# SFR - Sandfire Resources



## asx256 (16 October 2006)

Is any body watching this one?
Drilling Update for Borroloola Yannarie & Doolgunna should be out soon.


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## asx256 (26 October 2006)

looks good so far. will post a chart tomorrow


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## Sweet Synergy (7 February 2007)

If this passes through current resistance at .70 with some good vol then this may be a nice trend reversal. the last few days vol has been up but not outstanding. (chart shown is weekly)


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## JnrTrader (24 June 2009)

Not much interest at all in SFR, im becoming a fan of this one, they have a brilliant project that just keeps getting better and better in their Doolgunna gold-copper mine.They have gone on a huge run and are trading around the $100m market cap, wonder if their huge rise has more legs


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## spectrumchaser (24 June 2009)

Hi JR Trader,
   A lot of interest in this stock on another forum "Hot ......er".
 I have held this stock since May last year when Posco
took a major holding.Posco's interest appeared to be 
Manganese exploration.


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## DVEOUS (10 July 2009)

This would have been a nice earner to get into only 8 weeks ago.
Kudos to anyone who saw this coming.

Ahhh... hindsight.


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## 3 veiws of a secret (21 July 2009)

For the contributors of this thread I just wished you could have informed me to buy this share when the price per share was ripe for picking! 
Need to research before I stick a BUY on it for myself.
Thanx


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## panikhide (22 July 2009)

3 veiws of a secret said:


> For the contributors of this thread I just wished you could have informed me to buy this share when the price per share was ripe for picking!
> Need to research before I stick a BUY on it for myself.
> Thanx




3 views,

Maybe the question to ask is whether anyone knows of anything similar - a company with a great project that was massively oversold in the last year, but which has not yet begun to recover after March. 

And another thing, that logarithmic part of the graph has not stopped moving upwards. It might retrace for a day or two before surging onward once again. You might not double or triple your money as others here have done, but you may be in for a tidy profit nonetheless.


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## spectrumchaser (22 July 2009)

Dveous
Kudos to anyone who saw this coming.

3 Veiws of a secret
just wished you could have informed me to buy this share when the price per share was ripe for picking! 

panikhide
Maybe the question to ask is whether anyone knows of anything similar - a company with a great project that was massively oversold in the last year, but which has not yet begun to recover after March. 


Hi guys this  was a surprise discovery I doubt wether many saw it coming.The first announcement of exciting drill results was April 30th.

If you are looking for "buy indicators" then Posco must have thought SFR had some handy tennements to take a 20% holding.

There are probably many explorers that the GFC has knocked back to under 20c a share ,working out which ones have a reasonable chance of " taking off" is the problem !

A short potted history of Sandfire:

 Sandfire listed in early 2004 with a package of essentially grass roots prospects - all in Western Australia, except for the Boorooloola zinc-lead-manganese prospect in the Northern Territory.

The company was put together by one of Western Australia's best known and respected geologists the late Graeme Hutton. His son John sits on the Sandfire board.Chairman Miles A Kennedy  23 years experience at senior levels within Australian-listed Resource Companies; co-founder of Kimberley Diamond Company NL and Blina Diamonds NL.


Korea's Posco Agrees to Buy 19.9% Stake in Australia's Sandfire 

May 5 2008 -- Posco, Asia's third-biggest steelmaker, agreed to buy a 19.9% stake in Australian minerals explorer Sandfire Resources NL for A$7.2 million ($6.7 million).Posco will buy 16.5 million shares at 40 cents each


Simich told MineWeb that the company had been exploring an oxide discovery( with Gold mineralisation) at Doolgunna and decided to drill out into a previously-untested area and, at the recommendation of technical director John Evans, to drill deeper.(extract from Mine web 19/5/9)

Spec is a holder of SFR


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## panikhide (23 July 2009)

Wow - I thought there might be a bit of resistance at $2, but it looks like its going to charge on through. I'm starting to regret putting in that sell order.


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## 3 veiws of a secret (25 July 2009)

I day traded this share for the 1st time on friday ,& to be truthful I was as nervous as all the other hard traders. The 50K lines bobbed from $2.29>$2.38 ,although I did buy in at $2.27, $2.30 and $2.29 selling everytime at $2.35'ish I survived .
This share seems resilent when the All Ords drops ,apart from the hard traders who dump on the hat . For those who sold there shares @ lower levels ,must be asking themselves 'is this another Paladine ' scenario ,or is it about to burn south. Hmmmmm either I missed the text/announcements on start up production date,( but if not) it still offers interesting day trading temptations.  
My immediate concern is will it finance my holiday trip to Sri Lanka or Syria this summer ?   

