- Strategic Minerals booked a 13% fall in annual profit as sales slipped at its Cobre asset in New Mexico.

Pre-tax profit for the year through December fell to $1.9m, down from $2.2m on-year.

'2018 has seen the company build on the platform that sales at Cobre provide and has sought to develop a near term, second income stream at the Leigh Creek copper mine,' chief executive John Peters said.

'At the same time, it has been active in driving the Redmoor Tin/Tungsten project and Care exploration.'

'The results from the 2018 Redmoor drilling programme have encouraged the board to acquire the balance of CRL and an offer was made to our joint venture partner, New Age Exploration, that was accepted in March 2019.'

'The transaction is expected to settle on 30 May 2019.'

'Total control of CRL will allow the company to efficiently deploy expected future cash flows from Cobre and Leigh Creek into the development of the Redmoor project.'

'The Strategic Minerals team looks forward to progressing and consolidating its projects throughout 2019, increasing production at Leigh Creek and preparing 2020 to be the year the company sees a second, material income stream arising from Leigh Creek.'

At 9:46am: [LON:SML] Strategic Minerals PLC share price was -0.03p at 1.6p

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