Copper miner Sandfire maintains FY guidance
Global copper miner Sandfire Resources has maintained its production, cost and capital expenditure guidance for the 2024 financial year, after a solid December quarter at its MATSA and Motheo copper operations in Spain and Botswana, respectively.
The ASX-listed company reported that it was on track to increase copper-equivalent production by more than 50% over the two years to the end of the 2025 financial year as it expands Motheo and continues to bed down MATSA, which it acquired in February 2022.
Sandfire reported a 5% increase in copper-equivalent production in the December 2023 quarter to 32 400 t. It increased Motheo mill throughput to an annualised rate of 3.5-million tonnes for the quarter, to produce 8 700 t of copper and 0.2-million ounces of silver, for copper-equivalent production of 9 300 t.
The underground mines at MATSA operated at a record 4.6-million tonnes a year for the first half of 2024 and produced 13 700 t of copper and 24 200 t of zinc in the December 2023 quarter, for copper-equivalent production of 23 100 t.
During the quarter, Sandfire signed a framework agreement with Traditional Owner group Yugunga-Nya, to facilitate ongoing rehabilitation work at the de-commissioned DeGrussa copper mine, in Western Australia.
Sandfire MD Brendan Harris said the company looked forward to working with the Yugunga-Nya, the government and other stakeholders to deliver meaningful, sustainable outcomes for the local community around DeGrussa.
Commenting on the quarterly report, Harris said: “Following yet another strong quarter of operating performance, we have maintained FY2024 production, [and] cost and capital expenditure guidance, and remain well positioned to deliver over 50% growth in copper equivalent production from continuing operations across the two years to the end of 2025 financial year.”
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