Sandfire Resources (ASX:SFR) - Managing Director & CEO, Karl Simich
Managing Director & CEO, Karl Simich
Source: Macquarie Group
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  • Sandfire Resources’ (SFR) DeGrussa operations continue to operate at full capacity despite the company withdrawing its 2020 guidance
  • Sandfire had a slight drop in both gold and copper production for the March quarter when compared to the previous period
  • In March the company withdrew its production guidance due to the uncertainty around COVID-19
  • But has since stated it is now in a strong cash position with $242 million cash in hand and debt-free
  • Sandfire is up 1.91 per cent on the market this afternoon, trading for $4.27 per share

Sandfire Resources’ (SFR) DeGrussa operations in Western Australia continue to operate at full capacity despite the company withdrawing its 2020 guidance.

The company produced 17,936 tonnes of copper and 9352 ounces of gold during the March quarter, a slight drop from 18,258 tonnes of copper and 10,723 ounces of gold in the December period.

In March, the company withdrew its production guidance due to the uncertainty around COVID-19. The guidance was previously 70,000 to 72,000 tonnes of copper and 38,000 to 40,000 ounces of gold.

Sandfire continued to explore in Botswana until late March when all drilling and exploration was suspended due to the nation’s 28-day lockdown.

In the U.S., Sandfire Resources America has temporarily closed the White Sulphur Springs office to protect the workforce and local community. Staff are now working remotely.

“The health and well-being of our people, contractors and stakeholders is of paramount importance,” Sandfire said.

“Sandfire has implemented and will continue to proactively implement appropriate protocols to minimise the potential transmission of COVID-19,” it added.

The mining company says it is in a strong cash position and is debt-free, with $242 million cash in hand.

Sandfire is up 1.91 per cent on the market this afternoon, trading for $4.27 per share at market close.

SFR by the numbers
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