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Pin to quick picksStrategic Minerals Share News (SML)

Share Price Information for Strategic Minerals (SML)

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Share Price: 0.225
Bid: 0.20
Ask: 0.25
Change: -0.025 (-10.00%)
Spread: 0.05 (25.00%)
Open: 0.25
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Strategic Minerals Swings To Interim Profit, Confident On Second Half

Tue, 15th Sep 2020 14:01

(Alliance News) - Strategic Minerals PLC on Tuesday posted a swing to profit for the first half of 2020, driven "strong" sales and reduced expenses.

Shares in the mineral production and development company were trading 5.9% higher at 0.45 pence each on Tuesday afternoon in London.

For the six months ended June 30, Strategic Minerals posted a pretax profit of USD261,000, a significant swing from the USD988,000 loss recorded a year prior. This was as revenue rose by 60% year-on-year to USD1.6 million from USD1.0 million.

The company credited the improvement to strong sales at its Cobre magnetite US operations, reduced overheads, and a reduction in impairment charges. Overhead expenses were reduced to USD902,000 from USD1.2 million, and impairment charges almost disappeared to USD17,000 from USD760,000.

During the first half, Strategic Minerals secured full control of the Redmoor tin-tungsten project having made the final payment for the acquisition of the balance of Redmoor, which is located in Cornwall.

Looking ahead, Managing Director John Peters said: "The second half of the year is expected to see continued demand at Cobre as well as expected reductions in both US legal costs and the charge for share based payments. The board looks forward to both the results from the expressions of interest program at Redmoor and seeing the long sought-after second income stream commence from the Leigh Creek Copper Mine in 2021."

The company stated the recent strong performance of copper price has improved forecasted profitability at the Leigh Creek Copper mine, adding it feels confident that 2021 will see full scale production re-commence at Leigh Creek.

Cash held as at June end was USD533,000.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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10 Jun 2019 11:42

Strategic Minerals Prepares Claim For Outstanding USD4 Million Payment

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29 May 2019 10:41

Strategic Minerals Defers Initial Payment For Cornwall Resources Buy

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16 May 2019 11:15

Strategic Minerals Study At Redmoor Indicates Ten-Year Plus Mine Life

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14 May 2019 13:07

Strategic Minerals Annual Profit Hurt By Drop In Cobre Magnetite Sales

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 a in

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13 May 2019 11:18

Strategic Minerals Inks Contract For Cornwall Resources Acquisition

LONDON (Alliance News) - Strategic Minerals PLC on Monday said it inked a binding contract for the acquisition of a 50% stake in of Cornwall Resources Ltd, a joint venture vehicle holding the tin

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3 May 2019 14:53

Strategic Minerals confirms first sale of copper cement from Leigh Creek

(Sharecast News) - Battery materials-focussed mineral company Strategic Minerals announced on Friday that the Leigh Creek Copper Mine operation had made its first sale of copper cement produced at the Mountain of Light processing facility.

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3 May 2019 11:17

Strategic Minerals Achieves First Copper Cement Sale From Leigh Creek

LONDON (Alliance News) - Strategic Minerals PLC has sold its first copper cement from the Leigh Creek mine, it said Friday, weeks after first production.Strategic announced production from

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11 Apr 2019 13:47

Strategic Minerals Produces First Copper Cement At Leigh Creek

LONDON (Alliance News) - Strategic Minerals PLC on Thursday said copper production from its processing facility at the Leigh Creek copper mine has restarted.The Mountain of Light facility,

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Strategic Minerals Quarter Suffers From Maintenance And Client Issues

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8 Apr 2019 10:11

Strategic Minerals acquisition of remainder of Redmoor project advances

(Sharecast News) - Battery materials-focussed producing mineral company Strategic Minerals has been informed by New Age Exploration that it would not be required to refer its decision to sell its entire 50% shareholding in Cornwall Resources - the joint venture vehicle developing the Redmoor tin and tungsten project in Cornwall - to shareholders at a general meeting, it said on Monday.

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18 Mar 2019 12:49

Strategic Minerals Buys Remainder Of Redmoor Tin Tungsten Project

LONDON (Alliance News) - Strategic Minerals PLC said Monday it has agreed to buy the remaining 50% stake held in Cornwall Resources from its joint venture partner New Age Exploration acquisition a

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18 Mar 2019 11:45

Strategic Minerals to take 100pc stake in Cornwall Resources

(Sharecast News) - Strategic Minerals has entered into arrangements with New Age Exploration to acquire its entire 50% shareholding in Cornwall Resources - the joint venture vehicle developing the Redmoor tin and tungsten project in Cornwall, it announced on Monday.

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