Sandfire Resources (ASX:SFR) Share Price Drops 9% Amid China Copper Ban Reports

November 04, 2020 02:44 PM AEDT
Team Kalkine

The mining giant Sandfire Resources (ASX:SFR) share price dipped by a considerable 9% on 3 November, post the speculation that China shall be barring Australian copper imports.

However, the copper miner stated that it can tide over China constraints. It said that the media reports saying China is eyeing a ban on imports of copper ore and concentrate from Australia might not be authentic. The company also maintained that it was dealing directly with important customers and is not cognizant of any purpose for a ban.

SFR stated further that the company is assured enough to aggravate sales to existing and new customers in non-Chinese markets.

Along with this, the company hit news on 2 November 2020 when it announced to buy 85% interest in Red Bore project in Western Australia.

Meanwhile, the company’s share price hovered around $4.290 with a market capitalisation of 736.17 million at 02:35 PM AEDT.

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