https://www.miningweekly.com
Copper|Projects
Copper|Projects
copper|projects

Strategic Minerals ups quarterly sales, arbitrator to handle customer dispute

14th January 2020

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Aim-listed battery materials developer Strategic Minerals says underlying sales volumes continued to improve during the December quarter, despite litigation against a major customer.

The company on Tuesday reported that sales revenue during the last quarter of 2019 was 12.5% higher compared with the last quarter of 2018, however, sales revenue for the whole year was weaker than comparative years, owing to the adverse impact of Cobre’s major customer’s diminished purchases.

Strategic Minerals owns the Cobre magnetite operation, in New Mexico.

The company has appointed an arbitrator to handle the dispute with this major customer and a meeting is expected to be scheduled shortly.

Strategic Minerals had made an arbitration claim for at least $21-million in damages and lost profit against its main customer, in September last year.

Meanwhile, the company has focused on securing new customers.

“Stable sales volumes and continued organic growth at Cobre provides the company with a solid foundation from which the board can look to execute its strategy across the wider portfolio.  Access to the magnetite stockpile is expected to automatically rollover at the end of February.

"The key focus in 2020 remains on developing a reliable second income stream from the Leigh Creek copper mine, in Australia, and Strategic Minerals is engaged in a number of active discussions with potential sources of financing to move its projects forward via a solution which is best for the company and its shareholders alike," MD John Peters stated.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Projects

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.13 0.162s - 89pq - 2rq
Subscribe Now