(Alliance News) - Strategic Minerals PLC on Thursday celebrated a six-year high for February sales at Cobre, as well as its highest monthly sales tonnage since March 2021.
Strategic Minerals is a miner with projects in New Mexico, South Australia and the UK. Its shares were up 5.1% at 0.24 pence in London on Thursday afternoon.
For February, the miner reported sales tonnage of 4,898 tonnes of magnetite at the Cobre magnetite tailings dam project in New Mexico.
As a result, and considering how "lean" last year was, Strategic Minerals believes that sales are now on track "to be maintained at significantly higher levels than over the past three years".
Based on February's stellar sales, the firm is now expecting sales tonnages of around 13,000 tonnes per quarter after March. This is expected to result in 2024 revenues of around USD3.5 million.
"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," said Managing Director John Peters.
By Holly Beveridge, Alliance News reporter
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Strategic Minerals (SML)