Sandfire Resources Limited
Sandfire Resources Limited
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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.
Record performance by its DeGrussa copper-gold operation has delivered strong year-on-year increases in sales revenue and operational cash-flow for West Australian miner Sandfire Resources for the 12 months to end-June (FY20).
Payable metal sales of 69,593t (FY19: 65,074t) Cu and 40,004oz (39.265oz) Au delivered $A656.8M ($592.2M) and cash-flow of $273.6M ($210.4M)
A strong June 2020 qtr (Q4 20) has powered Sandfire Resources’ DeGrussa operation in Western Australia to record FY20 72,000t contained copper from FY19’s 69,394t, but with gold slipping to 42,000oz from 44,455oz at C1 costs down to $US0.72/lb from $0.83/lb.
Sandfire Resources is pushing towards the start of site works while preparing to fight a new legal challenge against the proposed 391,000t (13.6Mt @ 2.9%) Black Butte underground copper development in central Montana, USA.
Through its 85%-owned Canadian listed subsidiary Sandfire Resources America, it’s finalising a contract to commence surface earthworks once it secures a $US4.65M phase 1 bond required by Montana’s Environment Quality Department.
Higher mine production, but lower milled ore have seen Sandfire Resources’ Mar 2020 qtr (Q3 20) Western Australia copper production ease to 17,936t from Q2 20’s 18,258t and gold to 9,352oz from 10,723oz at C1 costs also down to $US0.74/lb Cu from $0.83/lb.