Sandfire Resources has delivered its highest quarterly production of the 2019 financial year during the June period as output at the Monty mine in Western Australia increased.
The company produced 18,519 tonnes of copper and 11,967 ounces of gold in the June quarter, with the Monty satellite mine continuing to ramp up its output.
Sandfire mined 76,091 tonnes at grades of 7.9 per cent copper at Monty for 6025 tonnes of contained copper and 3623 ounces of contained gold.
The strong quarter propels Sandfire to record annual copper and gold production, according to the company.
Sandfire expects its 2020 financial year production guidance to be within the range of 70,000–75,000 tonnes of copper, with gold production within the range of 38,000–42,000 ounces.
The company cemented DeGrussa’s mine life through to mid-2022 following an updated mine plan and ore reserves in June.
Outside of Australia, Sandfire is on track to deliver a feasibility study for the Black Butte copper project in the United States this year. The company expects to receive its mine operating permit in the second half of 2019.
Sandfire has also agreed to acquire ASX-listed MOD Resources, and with it, a “dominant land-holding” in the Kalahari copper belt in Botswana. This includes the advanced T3 project, which is scheduled to commence construction next year.
The company has also increased its stakeholding in the UK-based Adriatic Metals to 11.13 per cent to gain more exposure to high-grade polymetallic projects in Bosnia-Herzegovina.