StockMarketWire.com - Strategic Minerals said underlying sales volumes at its Cobre magnetite stockpile project in New Mexico rose in the third quarter, though annual sales were hurt by an ongoing dispute with a major customer.

Underlying sales volumes in the three months through September rose 26% on-year, amid the resumption of regular demand from existing Cobre clients, excluding the major client.

Third-quarter sales rose to $1.13m, up from $0.60m, but for the full year sales fell to $3.16m, down from $4.86.

Strategic Minerals said it had scheduled an arbitration claim over the major client dispute.

'Sales volumes at Cobre rebounded and this augurs well for sales over the coming year,' chief executive John Peters said.

'The progression of a formal claim against the major client at Cobre has resulted in the board having to reconsider the pace at which it can progress planned projects.'

'We also remain in various funding and investment discussions.'

'The board intends updating the market on these plans as they formalise.' Story provided by StockMarketWire.com