Business
Financial Results for Year Ended 31 December 2018
Financial Results for Year Ended 31 December 2018.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8939Y Strategic Minerals PLC 14 May 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain 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.\n \n14th May 2019\nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\nFinancial Results for the Year Ended 31 December 2018\nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce its audited results for the year ended 31 December 2018.\n \nFinancial Highlights\n \n· Profit from operations of US$1.473m (2017: profit of US$1.586m).\n· All project development activities in 2018 fully funded internally. \n· Unrestricted Group cash position, as at 31 December 2018, US$1.840m (2017: US$3.706m).\n \nOperational Highlights \n \n· Robust sales at Cobre in 2018 produced net cash flow of US$2.163m (2017: US$3.796m), which continue funding overheads and investment into project acquisition and development. \n· Acquisition of Leigh Creek Copper Mine Pty Ltd (\"LCCM\") and preparation for recommencement of operations. Operations successfully commenced in April 2019.\n· Excellent results achieved from 12 hole, 2018 drilling programme by the Company's 50% joint venture vehicle, Cornwall Resources Limited (\"CRL\"), holder of the Redmoor brownfields tin and tungsten project in the historic tin mining region of Cornwall, United Kingdom. \n· 200% increase in inferred tin equivalent metal at Redmoor from 4.5m @ 1.0% SnEq to 11.7m @ 1.17% SnEq, as a result of the resource update released in February 2019. This indicates the project's potentially global significance.\n· The Company continued its strategy to focus on metals and minerals likely to benefit from an anticipated growth in the battery market.\n \nCommenting, John Peters, Managing Director of Strategic Minerals, said: \n\"2018 has seen the Company build on the platform that sales at Cobre pr...