Strategic Minerals (GB:SML) has released an update.
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Strategic Minerals PLC faced a challenging 2023 with the suspension of sales to Cobre’s major client impacting cash flow and leading to an operating loss of $0.184m before impairment. Despite these challenges, the company secured a new large-volume sales agreement for 2024 and focused on strategic metals like copper and tin, which are expected to benefit from market imbalances. Management and the board continued efforts to develop projects like the Redmoor Tin and Tungsten mine and the Leigh Creek Copper Mine, despite having to record an $8.898m impairment expense for the latter due to funding difficulties.
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