GOOD LUCK !


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## 3 veiws of a secret (28 July 2009)

Well SFR did it go ex-entitlement today
??.....for those who hold plse read the announcement dated 22/7/09 & this one...........suppose thats why the lull .  

24 July 2009
Dear Shareholder
NON-ROUNCEABLE ENTITLEMENTS OFFER OF SHARES
On 22 July 2009 Sandfire Resources NL (Sandfire or the Company) announced a 1 for 10 pro rata non-renounceable entitlements issue to shareholders.
The Company’s current issued securities are as follows.Number Class Quoted
84,570,415 Ordinary fully paid shares
11,975,529 Ordinary contributing shares paid to $0.0001 with $0.15 payable
Unquoted
2,000,000 Options exercisable at $0.50 expiring 30/9/2011
840,000 Options exercisable at $0.35 expiring 7/2/2011
1,420,000 Options exercisable at $0.40 expiring 8/8/2011
6,000,000 Options exercisable in three tranches at $0.60, $0.80 and $1.00 respectively
expiring 12/7/2013
1,000,000 Options exercisable at $1.40 expiring 6/7/2012
The Entitlements Issue will be offered to shareholders on the basis of one new share (New Share) for every ten shares held at the record date, at an issue price of $1.20 per New Share,to raise up to approximately $11.6 million before costs. Based on the Company’s current issued share capital, the Entitlements Issue will result in up to 9,654,595 New Shares being issued,
increasing the total issued share capital on completion of the Entitlements Issue, assuming it is fully subscribed, to 94,225,010 shares. Fractional entitlements to New Shares will be rounded down to the next whole number. There is no minimum subscription under the Entitlements Issue.
If existing eligible options were exercised by the Record Date, the maximum number of New Shares that could be offered under the Entitlements Issue would increase from 9,654,595 to
10,633,595.
The New Shares will rank pari passu with the Company’s existing ordinary shares from the date of their issue.Sandfire also announced 31 July 2009 at 5.00pm (WST) as the Record Date for the purposes of determining shareholders entitled to participate in the Entitlements Issue.The Entitlements Issue is not underwritten, but Argonaut Securities Pty Ltd has been appointed to act as advisor and broker to the issue and will be entitled to a fee of 1 percent of the gross amount raised under the Entitlements Issue (plus GST).An Offer Document containing further details of the Entitlements Issue was lodged with ASX on 22 July 2009 and will be despatched to all eligible shareholders on 5 August 2009. The Offer Document and Appendix 3B relating to the Offer are available on ASX website (company
announcements section, ASX code SFR) at www.asx.com.au.
If you are eligible and wish to participate please read the Offer Document when you receive it and carefully follow the instructions contained therein. The Offer is expected to close at 5.00pm
(WST) on 19 August 2009.
24 July 2009
2 | P a g e
The Company intends to apply the funds raised to accelerate the drilling activities at the Doolgunna Project, with a view to testing the overall extent and scale of the mineralisation defined to date at the DeGrussa and adjacent Conductor 1 prospects and commencing in-fill resource definition drilling this year. The funds raised will also enable the Company to meet its ongoing expenditure commitments and progress exploration activities across the balance of its exploration portfolio, which includes manganese, iron ore, base metal and gold exploration projects in Western Australia and the Northern Territory. However, the priority for the Company will be to allocate a majority of its resources to the Doolgunna Project in the short to medium term.
A summary of key information and offer timetable are set out below for your information.
*Summary of key information*
Type of offer Non-renounceable pro rata entitlement issue to
shareholders of up to approximately 9,654,595 shares
Offer price: $1.20 per share
Offer ratio: One New Share for every ten existing shares held at
the Record Date
Amount to be raised: Approximately $11.7 million
*Timetable
Offer Document and Appendix 3B lodged with ASX 22 July 2009
Notice of Issue sent to Shareholders 24 July 2009
“Ex” Date 27 July 2009
Record Date 31 July 2009 (5.00pm WST)
Despatch of Offer Document and applications open 5 August 2009
Closing Date (acceptances close) 19 August 2009 (5.00pm WST)
Anticipated despatch of statements 27 August 2009
Normal (T+3) trading starts 28 August 2009
*Dates subject to change and indicative only. Sandfire reserves the right to amend this timetable
including, subject to the Corporations Act 2001 (Cth) and the Listing Rules of ASX, the right to
extend the Closing Date.
If you are eligible and wish to participate in the Offer, it will be necessary for you to complete
your personalised Entitlement and Acceptance Form, which will accompany your copy of the
Offer Document, in accordance with the instructions contained therein before the Closing Date.If you require further information please contact the Company during normal working hours.
Yours faithfully
J Mathie
COMPANY SECRETARY


