Sandfire profit slides on copper prices

Sandfire Resources has posted a 9 per cent slide in half-year profit to $30.5 million on the back of lower prevailing copper prices.

The company’s revenue rose 6 per cent to $264.2 million in the six months to December, with Sandfire also declaring a 3 cents per share interim dividend, unfranked.

In a statement, the company said the result reflected strong operational and financial performance by its flagship DeGrussa copper mine near Meekatharra.

Sandfire recently announced it had extended the mine life of the DeGrussa mine to mid-2021.

Managing director Karl Simich said the copper mine had delivered another pleasing and consistent result in the first half, providing a strong platform for future growth while also enabling the company to return cash to shareholders.

Sandfire shares closed 0.2 per cent lower at $4.47 per share.