ENP Newswire -
Release date- 29082014 -
The result, which equates to earnings per share of
The net profit for the year of
The result was achieved on sales revenue of
Profit before net finance and income tax was
The result also included
On a group-wide basis, the cash generated by the
This information should be read in conjunction with Sandfire's audited consolidated 2014 Financial Report and accompanying notes.
Sandfire's Managing Director, Mr.
'Declaring our maiden dividend marks another big milestone in the Sandfire story, coming just over five years after the discovery of DeGrussa and less than a year after successfully completing the ramp-up of commercial production and attaining steady-state production,'
'The DeGrussa Operation delivered an impressive year of strong, low-cost, high-margin production, with both the underground mine and Concentrator maintaining the nameplate 1.5Mtpa production rate, over 22km of underground development now completed and a strong and consistent outlook for FY2015. 'Our financial result for the year was very pleasing, particularly considering that the comparative result for FY2013 was influenced by a significant contribution of high-grade open pit DSO and oxide gold and aided by a higher average copper price,'
'The FY2014 result was also impacted by the delayed
'On the exploration front at DeGrussa, we were able to continue to grow our high-grade underground resources during the year through successful underground drilling programs and we are about to commence a major new underground drilling push in the last quarter of this year targeting extensions to both the Conductor 4 and 5 lenses,'
'We are also continuing to invest strongly in regional exploration, with a significant amount of activity currently underway under the Talisman joint venture to test for repeats of the DeGrussa VMS system along the broader 65km strike length of prospective mine corridor,' he continued.
'There are also some exciting new drilling campaigns coming up on our own tenements to test VMS targets we have systematically worked up over the past year. 'Looking further afield, yesterday we announced another significant business development initiative through an agreement to acquire a cornerstone interest in
This follows our investment in
'This is an exciting time for Sandfire. Our engine room at DeGrussa is in great shape and continues to generate substantial amounts of cash, with a strong outlook for FY2015. We have reduced our debt by nearly 60 per cent in the past two years, with a further significant reduction forecast by the end of this financial year.
'Exploration is ramping up, both at the mine itself and regionally - and we are very confident of achieving both further additions to our existing resource inventory and making the key breakthrough regionally within the next 12 months. Finally, we now have a number of business development initiatives underway which could deliver us a very well-stocked organic growth pipeline for the future. And most importantly, our team has the focus and desire to execute all of these programs and deliver significant value for our shareholders.'
Tel: +61 8 6430 3800
Certain statements made during or in connection with this statement contain or comprise certain forward-looking statements regarding Sandfire's Mineral Resources and Reserves, exploration operations, project development operations, production rates, life of mine, projected cash flow, capital expenditure, operating costs and other economic performance and financial condition as well as general market outlook.
Although Sandfire believes that the expectations reflected in such forward-looking statements are reasonable, such expectations are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements and no assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, delays or changes in project development, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in metals prices and exchange rates and business and operational risk management.
Except for statutory liability which cannot be excluded, each of Sandfire, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this statement and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this statement or any error or omission.
Sandfire undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events other than required by the Corporations Act and ASX Listing Rules. Accordingly you should not place undue reliance on any forward looking statement.
OCTOBER 31, 2014
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