Strategic Minerals PLC (AIM:SML, OTC:SMCDF) has reported higher profits for the year to end December 2022, helped by higher prices for metal from its Cobre magnetite tailings operation.
Group pre-tax profit was US$0.37mln (2021: $0.25mln) with net cash generated from operating activities at US$0.77mln (2021: US$0.61mln).
In July, Cobre customer sales prices progressively increased by 20%, said Strategic Minerals, which offset a reduction in sales in the final quarter of the year by its major customer due to recessionary concerns impacting the US west coast construction industry.
The company added: “While we are confident of their return as a client, we are unsure of timing due to a large stockpile of our material that they have on site.”
Even with this, Cobre "still produced respectable 2022 annual sales of US$2.44mln (2021: $2.61mln)", it said in its statement.
Unrestricted cash at the year-end was US$0.34mln (2021: US$0.61mln).