Strategic Minerals doubles monthly sales record

Strategic Minerals announced that it had achieved record domestic sales in August from its Cobre magnetite stockpile in New Mexico.

Cobre is operated by a wholly owned subsidiary of Strategic, Southern Minerals Group, which had made its previous sales record of $486,500 a month earlier in July.

In August when the group moved 13,897 tonnes of magnetite from Cobre for a total value of $999,064.

The sales in July and August make up 96% of those from the previous financial year and 119% of sales from 2015, this is due to both a significant increase in sales a beneficial uptick in the average sale price of the mineral.

Managing director John Peters said, "The performance at Cobre has placed the company in an ideal position to record an increased profit performance in 2017 and provided it the luxury of recycling the profits derived from Cobre into value adding exploration programmes at Redmoor and Hanns Camp, without diluting shareholders."

As of 0815 BST, shares had gained 13.69% to 2.39p.