(MENAFN- ProactiveInvestors)Strategic Minerals' (LON:SML USOTC: SMCDY) share price soared as it revealed its Cobre iron ore tailings operation in New Mexico had enjoyed a bumper two weeks. Domestic sales in the week to 13 December were US$76000 and in the week just ended US$78000 compared to average weekly revenues of US$25000. After a tough period in the middle of the year annual sales are now expected to be broadly in line with last year's US$1.27mln. Strategic added its subsidiary SMG had also extended its right to mine the tailings at the old copper mine by a year to end March 2017. SMG boss Clovis Hooper said: "The recent upswing in sales has been the result of the work put into clearing logistic impediments and to the delivery of the magnetite and while we anticipate a slowing of sales during the Christmas period 2016 is looking like being a good year". John Peters Strategic Minerals' managing director added: "The efficient operation of SMG's access to the magnetite stockpile has been highlighted by its recent sales performance and when combined with a typical profit ratio of 50% on Cobre it underlines Strategic Minerals' fortunate position as a resource company with regular cash flow." As well as Cobre Strategic Minerals is developing the Tatu thermal coal mine in New Zealand where first sales are expected in the first half of next year. Shares rose 20% to 0.318p.