Business
June Quarter Magnetite Sales and Cash Balances
June Quarter Magnetite Sales and Cash Balances.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 3641U Strategic Minerals PLC 12 July 2018 \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 \n12 July 2018\n Strategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\nJune Quarter Magnetite Sales and Cash Balances \n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to provide the following update on magnetite ore sales at the Company's Cobre magnetite operations in New Mexico, USA for the three months to June 2018, and to inform the market of cash available at the end of quarter. \nSales update: Cobre magnetite tailings operations\nUnderlying sales volumes, excluding the reported suspension of a major client's contract, have been maintained and improved at Cobre with June 2018 quarter sales of US $0.696m (11,694 tons) compared to the June 2017 quarter (sales $0.602m, 10,446 tons). \nThe impact of the current suspension of sales by a major client is expected to be reflected in the September quarter comparisons. However, recent arrangements, agreed with this client, will see a net minimal impact on cash flow. Full year figures reflect the additional sales arising from the major client during the September and December 2017 quarters. \nSales comparisons on comparable quarters and annual periods to June 2018, along with associated volume details, are as below:\n\n\n\n\n\n\nTonnage\n\n\n\n\n\nSales (US $'000)\n\n\n\n\nYear\n\n\n3 months to June\n\n\n12 months to June\n\n\n\n\n\n3 months to June\n\n\n12 months to June\n\n\n\n\n2018\n\n\n11,694\n\n\n89,599\n\n\n\n\n\n695\n\n\n6,001\n\n\n\n\n2017\n\n\n10,446\n\n\n41,828\n\n\n\n\n\n602\n\n\n2,430\n\n\n\n\n2016\n\n\n4,839\n\n\n19,474\n\n\n\n\n\n329\n\n\n 1,320\n\n\n\n \nFinancials and Operations\nAt 30 June 2018, cash balances were US $2.088m (31 March 2018 US $3.110m). While, during the quarter, profits and cash were generated by Southern Minerals Group's (\"SMG\") Cobre operations, these were reinvested into works conducted by Central Australian Rare Ea...