Copper prices halve Sandfire profits

Perth – ASX-listed Sandfire Resources has seen its interim profit after tax halved during the six months to December, compared with the previous corresponding period, as lower copper prices impacted on its earnings.

Profits after tax for the interim period declined from A$30.6-million in the first half of 2015 to A$15.7-million, as sales revenue declined from A$261.8-million to A$228.3-million during the period under review.

Some 30 454 t of copper and 14 467 oz of gold were sold during the six months, compared with the 32 500 t of copper and 18 330 oz of gold in the previous corresponding period. Sandfire told shareholders on Thursday that the fall in sales revenue reflected a higher year-end concentrate holding and the lower US dollar copper price, which fell by about 18% during the half-year, and which was only partially offset by the lower US/Australian dollar exchange rate.

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