UK-based magnetite iron ore producer and exploration company Strategic Minerals Plc has announced that it has commenced full-scale production with the completion of its first export market shipment from its Cobre Mine in New Mexico.
The company has made its first sale of 47,000 dry mt of magnetite ore to international commodities trader Glencore from the port of Guaymas in Mexico. Strategic Minerals stated that supplying high quality magnetite ore to commercial customers through the export market will enable the company to ramp up its revenues significantly.
Strategic Mineral's shares increased by almost 18 percent after the first export shipment.