25/02/2021 - 15:45

Sandfire up on copper outlook

25/02/2021 - 15:45

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Shares in Sandfire Resources jumped 11 per cent today after the company reported strong growth in earnings and talked up the copper market outlook.

Sandfire up on copper outlook
Karl Simich said DeGrussa remains a top-tier performer.

Shares in Sandfire Resources jumped 11 per cent today after the company reported strong growth in earnings and talked up the copper market outlook.

The company’s shares finished the day at $6.20, their highest close in about 15 months.

Sandfire reported a net profit after tax of $60.8 million for the half-year to December, up 78 per cent on the prior corresponding period.

The higher profit was on the back of a 13 per cent lift in revenue to $355 million.

The company said its higher profit was helped by the rising copper price, which reached an 8-year high of $US8,000 per tonne in December.

Managing director Karl Simich said Sandfire was also aided by strong production and cost management at its DeGrussa copper-gold mine in WA.

The company is continuing to focus on life after DeGrussa, with a final investment decision taken last year for its $US259 million T3 copper project in Botswana.

Mr Simich said it was one of the few significant new copper mines being developed anywhere in the world.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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