Strategic Minerals (SML.L) 1.62p £23.17m
Strategic Minerals, a producing mineral company actively developing projects prospective for battery materials, provided the following update on ore sales at the Company's Cobre magnetite operations in New Mexico, USA for the three months to 31 March 2019 and to inform the market of cash available at the end of the quarter.
$0.21m of cash generated by Cobre in the quarter
Routine client plant maintenance resulted in reduced quarterly sales
Drone survey indicates stockpile inventory of 711,000 tons
Major Cobre client currently overdue with latest payment
Group cash balance of $1.240m as at 31 March 2019
$0.54m re-invested into the Company's projects during the quarter