LONDON (Alliance News) - Strategic Minerals PLC said that its profits multiplied last year due to a threefold increase in domestic sales at its New Mexico magnetite stockpile.
The mining company's pretax profit for 2017 jumped to USD2.2 million from just USD351,000 in 2016.
Revenue was USD5.6 million versus USD1.6 million the year before and came entirely from domestic sales at its Cobre magnetite stockpile in New Mexico.
Basic profit per share came to 0.152 US cents, up from 0.034 cents in 2016 with no dividend planned.
In its outlook, Strategic Minerals said it is now focused on expanding its Cobre mine's domestic sales and also highlighted its 2018 purchase of the Leigh Creek copper mine in South Australia, which is expected to start production in mid-2019.
"Not only does LCCM provide the company with a near-term copper project, but, once it becomes operational again, will offer SML a valuable second income stream," said Strategic Minerals Managing Director John Peters.
Shares in Strategic Minerals were trading up 1.0% at 1.57 pence each on Wednesday.
Strategic Minerals (SML)