Here's how much Sandfire Resources (ASX:SFR) has gained in a month

August 08, 2022 02:36 PM AEST | By Sonal Goyal

Here's how much Sandfire Resources (ASX:SFR) has gained in a month — Image source: © Petrv | Megapixl.com

Why are Sandfire shares gaining today?

Sandfire shares jumped on the ASX today though there was no price-sensitive announcement or update.

The copper focused ASX-listed miner was likely tracking the broader index , ASX 200 Materials (INDEASX:XMJ) which was up 1.65% up at 15,987.3 points.

Worth mentioning here is that peers of Sandfire were also seen pushing north. Aeris Resources Limited (ASX:AIS) stepped up by 10.64% to AU$0.52 per share (at 1:38 PM AEST). OZ Minerals Limited (ASX:OZL) share price surged by a whopping 34.67% to AU$25.48 at 1:43 PM AEST.

OZ Minerals shares registered magnificent gain today as it has rejected the takeover bid from mining giant, BHP Group Limited (ASX:BHP), on the premise that the proposal has undervalued the company.

Recent updates by Sandfire

Image source: © Solucionfotografica | Megapixl.com

Previous month, the ASX-listed materials company released results for the financial year 2022 (FY22). During the year, the company generated an EBITDA of US$543.9 million from operations and a group EBITDA of US$448.0 million. A sales revenue of US$922.7 million was generated.

The big happening during FY22 was the acquisition of MATSA.

Group guidance for FY23

The company expects to produce 81,000 to 89,000 tonnes of copper and 78,000 to 83,000 tonnes of zinc. The expected C1 unit costs are around US$1.57/lb CU. The expected corporate and business development cost is circa US$30 million.

About Sandfire

Sandfire is a diversified, sustainable mining company that got listed on ASX on 4 March 2004 under the ticker code SFR. SFR’s DeGrussa Copper-Gold mine has generated profitable operations for more than ten years (as per the company’s website) and has delivered solid cashflows.

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