Strategic Minerals updates on September quarter

Strategic Minerals said directors are pleased by the performance of the company over the September quarter.

"The significant improvement in sales at the Cobre operation, combined with the Company's settlement of the rail dispute, has provided the Board with a positive outlook for the Company's financial performance in 2016," said managing director John Peters in a statement.

"A capital raising was also undertaken subsequent to the September quarter, further strengthening the Company's financial position," Peters added in a statement.

"Net proceeds from the placing are to be invested in improving the understanding of underlying assets through drill programmes, while cash flows at Cobre continue to underpin the Company's working capital requirements.

"Over the December quarter, Management and the Board intend to continue to increase sales at Cobre; progress discussions to extend, if possible, the formal access period to the Cobre magnetite stockpile; co-ordinate funding of the Redmoor option and develop plans for the exploration of the CARE tenements, in particular the Hanns Camp and Mount Weld project areas."