Sandfire Resources exceeded expectations for copper production for the 12 months ended June 30, as well as high production in Q2 2021, the company announced in a statement.
Production predictions for fiscal 2021 were between 67,000 and 70,000mt of copper and instead reached 70,845mt. Likewise, Q2 production reached 18,252mt of this metal, according to the company’s earnings release on Jul 14.
The company’s C1 unit reported an operating cost of $0.92 per pound and earnings from copper concentrate sales reached $813mn in FY2021.
Karl Simich, managing director, Sandfire Resources, explained that such high prices reflect the strong global demand for copper, as the world increasingly transitions to electric vehicles and other green energy initiatives, all of which require substantial amounts of copper.