Business
Q4 Cobre Magnetite Sales and Cash Balance Update
Q4 Cobre Magnetite Sales and Cash Balance Update.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6261L\n Strategic Minerals PLC\n 14 January 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 14 January 2021\n \n \n Strategic Minerals plc\n \n \n (\"Strategic Minerals\" or the \"Company\")\n \n \n December Quarter 2020 Magnetite Sales and Cash Balances\n \n \n Strong Cobre Sales Continue \n \n \n Strategic 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 31 December 2020.\n \n \n \n Highlights\n \n \n · Cobre annual sales exceed US$3m\n \n · Revenue growth of over 20% year on year at Cobre\n \n ·\n The Leigh Creek Copper Mine (\"LCCM\") approval process for mining the Paltridge North deposit continues, indicating the potential to recommence operations in 2021, subject to finance \n \n \n · \n Cornwall Resources team continues working with NRG Capital on progressing the Redmoor Project\n \n \n · \n Appointment of Karen Williams as Chief Financial Officer (Non-board position)\n \n \n · \n Group cash balance of US$0.833m as at 31 December 2020\n \n \n \n \n \n Sales update: Cobre magnetite tailings operations\n \n \n The December quarter 2020 saw sales at Cobre continue to grow, up by over 20% year on year. Sales remained robust and the positive annual growth highlights the strength of demand being maintained despite the Covid-19 pandemic.\n \n \n Sales comparisons on quarterly and annual periods to 31 December 2020, along with associated volume details, are shown in the table below:\n \n \n \n \n \n \n \n \n \n Tonnage\n \n \n \n \n \n \n \n Sales (US$'000)\n \n \n \n \n \n \n \n \n \n Year\n \n \n \n \n 3 months to Dec\n \n \n \n \n 12 months to Dec\n \n \n \n \n \n \n \n 3 months to Dec\n \n \n \n \n 12 months to Dec\n \n \n \n \n \n \n 2020\n \n \n \n \n 12,845\n \n \n \n \n 51,518\n \n \n \n \n \n \n \n 747\n \n \n \n \n 3,025\n \n \n \n \n \n \n 2019\n \n \n \n \n 12,202\n \n \n \n \n 42,517*\n \n \n \n &nbs...