Strategic Minerals makes first shipment from Cobre mine

Strategic Minerals, a magnetite iron ore producer and exploration company, has announced the start of full-scale production and completion of its first export market shipment from its magnetite tailings deposit at the Cobre Mine in New Mexico.

By MoneyWeek

published 22 November 2012

in Features

The company said that following this first sale, which totalled 47,000 dry metric tonnes (DMT), it is now "well-positioned" to deliver shipments in the export market of around 50,000 DMT per month.

James Fyfe, Executive Chairman of Strategic Minerals, said: "We are delighted to announce completion of our first export market shipment to one of the world's leading commodity suppliers [Glencore International]. It is a hugely important milestone for the company. This achievement marks the end of the development stage and the beginning of what will undoubtedly be a very exciting future for Strategic. It demonstrates not only the strength of our business model and our ability to acquire projects that can deliver shareholder value quickly, but also the ability of our management to execute on those projects."

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