Business
Q2 Cobre Magnetite Sales and Cash Balance Update
Q2 Cobre Magnetite Sales and Cash Balance Update.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5040F\n Strategic Minerals PLC\n 16 July 2021\n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n Certain 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 \n \n \n \n \n 16 July 2021\n \n \n Strategic Minerals plc\n \n \n (\"Strategic Minerals\" or the \"Company\")\n \n \n June Quarter 2021 Magnetite Sales and Cash Balances\n \n \n \n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), \n a profitable producing mineral company\n , is pleased to provide the following update on the Company's cash position and ore sales at the Cobre magnetite operation in New Mexico, USA (\"Cobre\") for the quarter ended 30 June 2021.\n \n \n Highlights\n \n \n · Strong annual Cobre sales continue at US$2.89m for the 12 Months to 30 June 2021\n \n · \n Group cash balance of US$0.734m as at 30 June 2021\n \n \n \n \n \n Sales update: Cobre magnetite tailings operations\n \n \n Annual Cobre sales for the year to 30 June 2021 continue to be maintained at around US$3m. The moderate decline is considered to be mainly attributed to a spike in sales last year linked to an increased demand for reinforced concrete, for which magnetite is an input.\n \n \n Sales comparisons on quarterly and annual periods to 30 June 2021, along with associated volume details, are shown in the table below:\n \n \n \n \n \n \n \n \n \n \n \n \n Tonnage\n \n \n \n \n \n \n \n \n \n \n \n Sales (US$'000)\n \n \n \n \n \n \n \n \n \n Year\n \n \n \n \n 3 months to June\n \n \n \n \n 12 months to June\n \n \n \n \n \n \n \n \n \n \n \n 3 months to June\n \n \n \n \n 12 months to June\n \n \n \n \n \n \n 2021\n \n \n \n \n 12,130\n \n \n \n \n 48,964\n \n \n \n \n \n \n \n \n \n \n \n 740\n \n \n \n \n 2,890\n \n \n \n \n \n \n 2020\n \n \n \n \n 14,733\n \n \n \n \n 52,593*\n \n \n \n \n \n \n \n \n \n \n \n 881\n \n \n \n \n 3,114*\n \n \n \n \n \n 2019\n \n \n \n \n 8,139\n \n \n \n \n 38,846\n \n \n \n \n \n \n \n \n \n \n \n 466\n \n \n \n \n 2,251\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n* For comparison purposes, the US$0.75m of deposits forfeited by CV Investments LLC (\"CV\") has been excluded.\n \n \n The Company's wholly owned subsidiary, Southern Mineral...