Business
Q3 Cobre Magnetite Sales and Cash Balance Update
Q3 Cobre Magnetite Sales and Cash Balance Update.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1699Q\n Strategic Minerals PLC\n 26 October 2021\n \n \n \n \n \n \n \n 26 October 2021\n \n \n \n \n \n Strategic Minerals plc\n \n \n (\"Strategic Minerals\" or the \"Company\")\n \n \n September 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 September 2021.\n \n \n Highlights\n \n \n · Strong annual Cobre sales continue at US$2.865m for the 12 Months to 30 September 2021\n \n · \n Group cash balance of US$0.564m as at 30 September 2021\n \n \n \n \n \n Sales update: Cobre magnetite tailings operations\n \n \n Annual Cobre sales for the year to 30 September 2021 continue to be maintained at just under US$3m. The moderate decline is considered to be mainly attributed to a spike in sales last year linked to an increased demand for reinforced concrete, for which magnetite is an input.\n \n \n Sales comparisons on quarterly and annual periods to 30 September 2021, along with associated volume details, are shown in the table below:\n \n \n \n \n \n \n \n \n \n \n \n \n Tonnage\n \n \n \n \n \n \n \n \n \n \n \n Sales (US$'000)\n \n \n \n \n \n \n \n \n \n Year\n \n \n \n \n 3 months to Sept\n \n \n \n \n 12 months to Sept\n \n \n \n \n \n \n \n \n \n \n \n 3 months to Sept\n \n \n \n \n 12 months to Sept\n \n \n \n \n \n \n 2021\n \n \n \n \n 10,259\n \n \n \n \n 48,237\n \n \n \n \n \n \n \n \n \n \n \n 607\n \n \n \n \n 2,865\n \n \n \n \n \n \n 2020\n \n \n \n \n 10,987\n \n \n \n \n 50,875*\n \n \n \n \n \n \n \n \n \n \n \n 632\n \n \n \n \n 2,991*\n \n \n \n \n \n 2019\n \n \n \n \n 12,704\n \n \n \n \n 41,246\n \n \n \n \n \n \n \n \n \n \n \n 755\n \n \n \n \n 2,408\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 Since the June quarterly report, there has not been any significant news from the Receiver appointed by the US Securities Exchange Commission \n in relation to the previously notified US$21.9m arbitration claim by the Company's wholly owned subsidia...