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Strategic Minerals books profits on Cobre production, continues to fund development internally

Strategic Minerals continues to use cash flow from Cobre to fund development work elsewhere
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The Cobre project continues to underpin the company

Strategic Minerals PLC (LON:SML)(USOTC: SMCDY) generated a profit of US$1.47mln in the year to December 2018.

That was marginally down from the profit of US$1.59mln generated in 2017.

WATCH: Strategic Minerals kicks off first sales from Leigh Creek in Australia

However, the company funded all project development internally during 2018, so the profit number comes in the context of significant progress at the Redmoor and Leigh Creek projects.

As at 31 December 2018, Strategic Minerals had cash of US$1.84mln.

The Cobre project delivered net cash flow of US$2.163mln during the period, down from US$3.8mln in 2017.

"2018 has seen the company build on the platform that sales at Cobre provide and has sought to develop a near term, second income stream at Leigh Creek copper mine,” said managing director John Peters. 

“At the same time, it has been active in driving the Redmoor tin-tungsten project and CARE exploration.”

The shares are up by more than 20% since January.

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