London-listedreported stable sales and organic growth at the Cobre magnetite stockpile in New Mexico.
This will provide the group with “a solid foundation from which the Board can look to execute its strategy across the wider portfolio,” said Managing Director, John Peters.
The group who operate the Cobre magnetite tailings dam project said they are continuing to see improved demand from existing Cobre clients.
Since 2012, the Cobre project has provided a revenue stream for the company, covering company overheads and investment in development projects aimed at the electric vehicle/battery market.
The company recorded a 12.5% increase in underlying sales revenue in the December 2019 quarter compared to the same period of the previous year.
However, sales revenue dropped over the year to 2.5 million from 3.35 million in 2018 due to impact from an ongoing dispute with a major client.
Legal action has commenced in relation to the client with an arbitration meeting expected to be scheduled shortly, the statement detailed.
At 31 December 2019, the group's non-restricted cash balance stood at $0.520 million.
In addition, the company reported that it was in “active discussions” regarding finance options for the Leigh Creek Copper Mine in Australia.
"The key focus in 2020 remains on developing a reliable second income stream from LCCM and SML is engaged in a number of active discussions with potential sources of financing,” said Peters.
The company acquired the Leigh Creek Copper Mine in the copper rich belt of South Australia in March 2018, bringing the site into production in April 2019.
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