Business
Interim results for six months ended 30 June 2014
Interim results for six months ended 30 June 2014.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 9742S Strategic Minerals PLC 30 September 2014 \n \n\n30 September 2014\n \nStrategic Minerals Plc\n(\"Strategic Minerals\", \"Group\" or the \"Company\")\nInterim results for the six months ended 30 June 2014\nStrategic Minerals Plc (AIM: SML; USOTC: SMCDY), the magnetite iron ore producer and exploration company, announces its interim results for the six months ended 30 June 2014.\nHighlights\nFinancial \n \n· Total revenues generated: US$5.7 million (H1 2013: US$21.5 million);\n· EBITDA level loss for the period: US$2.0 million (H1 2013: US$0.7 million);\n· Total comprehensive loss for the period: US$2.7 million (H1 2013: US$5.5 million);\n· Cash and cash equivalents at 30 June 2014 was US$1.3 million (31 Dec 2013: US$1.2 million).\n· Raised US$1.5 million (net of expenses) at 0.8 pence per share with the issue of 125 million shares;\n· Issued 45 million shares to a creditor in exchange for obligations owed to them. \n \nOperational \n \n· Significant decline in Platts IODEX 62% Fe price resulted in the cessation of iron ore exports with final export of material occurring in February 2014;\n· Total export sales of 64,000 dry metric tonnes (\"DMT\") (H1 2013: 247,000 DMT );\n· Domestic Sales of 12,850 short wet ton (\"SWT\") (H1 2013: 8,900 SWT);\n· Average net FOB price achieved: US$76.23/DMT (H1 2013: US$84.73/DMT).\n \nJulien McInally, Executive Chairman of Strategic Minerals, said:\n\"The drop in iron ore price has made it a challenging half year which resulted in the decision to cease the export of iron ore and focus on domestic sales that are not linked to iron ore price. The Company reduced its losses in spite of significantly reduced revenue and there will be a further positive impact to our cost structure with the focus purely on our higher margin domestic sales business and the corporate overhead reductions which will take effect in the second half of this year.\" \n\"The Company is in a good position to add value for shareholders, with a restructured Board, focused strategy on US domestic growth from our existing Cobre asset and the continued focus on securing additional near term ...