Strategic Minerals's shares soar but nothing to report

AIM-listed diversified mineral production company Strategic Minerals said there is nothing further to add to its September interim results despite its shares soaring at the start of the week.

On 29 September, the company reported that for the six months ended 30 June its pre-tax loss remained flat at £322,000, as it refocused investment activities and worked to resolve a compensation claim.

The company, which has interests in the UK, US and Australia, buys and develops cash generative projects which meet local market demand for commodities, and then employs their cash flow to finance further exploration ventures.

Strategic Minerals bought its first cash generating asset in September 2011, the Cobre magnetite tailings dam project in New Mexico in the US, which was brought into production in 2012 and continues to provide a revenue stream.

The portfolio was expanded in January, when the company bought shares in Central Australian Rare Earths, which holds tenements in Western Australia and the northern territory for nickel sulphides, platinum and rare earths.

In May, the company entered discussions to buy up to 50% of the Redmoor tin/tungsten exploration project in Cornwall.

Shares in Strategic Minerals rose 15.38% to 0.600p at 1501 BST.