Sandfire Resources Delivers Strong FY24 Performance with 47% Increase in Group Copper Production
Sandfire Resources has reported a Total Recordable Injury Frequency (TRIF) of 1.6 at the end of FY24, maintaining a steady safety record compared to the previous year. The company’s continuous commitment to safety was pivotal in achieving this result.
In addition to safety achievements, Sandfire published the findings of an external investigation into the historical disturbance of artefact scatters at the now-closed Monty mine. The company is focused on implementing the recommendations from the report and working with the Yugunga-Nya to rebuild their relationship and honor commitments within their framework agreement.
Sandfire reported a significant 47% increase in Group Copper Equivalent (CuEq) production from continuing operations, reaching 133.5 kilotons (kt) in FY24. This was slightly below the full-year guidance set in July 2023 by 1.1%. The Motheo operation played a crucial role in this success, ramping up and delivering excellent results in its first operational year.
Motheo sustained a processing throughput rate of 5.4 million tonnes per annum (Mtpa) in the fourth quarter of FY24, producing 15.1kt of CuEq in the quarter and 44.7kt for the full year. This performance exceeded the annual guidance of 42kt by 6.4%.
At the MATSA operation, Sandfire maintained record mining and processing rates of 5.0Mtpa and 4.6Mtpa, respectively. Despite a minor shortfall, with CuEq production at 22.1kt in Q4 FY24 and 88.8kt for the full year (4.6% below the annual guidance of 93kt), the operation demonstrated robust performance.
Looking ahead, Sandfire has established a solid platform for further growth in Group CuEq production, projected to increase by 13% in FY25. This growth is expected as Motheo operates at its expanded capacity for a full 12 months and MATSA recovers from a blockage in its paste fill delivery infrastructure, aiming for another record annual processing rate.
Additionally, Sandfire completed an update of the MATSA Mineral Resource and Ore Reserve (MROR) estimate, incorporating initial contributions from the newly discovered Masa Olivo and San Pedro zones, leading to a 9% increase in reserves.
