Global copper producer Sandfire Resources (ASX: SFR) has capitalised on a full year of production at its MATSA copper mining hub to report Group CuEq2 production of 132kt and an Underlying Group EBITDA of $258.5 million for the 12 months to 30 June 2023.
The Group reported a Statutory loss of $53.7 million, which included discretionary exploration expenditure of US$36.1M and a $254.6 million depreciation expense at MATSA as the US$1.865B acquisition continued to be amortised primarily on the basis of known reserves.
During the year, Sandfire completed construction of the Motheo Copper Mine in Botswana, on time and on budget. First concentrate was produced at Motheo in May and ramp-up to the initial design capacity of 3.2 million tonnes per annum is underway.
Expansion of Motheo to 5.2 million tonnes per annum has commenced and is on track to be completed by the end of the first half of FY2024.
Managing Director and CEO Brendan Harris also announced changes to his Executive Leadership Team.
“To bring the appropriate level of intensity and focus to the key elements of our refined strategy, we have added important skills and experience to our Executive Leadership Team. Catherine Bozanich joins as our inaugural Chief Sustainability and Corporate Affairs Officer, while Victoria Twiss has been promoted to the role of Chief Legal and Compliance Officer. Rounding out the new team, Megan Jansen will commence in the role of Chief Financial Officer in early October following long serving CFO, Matthew Fitzgerald’s decision to step down from his role,” Mr Harris said.
Sandfire’s copper equivalent production is expected to increase by 10 per cent in FY2024 with the ramp-up of Motheo to be partially offset by the loss of production from the company’s foundation DeGrussa Copper Mine in Western Australia.
