24th Jan 2014 09:07
LONDON (Alliance News) - Strategic Minerals PLC Friday said it generated strong revenues in 2013 but knows of no reason for its recent share price movement.
Strategic Minerals shares were down 25% to 1.60 pence, putting it in the top AIM losers in early trading Friday, after the company experienced a 94% increase in its share price in the week between January 15 and 22.
The magnetite iron-ore producer and exploration company with operations in the US said its Cobre magnetite stockpile in New Mexico has generated roughly USD38 million in its full year 2013, a significant increase on USD6 million in 2012.
The company also said a total of roughly 438,000 dry metric tonnes of magnetite were shipped during the year, a large increase on 65,000 tonnes the previous year.
However, Strategic Minerals said that the shipping volumes would have been more like 500,000 dry metric tonnes, but a shipment scheduled for the end of December was delayed until the new year.
The company said its gross margin improved significantly in the second half of 2013.
Strategic Minerals said it is pursuing an exploration programme in Australia, aimed at developing two key sites, the Iron Glen and Jotanooka tenements.
By Tom McIvor; [email protected]; @TomMcIvor1
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