By Darren Gray
Copper and gold producer Sandire Resources has hit a string of records for fiscal 2018 - for net profit, revenue, cash flow and its final dividend.
Sandfire, which operates the DeGrussa Copper-Gold Mine north of Perth, said higher copper prices, low costs and strong production fired a 59 per cent jump in net profit to $123 million for fiscal 2018.
The miner's managing director, Karl Simich, said fiscal 2018 had been the company's strongest year so far, by almost every measure.Credit: Dominic Lorrimer
The company declared a fully franked final dividend of 19¢ a share, up from 13¢ a share last year, to be paid on September 25. The record date for entitlement to the dividend is September 11.
Shares closed up 8.56 per cent to $7.74.
The miner's managing director, Karl Simich, said fiscal 2018 had been the young company's strongest year so far, by almost every measure.
“The combination of strong production, lower operating costs and a significantly improved copper price translated into impressive results at every level of our business – highlighted by record revenues, record cash flows and exceptional operating margins,” he said.
Mr Simich said Sandfire remained positive about the outlook for copper, based upon market fundamentals for the red metal, as well as the underlying strength in the Chinese economy and its demand for the metal.
"We believe the metal will also receive strong support from a generally stronger outlook for the global economy, major new infrastructure initiatives across Asia and the rapid rise of new sources of demand from the electric vehicle and energy storage sectors," he said.