Strategic Minerals magnetite sales from Cobre mine in US fall in 2022

(Alliance News) - Strategic Minerals PLC on Thursday reported a decline in magnetite sales from ...

Alliance News 9 February, 2023 | 11:40AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Strategic Minerals PLC on Thursday reported a decline in magnetite sales from its Cobre operation in the US state of New Mexico.

Strategic Minerals is a London-based miner. In addition to the producing Cobre mine, the company has the Leigh Creek copper project in development in Australia. It acquired this in 2018.

Magnetite sales from Cobre in New Mexico in 2022 fell to USD2.4 million from USD2.6 million in 2021. Cobre magnetite ore tonnage declined 15% to 36,281 from 42,637 in 2021. It is down 30% from 51,518 in 2020.

The company's revenue in the quarter to December 31 decreased to USD464,000 from USD493,000 in 2021.

Strategic Minerals noted reduced demand from some customers, as the company said slower US economic growth impacted sales volumes.

Cash balance as at December 31 fell 44% to USD341,000 from USD609,000 a year ago.

Strategic Minerals added that negotiations on planned funding for restarting production at the Leigh Creek copper mine in South Australia are at an "advanced stage".

Looking ahead, the company expects Cobre "to continue to contribute substantial revenues to cover the company's overall costs in 2023".

Strategic Minerals shares were down 20% at 0.26 pence each in London on Thursday morning.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Strategic Minerals PLC 0.23 GBX 0.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures