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Sandfire Resources posts record copper output for FY'16

SandfireResources NL achieved a record production of 68,202 tonnes ofcontained copper in the fiscal year ended June 30, exceeding the 68,000-tonneupper end of its output guidancefor the year.

In a July 8 statement, the company said it also produced37,612 ounces of contained gold during the period, falling within its goldoutput guidance of between 35,000 ounces and 40,000 ounces.

Sandfire's concentrate sales for the fiscal year totaled282,012 tonnes containing 68,653 tonnes of copper and 36,042 ounces of gold,compared to 67,903 tonnes of contained copper and 37,194 ounces of gold sold infiscal year 2015.

The company also expects its C1 unit operating costs to beat the lower end of guidance in the range of 95 U.S. cents to US$1.05.

Furthermore, Sandfire said it has fully repaid itsamortizing facility with ANZ Banking Corp. ahead of schedule, slashing itstotal outstanding debt to A$50 million as of June 30.

The miner attributed its increased output and debt repaymentto the performance of its DeGrussa copper-gold mine in Western Australia, which isundergoing a period of capital requirements reduction as the level of requiredunderground mine development drops from a base level of 7,300 meters in 2016 to5,600 meters in 2017 and to 1,900 meters in 2018.