Sandfire riding high

SANDFIRE Resources boss Karl Simich says the copper miner is in a strong position after another solid quarter at DeGrussa, as shares hit close to a five-year high.

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The mine produced 16,263 tonnes of copper and 8130 ounces of gold at C1 costs of US$1.02 per pound of copper.

The first-half performance of 31,521t of copper and 18,799oz of gold at C1 costs of $1/lb keeps Sandfire on track to meet full-year guidance of 63,000-66,000t of copper and 35,000-38,000oz of gold at AISC of $1-1.05/lb.

The Monty development remains on track to deliver first ore by the end of 2018, and Sandfire is also hoping the final environmental impact statement and record of decision for the Black Butte development project in Montana around the same time.

Sandfire closed the December quarter with group cash of A$164.4 million, up from $117 million three months earlier.