Copper miner Sandfire Resources has reported a fall in revenue and profits for the full year ended June. Sales revenue for the full year declined from $922.7-million in the 2022 financial year to $803.9-million on the back of a 14% decline in copper sales associated with the wind-down of production at the DeGrussa mine, in Western Australia, and a 6% decrease in realised copper prices.
PERTH – Copper miner Sandfire Resources has reported a fall in revenue and profits for the full year ended June.
Sandfire on Thursday reported a loss after tax of $53.6-million, compared with a profit after tax of $109.4-million in the last financial year, with the loss including an discretionary exploration expenditure of $36.1-million and a $254.6-million depreciation expense at MATSA as the $1.86-billion acquisition continued to be amortised primarily on the basis of known reserves.
“In Spain, we will continue to enhance our understanding of the geological setting at MATSA and test the mineralised extent of the recently discovered San Pedro zone at Aguas Teñidas, and Olivo zone at Magdalena. In parallel, in Botswana we will test an open extension of the higher grade A4 deposit, undertake a medium density drilling program at A1 with the objective of identifying a maiden resource, and test numerous other targets within an economic distance of Motheo,” said Harris.
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