Sales of US$2.036 mln from the Cobre magnetite tailings project for the three months to September 2017 marked a new record for Strategic Minerals Plc (LON:SML).
Cobre is situated in New Mexico, USA, and has consistently generated cash for Strategic in the past.
READ: Strategic Minerals enjoying profitability and looking to grow core assets
The latest sales record is based around production of 29,539 tonnes.
The sales in dollar terms represent a 300% increase on the sales figure for the corresponding period a year ago.
It should go towards supporting the company’s first profit in excess of US$1mln.
On the basis of current sales, it’s expected that current profit margins can be maintained throughout 2018 and that annual sales are likely to exceed US$5mln.
With sizeable cash flows, and after meeting exploration costs associated with both Redmoor and Hanns Camp, the company has a healthy cash balance, which at 30 September 2017 was US $1.627mln.