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## Silus (28 July 2009)

I'm in on this one too. Sold u bunch before the 2$ resistance though. Waiting for a better moment to buy some more again...


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## 3 veiws of a secret (28 July 2009)

Silus said:


> I'm in on this one too. Sold u bunch before the 2$ resistance though. Waiting for a better moment to buy some more again...




I have been shuffling selling share all day ,it seems to be on the decline .... Nervous ? not yet !


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## spectrumchaser (28 July 2009)

Second drilling rig to start on site.
Still very early days with only the first drill results analysed.Stacks more drill results due out over the next
two months.


Happy holder of SFR


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## 3 veiws of a secret (4 August 2009)

I wonder if Keith Moon would have called SFR " Led Zepplin" today....its going somewhere today....way down deep SOUTH 
PS cannot fathom the reason though  ( was but-not a holder just yet!)


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## johannlo (4 August 2009)

Because the traders have had their fun and am leaving the carcass?

Over the top analogy I know but like all speccie runs the buy-on-potential sentiment has eventually run out and the stampede for the exit door has started. And like all share price runs its a bit of a self fulfilling prophecy as we all know you can't fight the market, just go with it. 

Look at the depth if you're not already convinced. 

Waiting on sidelines for support to be established. Still like this company (just not for $2 at this stage of development)


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## 3 veiws of a secret (4 August 2009)

johannlo said:


> Because the traders have had their fun and am leaving the carcass?
> Over the top analogy I know but like all speccie runs the buy-on-potential sentiment has eventually run out and the stampede for the exit door has started. And like all share price runs its a bit of a self fulfilling prophecy as we all know you can't fight the market, just go with it.
> Look at the depth if you're not already convinced.
> Waiting on sidelines for support to be established. Still like this company (just not for $2 at this stage of development)




Of course.....
If you noticed the punters where still game to put 10K lines down ,me thinks it's a big risk with not much upside at present even when the Market is up 65+ points. Kept well away from the share today but tweeking the sonor for the positive bleep! You sort of get the feeling some traders tried hard to prop the price up but just no quality BUYERS taking the  bait


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## berbouy (4 August 2009)

hi 3 views-there was a bit of an article in the west australian today, musing about this stock-seems that the general market would like  to see a resource figure, or more than just the stream of drilling results-doolgunna maiden resource expected by years end?


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## 3 veiws of a secret (4 August 2009)

berbouy said:


> hi 3 views-there was a bit of an article in the west australian today, *musing *about this stock-seems that the general market would like  to see a resource figure, or more than just the stream of drilling results-doolgunna maiden resource expected by years end?




You said it perfectly "Musing" that's why everybody is walking on eggshells -so to speak...... 
Again I hold no shares in SFR but have held a few parcels for no longer then 45 mins. 
( I'm just like Errol Flynn~simply 2 stroke Buy and sell 
Best to holders .........TAKE CARE


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## DVEOUS (25 August 2009)

Sinking like a lead balloon, now that the euphoria is over.

Would anyone care to suggest a support price, and why?
~$1.50
~$1.20

I expect that any new "market sensitive" announcements will have less of an impact. Like the little boy who cried wolf.

Looking for a reasonable entry point.


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## 3 veiws of a secret (25 August 2009)

DVEOUS said:


> Sinking like a lead balloon, now that the euphoria is over.
> 
> Would anyone care to suggest a support price, and why?
> ~$1.50
> ...




Could I suggest $2.59  I'm sorry about the whacky humour....
But as you have stated and Quote" I expect that any new "market sensitive" announcements will have less of an impact. Like the little boy who cried wolf" that comment just about sums up your desperation to get into a speculative stock....can I ask why or is it some kind of a catch 22 bait on the mouse trap ?


