Global copper producer Sandfire Resources is on track to deliver more than 50 per cent growth in copper equivalent production across the two years to the end of FY25, after reporting production of 33.1kt copper equivalent for the three months to March 2024.
The Company’s Motheo Copper Mine in Botswana contributed 11.7kt copper equivalent as it continued to ramp up production, and balanced a 7 per cent decrease in production at the MATSA mine, after a processing issue.
Sandfire reported preliminary Group sales revenue of $206 million and an Underlying Group EBITDA of $76 million.
Sandfire chief executive officer Brendan Harris said the ramp-up at Motheo to its expanded 5.2Mtpa nameplate rate was progressing well.
“We achieved an average annualised throughput rate of 4.7Mt across the March quarter and have seen another step change in performance following a three day maintenance shutdown in early April that allowed us to address a minor misalignment of the ball mill,” Mr Harris said.
“Across the 20 days to 26 April we have maintained a 6.0Mt annualised milling rate which, if sustained, would significantly derisk our metal production plans and potentially establish the foundation for incrementally stronger output with any excess capacity likely to be utilised to process low grade stocks in the short to medium term.
“Ongoing investment and more consistent and predictable performance in our three underground mines has continued to deliver higher rates of ore production at MATSA, with a record 4.7Mtpa annualised mining rate achieved across the period.
“The quarter wasn’t, however, without its challenges as a blockage in our paste fill delivery pipeline that services the Aguas Teñidas Western Extension restricted access to higher grade stopes and resulted in the deferral of metal production into the June quarter. The paste fill pipeline servicing this area has now been re-established, paving the way for MATSA to have a strong finish to the year, while the establishment of above ground stocks and stronger mining rates sets us up well for another incremental increase in metal production in FY25.”
During the quarter, Sandfire confirmed an initial 5.6Mt resource for the A1 deposit, which is located 20km to the northeast of its Motheo processing facility.
