Strategic Minerals PLC (AIM:SML) posted a 4% decline in sales from its Cobre magnetite operation in New Mexico, US for the year to end September 2021.
Annual Cobre sales dipped to US$2.865mln (£2.084mln) from US$2.991 in the previous 12 months when sales spiked due to higher demand for reinforced concrete, which uses magnetite.
"Cobre sales remain strong and the company continues to move its projects forward,” said managing director John Peters.
Yesterday, the AIM-quoted company announced that it raised £400,000 via a placing and subscription to help fund work at the Leigh Creek copper mine (LCCM) and at the Deep Digital Cornwall project.
READ: Strategic Minerals PLC raises £400,000 for Leigh Creek and the Deep Digital Cornwall project
"The company has had significant discussions associated with debt style funding for the LCCM project and believes the rising copper price will result in securing such funding to allow the commencement of production at Leigh Creek which, subject to finance, is expected to commence in the first quarter of 2022," said Peters.