Sandfire Resources Limited
Sandfire Resources Limited
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The strength of global copper markets has seen Australian miner Sandfire Resources complete the largest single copper concentrate consignment from its 100%-owned DeGrussa operations in WA, a 23,000wmt shipment from Geraldton port for refining at European smelters through long-standing offtake partner Concord Resources.
Sandfire notes the shipment was worth more than $A52M at current spot prices.
Sandfire Resources has stuck with Australian engineer Lycopodium for the engineering and procurement contract for the 3.2Mtpa copper concentrate process plant and associated non-process infrastructure at its T3 Motheo copper-silver project in Botswana’s Kalahari Copper Belt.
With the go-ahead for development of its T3 Motheo copper-silver project, Australian-based Sandfire Resources has underlined the growth potential of its Botswana projects with the announcement of a maiden resource for its first satellite deposit just 8km away.
The A4 deposit's JORC-compliant inferred mineral resource is 6.5Mt @ 1.5% for 100,000t contained copper and 24g/t for 4.9Moz contained silver.
Sandfire Resources has approved the $US259M development of the T3 Motheo copper-silver project in Botswana after its DFS supported an initial 12.5-year operation comprising an openpit mine and initial 3.2Mtpa processing capacity.
T3 is forecast to deliver 30,000tpa contained copper and 1.2Mozpa container silver at AISC of $1.84/lb over the first 10 years from an updated reserve of 39.9Mt @ 0.9% for 360,000t Cu and 12.2g/t for 15.6Moz Ag.
Australian producer Sandfire Resources has shrugged off reports of Chinese import restrictions on copper under an undeclared but increasingly apparent trade war between Australia and China.
According to media reports, China’s Commerce Ministry has responded to Australian criticisms by ordering curbs on imports of wines, barley, sugar, wool, timber, thermal coal and now copper. Conspicuously excluded from the alleged bans is Australia’s world-leading iron ore trade.
Australian miner Sandfire Resources has agreed to take an $A8.65M share placement in UK-based Adriatic Metals to settle a WA Supreme Court case over the two companies' collaboration and strategic partnership.
Sandfire signed the partnership agreement after subscribing $2M for a 7.7% shareholding in Adriatic’s initial public offering in May 2018, subsequently increasing its stake to nearly 15.8%.
West Australian miner Sandfire Resources has again expanded potential feed sources for its flagship DeGrussa copper-gold project in the Murchison mineral field by acquiring an 85% stake in the adjoining Red Bore mining licence.
The 2sqkm project is currently held in a disputatious JV between explorer Ora Gold (90%) and private prospector Bill Richmond (10%).
Sandfire Resources has done an up to $A30m farm-in deal with CBH Resources to earn up to 100% of the Endeavor base metal mine, currently on care and maintenance, and surrounding exploration tenements near Cobar in New South Wales, Australia.
The agreement gives Sandfire the right to earn up to 51% by spending $10M, 75% for $20M or 100% for $30M. The Endeavor underground mine includes a 1.2Mtpa processing plant and had been in near-continuous operation since 1982 before being placed on C&M in 2019.
West Australian miner Sandfire Resources is eyeing the upper end of its full year production and costs guidance after maintaining strong performance at its DeGrussa operations in the Sept qtr (Q1FY21), delivering a record 19,400t (Q4FY20: 19,313t) copper and 11,683oz (13,541oz) gold.
C1 cash operating costs were $US0.53/lb ($0.51/lb).
Sandfire’s FY21 forecast for the mine 900km NE of Perth remains 67,000-70,000t Cu and 36,000-40,000oz Au at $0.85-0.90/lb.
Gold miner Sandfire Resources has sold its stake in the Sams Creek Gold Project in the NW of New Zealand’s South Island to fellow Western Australian Auris Minerals for $A23.2M cash and shares, giving it a 19.9% cornerstone shareholding in Auris.