Sandfire Resources Limited
Sandfire Resources Limited
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A strong final quarter and the 5-month contribution from its MATSA operations in Spain have helped Australian miner Sandfire Resources beat expectations with FY22 production of 98,367t copper, 38,907t zinc, 4,102t lead, 32,285oz gold and 1.5Moz silver. C1 costs were $US1.27/lb Cu.
Sandfire’s FY21 result was 70,854t Cu and 39,459oz Au at $0.82/lb.
Sandfire Resources is confident it has confirmed the world-class nature of its MATSA copper-lead-zinc-silver mining complex in SW Spain, posting updated measured, indicated and inferred resources of 147.2Mt @ 1.4% for 2.1Mt Cu, 3% for 4.45Mt Zn, 1% for 1.5Mt Pb and 39.6g/t for 187.6Moz Ag.
(COMMENTARY)
An investor presentation last week by Australian explorer Siren Gold shows it is hoping to walk in the footsteps of New Zealand’s only major gold producer, OceanaGold Corporation. By Ross Louthean
A transformational Q3 22 sees the MATSA mine in Spain join Sandfire Resources to lift copper output, with gold set to fire as the expansion locks in
Sandfire Resources will fight to retain development rights over its Black Butte underground copper project in central Montana, USA after a state district court judge ruled its mine operating permit was improperly approved by state authorities.
Following the court’s summary judgment on a legal challenge by environmental groups, 87%-owned subsidiary Sandfire Resources America and the state have 45 days to propose remedial measures to the judge.
Improved operational performance and strong copper prices have helped West Australian miner Sandfire Resources lift its Dec half-year (H1FY22) NPAT to $US55.2M, up from $44.4M in the previous corresponding period.
The result was achieved on record sales revenue of $311.8M (H1FY21: $256.1M) from payable metal sales of 32,422t copper (30,856t) and 14,462oz gold (18,531oz). Group EBITDA was $203.9M ($171.6M).
Cashflow from operating activities was $101.1M ($89.2M).
Western Australia-based copper-gold miner Sandfire has completed its $US1.86B acquisition of the MATSA copper-lead-zinc-silver mining complex in SW Spain, making it one of the largest copper-focused producers on the ASX.
MATSA is a substantial polymetallic mining complex comprising 3 underground mines and a 4.7Mtpa central processing facility and an extensive resource base with significant growth potential.
Higher mining, transport and shipping costs due to rising diesel and power prices have forced West Australian miner Sandfire Resources to lift costs guidance by 10% for its DeGrussa copper-gold mine in WA’s Mid West after lifting Dec qtr (Q2FY22) production to 18,675t Cu (Q1: 15,946t) and 8,739oz Au (7,515oz). Q2 costs improved to $US1.07/lb ($1.13/lb).
Sandfire has maintained FY22 guidance at 64,000-68,000t Cu and 30,000-34,000oz Au while lifting its C1 cost forecast to $1.10-1.20/lb from $1-1.10/lb previously.
African Mining Services has commenced mobilising heavy equipment to site after finalising its $US493M openpit mining services contract at Sandfire Resources’ Motheo copper project in Ghanzi, Botswana. It expects to commence mining works in early 2022 under the 7.3 years contract, with a 1-year extension.
AMS is continuing to progress the selection of a local JV partner to support the project.
Sandfire Resources has outlined an indicated 223,000oz gold resource within 2.8Mt @ 2.5g/t Au for the Old Highway gold deposit, 20km WSW of its 100%-owned DeGrussa Copper-Gold Mine in Western Australia.