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Strategic Minerals PLC   -  SML   

Cobre August Sales

Released 07:00 05-Sep-2017

RNS Number : 7659P
Strategic Minerals PLC
05 September 2017
 

Market Abuse Regulation (MAR) DisclosureCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

5 September 2017

 

Strategic Minerals plc

("Strategic Minerals" or the "Company" or "SML")

 

Cobre August Sales Doubles Previous Monthly Record

 

Strategic Minerals PLC (AIM: SML; USOTC: SMCDY), the minerals production and development company, announces that it has achieved record domestic sales at its Cobre magnetite stockpile in New Mexico, USA ("Cobre") during the month of August 2017, more than doubling the previous record posted in July 2017. Cobre is operated by Strategic Minerals' wholly owned subsidiary, Southern Minerals Group LLC (SMG).

 

During August 2017, SMG sold US $999,064 (13,897 tons) of magnetite from Cobre compared to July 2017 when it sold US $486,560 (7,206 tons). In addition to sales significantly increasing,  the average sales price has also improved.

 

The strong sales in July and August represent 96% of 2016's annual sales and 119% of 2015's annual sales.  The robust July and August sales performances have already ensured that the Q3 2017 quarterly update will report a new quarterly domestic sales record for the Company.

 

Clovis Hooper, President of SMG, has successfully geared up operations at Cobre to cater for the increased volumes. The July and August volumes partially reflect, as reported in the June quarterly update, the 4,000 tons our major client prepaid in June as they were not in a position to receive the material at the time and were obligated, under their contract with SMG, to take a minimum of 4,000 tons a month.

 

The Company's Managing Director, John Peters, said:

"The second half of 2017 continues to deliver robust results and newsflow for Strategic Minerals as we continue to strive to achieve a £100m market capitalisation for the Company.

"Credit should be given to the team at Southern Minerals Group, and Clovis Hooper in particular, for rising to the logistical challenge at Cobre of moving significant stockpiles of material by truck in order to achieve record magnetite sales.

"The performance at Cobre has placed the Company in an ideal position to record an increased profit performance in 2017 and provided it the luxury of recycling the profits derived from Cobre into value adding exploration programmes at Redmoor and Hanns Camp, without diluting shareholders. We look forward to continuing to update the market on our developments over the coming months."

 

For further information, please contact:

 

Strategic Minerals plc

+61 (0) 414 727 965

John Peters


Managing Director


www.strategicminerals.net




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Notes to Editors

 

Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America, the UK and Australia. The Company is focused on acquiring and developing cash generative, high quality projects which meet local market demand for commodities and utilising this cash flow to undertake value added exploration. 

 

In September 2011, Strategic Minerals purchased its first cash generating asset; the Cobre magnetite tailings dam project in New Mexico, USA which it brought into production in 2012 and which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia and the Northern Territory that are prospective for cobalt, gold, nickel laterites, nickel sulphides and rare earths. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In May 2016, an additional exploration asset was acquired when the company entered into an agreement with New Age Exploration Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. This 50% acquisition has now been completed and drilling at the project has commenced.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Cobre August Sales - RNS