Sandfire Resources NL
Sandfire Resources NL
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Sandfire Resources has updated mineral resources as it works to complete a feasibility study in the Dec qtr on the proposed underground development of its 86%-owned Black Butte copper project in Montana, USA.
The NI 43-101 estimate for the Johnny Lee deposit, the project’s cornerstone resource, comprises 311,000t (10.9Mt @ 2l9% Cu) measured and indicated plus 80,000t (2.7Mt @ 3% Cu) inferred.
Sandfire Resources America expects to gain Black Butte’s final EIS and record of decision also during the Dec qtr.
Both copper and gold production from Sandfire Resources’ DeGrussa and Monty satellite mines in Western Australia have fallen in the Sept 2019 qtr (Q1 20) -- copper to 16,730t from Q4 19’s 18,519t and gold to 8,647oz from 11,967oz at C1 cash costs up to $US0.87/lb Cu from $0.74/lb.
Developer MOD Resources’ shareholders have overwhelmingly approved copper-gold miner Sandfire Resources’ $A167M takeover bid.
Shareholders today carried the scheme of arrangement 98.2% to 1.78% that will bring MOD’s near-term T3 copper project in Botswana and a significant Kalahari copper belt landholding into Sandfire’s global development pipeline.
West Australian miner Sandfire Resources has committed to spend $A1.2M on exploration within 12 months under a new farm-in agreement with base metals explorer Auris Minerals over its Cashman copper-gold tenements in the Bryah Basin 100km north of Meekatharra.
The agreement requires Sandfire to discover a JORC-compliant resource of at least 50,000t copper or equivalent to earn 70% interest in Cashman.
Its flagship DeGrussa project in Western Australia has strengthened Sandfire Resources’ growth aspirations to build a diversified portfolio of high-quality base metal assets.
Record copper and gold production and best costs performance at DeGrussa, despite weaker copper prices in an uncertain geopolitical environment, enabled Sandfire to deliver its second-best financial result in seven years of operations.
A strong final quarter has enabled West Australian miner Sandfire Resources to increase June year (FY19) production to 69,394t (FY18: 64,918t) copper and 44,455oz (39,273oz) gold with C1 costs also improving to $US0.83/lb ($0.93/lb).
Q4 production was 18,519t (16,062t) copper and 11,967oz (10,921oz) gold, with 15,106t Cu and 21,790oz Au coming from the DeGrussa mine and 6,025t Cu and 3,623oz Au from the Monty satellite mine.
Mid-tier West Australian copper-gold producer Sandfire will add the near-term T3 project in Botswana and a significant Kalahari copper belt landholding to its global development pipeline with agreement to acquire explorer MOD Resources.
Under a scheme of arrangement valuing the target company at $A167M, Sandfire is offering a choice of 0.0664 shares or 45c for each MOD share. The cash component is capped at $41.6M.
Copper down, gold up for a Mar 2019 qtr (Q3 19) that underpins expectations for increased FY2019 production from Sandfire Resources' flagship DeGrussa copper-gold mine at its 100%-owned Doolgunna project, 150km N of Meekatharra, Western Australia.
Explorer/developer White Rock Minerals has signed a $A30M J/V deal for copper-gold miner Sandfire Resources to earn up to 70% of White Rock’s 1.1Mt zinc equivalent, high-grade zinc-precious metals volcanogenic massive sulphides (VMS) Red Mountain project in central Alaska, US.
Australian-based Sandfire Resources is closer to development of its 86%-owned Black Butte copper project 20ml N of White Sulphur Springs in Montana, USA with the release by state environmental authorities of its draft EIS.
It’s taken over 3 years of work by Sandfire Resources America to reach this stage, but MD-CEO Karl Simich hopes it can gain a mine operating permit as early as the Sept qtr to coincide with completion of its FS.