Business
Update for the quarter to 31 March 2016
Update for the quarter to 31 March 2016.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6679Y Strategic Minerals PLC 19 May 2016 \n\n19 May 2016\n \nStrategic Minerals plc\n(\"Strategic Minerals\" or \"SML\" or the \"Company\")\n \nUpdate for the quarter to 31 March 2016\n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to provide the following update on the Company's operations for the three months to 31 March 2016 (\"Q1 2016\").\n \nHighlights:\n \n· Quarterly sales at the Cobre operations continued to reflect an annual turnover of 17,000+ tons per annum. While sales of US$0.227m in Q1 2016 were lower than in the same period in 2015, this appears consistent with the variability of demand within annual periods;\n\n· Acquired up to 50% of Central Australian Rare Earth Pty Ltd (\"CARE\"). During the quarter, documentation was finalised and personnel and plans were prepared to commence drilling on 18 May 2016;\n\n· Termination and exiting of Tatu coal project in February 2016; \n· Withdrawal from Wanbao Coal Mine project; \n· Corporate overheads continue to be tightly controlled with the Managing Director reducing his remuneration by a little over 15% and the CFO being moved to an hourly consulting bais. The Board continues to seek to control these overheads in line with the Company's likely operating profits;\n\n· The Company updated its website; and\n\n· The Company had cash of US$0.641m as at 31 March 2016.\n Commenting, John Peters, Managing Director of Strategic Minerals, said: \n \n\"The refinement of the Company's strategy, undertaken in Q1 2016, highlights its emphasis on producing and exploring. The Company's production at the Cobre mine continues to underpin its operating costs and the Board and management team are focused on seeking to contain corporate overheads within the current operating profit of the mine. At the same time, our strategy recognises the need for substantial wealth creation through exploration/investment. In this regard, investment reviews have centred on projects with either tied offtake arrangements or ones based on exploration for minerals/metals expected to have strong demand/pr...