Strategic Minerals’ (LON:SML) interims chart an expansion of the company from iron ore into nickel, rare earths, precious metals, tin and tungsten.
The array may be dizzying, but SML’s interests emanate from two deals sealed in the six months ended June.
It acquired 50% of Central Australian Rare Earths, an explorer prospecting for nickel sulphide, rare earths and gold and has taken a stake in the Redmoor project (tin and tungsten in Cornwall).
Its only producing asset remains the Cobre magnetite operation in New Mexico, which generated profits of US$62,000 in the first half.
It settled its compensation claim for rail works close to the site, and will receive US$675,000, which will be treated as income.
Cash at June 30 was US $837,000, while Strategic posted a loss from operations of US$270,000.