Sandfire Resources jumps most since Dec 2020 on production beat, tops ASX200

Matsa Resources

28/04/2022 02:31

** Shares of Australian copper-zinc explorer Sandfire
Resources  SFR.AX  soar as much as 14.8% to A$5.97, their
biggest intraday pct gain since Dec. 1, 2020 
    ** The explorer produced 28,774 tonnes of copper in the
March qtr, 10% higher than Barrenjoey estimate and higher than
18,675 tonnes output in Dec qtr  urn:newsml:reuters.com:*:nASX7BdKl3
    ** SFR now expects 27 thousand tonnes (kt) of copper in FY22
from its newly acquired MATSA operation in Spain, up from prior
estimate of 26kt
    ** Also raises MATSA's FY22 zinc production estimate to
38kt, from 37kt
    "All eyes are on MATSA as it is the first 2 months of
contribution post acquisition" - Barrenjoey
    ** Barrenjoey says that while MATSA costs are clearly higher
than when it asset was first acquired, this is a result that may
calm some nerves regarding the operation
    ** Stock hits highest since March 7
    ** SFR tops gains on the benchmark index  .AXJO 
    ** Stock down 21% this year, as of last close

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))