Sandfire's profit slides 9pc
Sandfire Resources has posted a first-half profit of $30.6 million, down 9 per cent on the previous corresponding period despite a 6 per cent jump in revenue to $264.2 million.
The miner, which owns and operates the DeGrussa copper-gold mine near Meekatharra, will pay an unfranked interim dividend of three cents a share.
The company said its lower bottom line profit reflected lower prices for its primary commodity, copper.
Sandfire lifted copper production to 32,500 tonnes from 30,098 in the previous corresponding period and gold to 18,330 ounces from 14,437 ounces previously.
The company said it primarily used its $100.3 million in operating cashflow over the period for debt retirement and capital requirements.
It held cash of $45.8 million at the end of December.
Managing director Karl Simich said the DeGrussa copper mine delivered another pleasing and consistent operational and financial performance in the first half, providing a strong platform for future growth while also enabling the company to return cash to shareholders.
"The outstanding cash generation power of DeGrussa has enabled us to further reduce our debt, fund aggressive mine development and undertake a significant near-mine and regional exploration program, while at the same time expanding our business development portfolio with our investment in Tintina Resources and declare an interim dividend," he said.
Sandfire shares were steady at $4.48 shortly before the close of trade.
