Elevated Exploration Spend Dampens First Half for Sandfire but Fair Value Estimate Maintained
We maintain our AUD 4.30 per share fair value estimate for Sandfire Resources. First-half fiscal 2017 NPAT more than doubled to AUD 37 million versus a year ago thanks largely to higher commodity prices but also from increased sales volumes. The performance of the DeGrussa mine was as expected but group profit fell short of our AUD 44 million forecast due to elevated exploration expenditure. We raise our forecasts for future exploration spend but think the additional activity will likely see a c...Sandfire Resources is a mining and exploration company. Co. is engaged in the production and sale of copper, gold and silver; and the exploration and evaluation of mineral tenements and projects in Australia and overseas. Co. has two operating segments: The DeGrussa Copper Mine, a copper-gold mine located in the Bryah Basin mineral province of Western Australia; and Exploration and evaluation, which includes exploration and evaluation of the mineral tenements in Australia and overseas, including exploring for potential repeats of the DeGrussa Volcanogenic Massive Sulphide mineralised system at the Doolgunna Projects and Co.'s investment in Tintina Resources Inc and WCB Resources Ltd.
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