Business
Interim results for six months ended 30 June 2013
Interim results for six months ended 30 June 2013.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 1854P Strategic Minerals PLC 30 September 2013 \n \n\n30 September 2013\nStrategic Minerals Plc\n(\"Strategic Minerals\", \"Group\" or the \"Company\")\nInterim results for the six months ended 30 June 2013\nStrategic Minerals Plc (AIM: SML; USOTC: SMCDY), the magnetite iron ore producer and exploration company is pleased to announce its interim results for the six months ended 30 June 2013.\nFinancial Highlights \n \n· Total revenues generated £14 million (H1 2012: £0.3 million)\n· New Mexican operations EBITDA level profit £325k (H1 2012: loss £79k)\n· Consolidated EBITDA level loss for the period £430k (H1 2012: loss £1.2 million)\n· Total comprehensive loss for the period £3.5 million (H1 2012: loss £1.5 million)\n· Basic and fully diluted loss per share 0.69 pence (H1 2012: loss 0.31 pence)\n· Cash and cash equivalents at 30 June 2013 £1.3 million (H1 2012: £0.8 million)\n· Inventory at 30 June 2013 £2.8 million (30 June 2012: £60,000)\n· Net current assets at 30 June 2013 £1.3 million (30 June 2012: £0.2 million net liabilities) \n \nOperational Highlights \n \n· Total sales 247,000 dry metric tonnes (\"DMT\") (H1 2012: 6,000 DMT )\n· 240,000 DMT in export sales (H1 2012: nil)\n· Average export sales applicable Platts IODEX 62% Fe price: $123.21per DMT\n· Average net FOB price achieved: $88.91 per DMT \n \nJames Fyfe, Executive Chairman of Strategic Minerals, said:\n\"The Company achieved a satisfactory outcome from its first six months of full scale production at the Cobre stockpile in New Mexico delivering 247,000 dry metric tonnes of product to market. We are firmly focused on adding additional stockpile assets which will enable the Company to achieve cash-profitability at Group level and thereafter a profit after tax for our shareholders.\"\nPaul Harrison, CEO of the Company, added:\n\"We have generated revenues of £14m in our maiden six months of production, which is a creditable performance. Whilst extreme volatility in the underlying iron ore price during the period (high $160, low $110) impacted our profitability, the business is now in full operation. Our pri...