Strategic Minerals PLC (AIM:SML, FRA:24S) returned a pre-tax profit of US$388,000 for the six months to June 2021, as magnetite production at the Cobre operation in the USA continued.
That was significantly higher than the US$261,000 delivered for the corresponding period a year earlier, as overheads were reduced and impairment charges were cut.
After tax profit was US$207,000, up from US$77,000 in 2020.
· US$48,000 of share-based payment expense for the interim six-month period reflects the final charge relating to options which expired 30 June 2021.
Unrestricted cash and cash equivalents at 30 June 2021 were US$734,000.
"The first half of 2021 has again been globally trying,” said John Peters, managing director of Strategic Minerals.
“Continued prudent management has seen the company maintain and improve underlying operations to produce a strong result for the period.”
Post period end, the company was granted a conditional permit for mining of the Paltridge North deposit at the Leigh Creek Copper Mine project in Australia.
Production at Paltridge North is planned for the first quarter of 2022.
"Discussions on financing the Leigh Creek Copper Mine project continue and the company hopes to bring firm news on this to the market in the near future,” added Peters.
"The company has progressed the Redmoor project on a limited basis and has actively, in conjunction with NRG Capital, progressed discussions with potential investors or joint venture partners.”