0.20
Change: 0.005 (2.78%)
Spread: 0.03 (17.647%)
Open: 0.18
High: 0.163
Low: 0.163
Prev. Close: 0.18
SML Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Strategic Minerals reports record-breaking sales from Cobre

Thu, 07th Mar 2024 12:36

(Sharecast News) - Strategic Minerals reported record-breaking sales figures for February at its Cobre magnetite stockpile on Thursday.

The AIM-traded firm said that, with a sales tonnage of 4,898 tons, February saw the highest sales volume for the month in six years, making for a robust start to the year.

The surge in February sales was partly put down to heightened demand from fertiliser companies, which typically experience seasonal spikes during the period.

Building on the momentum of February's success, Strategic Minerals forecast sales of 13,000 tons per quarter after March, which would generate revenues of around $3.5m for the year.

Southern Minerals Group (SMG), a wholly-owned subsidiary responsible for operating the Cobre facility, was responding to the growth by acquiring a Caterpillar excavator to meet anticipated increases in volume.

The acquisition aimed to ensure uninterrupted production, particularly during challenging weather conditions, such as those experienced during the winter to spring transition.

Straategic said the purchase was financed through a four-year loan provided by Caterpillar Finance, with an interest rate of 4.99% per annum.

"Encouraging sales in February and expectations of returning to quarterly sales of circa 13,000 tons are providing a robust cash flow outlook for the end of 2024, after resolving creditor payments arising from 2023," said managing director John Peters.

"Cobre's revamped management line up has risen to the challenge and recently sought the addition of a Trackhoe 320 to ensure continuation of higher volume operations in difficult weather conditions.

"Not only was this sourced locally but the acquisition was wholly financed, with repayments spread in line with future cash flow expectations."

Peters said discussions with another potentially large client at Cobre were ongoing, but due to recent increases in activity, they were now focussed on future years supply.

"At present, we anticipate further news flow from projects this month and beyond."

At 1113 GMT, shares in Strategic Minerals were up 21.68% at 0.28p.

Reporting by Josh White for Sharecast.com.

More News
1 Jul 2015 05:20

AGM, EGM Calendar - Week Ahead

Read more
30 Jun 2015 15:04

AGM, EGM Calendar - Week Ahead

Read more
30 Jun 2015 09:11

Strategic Minerals Appoints Alan Broome As New Chairman

Read more
30 Jun 2015 08:26

Strategic Minerals appoints coal veteran Alan Broome as new chairman

Strategic Minerals appointed mining veteran Alan Broome as its new chairman, to drive the diversified mineral development and production company's growth strategy forward. Broone has worked in coal and other resource management for over 40 years and is currently chairman of ASX listed company New Ag

Read more
30 Jun 2015 05:16

AGM, EGM Calendar - Week Ahead

Read more
29 Jun 2015 15:11

AGM, EGM Calendar - Week Ahead

Read more
29 Jun 2015 05:21

AGM, EGM Calendar - Week Ahead

Read more
26 Jun 2015 15:13

AGM, EGM Calendar - Week Ahead

Read more
26 Jun 2015 05:20

AGM, EGM Calendar - Week Ahead

Read more
25 Jun 2015 15:30

AGM, EGM Calendar - Week Ahead

Read more
18 Jun 2015 11:22

LONDON MIDDAY BRIEFING: Eyes Turn To Latest Greek Crisis Meeting

Read more
18 Jun 2015 10:38

WINNERS & LOSERS: Fresnillo, Randgold Resources Up As Gold Price Rises

Read more
18 Jun 2015 09:28

Strategic Minerals Secures Promising Maiden Resource For Tatu Project

Read more
10 Jun 2015 09:15

Strategic Minerals Hit Hard By Iron Ore Price Fall

Read more
8 Jun 2015 12:20

Strategic Minerals Raises GBP1 Million In Placing For Tatu Project (ALLISS)

Read more

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.