Strikeforce Mining & Resources announces results for 2010

The Russia’s largest Ferromolybdenum producer Strikeforce Mining & Resources (SMR) announces its financial and operational results for 2010.

Maintenance at the beneficiation factory of the SMR’s Zhireken Ferromolybdenum Plant reduced the total output of the SMR’s operations by 3.5% to 6,490.7 tons of FeMo compared to 2009.

The copper concentrate output amounted to 13,311.5 tons, which is 0.6% higher compared to 2009.

The company’s revenue grew 33.5% to RUR5.383 bln in 2010 as a result of rise of FeMo price on the world markets.

The SMR’s investment program exceeded RUR400 mln, a tripled figure compared to 2009; large percentage of investment went into purchase of heavy trucks, excavators and drilling rigs in order to raise ore recovery, and also into installation of additional technology at the beneficiation plants in order to raise ore processing capacity.

SMR spent over RUR14.5 mln on social projects in 2010. The social spending was targeted at local communities and company employees.

SMR CEO Pavel Krasovskiy commented: “2010 was the year of transition from the our crisis management strategy to an active growth stage. In our opinion, the markets will remain good for manufacturers, and demand for ferromolybdenum will be growing”