Sandfire Resources Ltd (ASX: SFR) has achieved a new shipping record with the completion of its highest-value shipment from its 100%-owned DeGrussa Operationsin Western Australia.
The shipment, comprising 23,274 wet metric tonnes (wmt) of copper concentrate, departed the Port of Geraldton bound for a customer in India. The shipment was facilitated by Sandfire’s long-standing off-take partners.
The shipment is valued at approximately US$50 million (A$64.5 million) at current copper prices, eclipsing the previous record for a shipment of A$52 million, set in December last year.
Sandfire’s Managing Director and CEO, Karl Simich, said the shipment was another pleasing milestone for the DeGrussa Operations in Western Australia, further reinforcing the strength of the global copper market and the high level of demand for the high-quality copper concentrate produced at DeGrussa.
This shipment is higher in value even than many large iron ore shipments and sets an impressive new record for the DeGrussa Operations,” he said.
“It provides a further indication of the extremely strong demand for high-quality copper concentrates globally and reinforces the deep, liquid and mature nature of the global copper market.
“With a strong production base in Australia and development of our new long-life Motheo-T3 copper mine in Botswana gathering momentum, Sandfire is extremely well placed to capitalise on what some forecasters expect to be a new super-cycle for copper as the global energy transformation takes hold.
“We are continuing to see copper prices driven higher by a tight supply situation and rising demand from the green energy sector.”