Proactive Spotlight:
Strategic Minerals Plc (LON:SML) has replaced a contract to supply iron ore to private group Galvin with a new larger deal with an unnamed private company.
The new contract is for 400,000 tons of magnetite from the Cobre facility in New Mexico over several years at market prices.
Galvin had agreed to take 350,000 tons at market prices, but failed to meet the deadlines to complete the deal.
Strategic said the new customer had paid a US$10,000 deposit and will lodge a further US$250,000 by 14 April.
WATCH: Strategic Minerals' boss "very happy" with new supply deal ...
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The new contract calls for a minimum purchase of 4,000 tons per month starting on 1 June.
Strategic added that this contract should double annual sales from Cobre without affecting the effective net profit margin of between 40% to 45% of sales revenue.
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WATCH: Zak Mir on Bacanora …
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WATCH: “Another solid quarter”, says Tharisa boss …
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