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## DVEOUS (25 August 2009)

3 veiws of a secret said:


> Could I suggest $2.59  I'm sorry about the whacky humour....
> But as you have stated and Quote" I expect that any new "market sensitive" announcements will have less of an impact. Like the little boy who cried wolf" that comment just about sums up your desperation to get into a speculative stock....can I ask why or is it some kind of a catch 22 bait on the mouse trap ?



You answer a question with a question.
I thought it was a straightforward and reasonable query I posted.
To easy to get burnt on specs like this.

Anyone else actually have an opinion on support price?


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## 3 veiws of a secret (27 August 2009)

DVEOUS said:


> You answer a question with a question.
> I thought it was a straightforward and reasonable query I posted.
> To easy to get burnt on specs like this.
> Anyone else actually have an opinion on support price?




Sorry I missed your reply thus late reply. Apologises ,no malicious intent whatsoever,to much on my mind at the time ,of course it does not make sense. 
I could'nt fathom the logic as to why somebody was contemplating in re-entering into this share when it has been sliding from some amazing graph highs of $2.57???? & also the day traders have moved on. 
I had traded SFR in the $1.95 > $2.45 zone some two weeks ago multiple entries per day ,but at $ 1.59 ???? as I remember today its of no interest to me whatsoever, in fact I have pidgeoned holed this share in the "too speculative " hard basket. There are better shares in my opinion ( & I'm always wrong) .....have you looked at the IVA on this forum? My ex stockbroker buddy told me today over a beer to research it and give him an opinion soon . G'nite


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## spectrumchaser (23 September 2009)

ASX RELEASE 23 September 2009 

DOOLGUNNA DRILLING CONTINUES TO DELIVER    


● Outstanding new intersections in DGDD‐007, 80 metres down‐dip of discovery hole 
DGDD‐001: 

o 50.1m @ 8.4% Cu, 2.9g/t Au (DeGrussa); and  
o 8.9m @ 5.0% Cu and 1.5g/t Au (Conductor 1).  

● Potential new mineralised horizon (“Footwall”) intersected on north‐eastern flank, 
200 metres to the east of DGDD‐001 and approximately 100 metres (down hole) below 
Conductor 1, with intersections including: 

o 2.1m @ 4.5% Cu, 1.3g/t Au (DGDD‐005) 
o 3.5m @ 5.1% Cu, 1.1g/t Au (DGDD‐005) 
o 4.0m of massive sulphides – assays awaited (DGDD‐016). 

● 35.2 metres of massive sulphides intersected in western‐most hole drilled to date, 
DGDD‐021, 200 metres west of discovery hole DGDD‐001. 

● Conductor 1 mineralisation now intersected over an east‐west strike length of at least 
400 metres and is open along strike, particularly to the north‐east.  

● 34.2 metres of oxide copper mineralisation (Conductor 1) intersected in northern‐ 
most diamond hole to date, DGDD‐020, located 200 metres NNE of discovery hole 
DGDD‐001. 

● 24.6 metres of massive sulphides (Conductor 1) intersected within a 34.7 metre 
interval in hole DGDD‐019, 475 metres below the surface and 100 metres deeper than 
the previous deepest mineralised drill hole (DGDD‐015 – Conductor 1). 

● In‐fill and step‐out drilling continuing with three drill rigs currently operating. 



SANDFIRE RESOURCES NL (ASX: SFR; Sandfire) is pleased to report further excellent results from its 
100%‐owned Doolgunna Copper‐Gold Project in Western Australia, with drilling continuing to confirm 
and extend both the DeGrussa and Conductor 1 Deposits.  

The latest results have also highlighted a potential new zone of copper‐gold mineralisation on the 
north‐eastern flank of the discovery, lying 100 metres stratigraphically below the Conductor 1 Deposit. 

A total of 21 diamond core holes have been completed to date at Doolgunna, with diamond holes 
DGDD‐022, ‐023 and ‐24 currently in progress (see Figure 2 attached – Doolgunna Diamond Drilling 
Program). Three diamond drill rigs are currently operating at site.


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## Zird (10 October 2009)

Bell & Potter Brokers report  09/07/09 - Speculative Buy with 12 month SP Target in 12 months of $3.50. Go you little beauty. I hold a few but wish I had 10xs that amount.


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## Zird (13 October 2009)

Bell & Potter increase SP price target to $4 but increasing with copper
devel0pments
*We maintain Speculative Buy recommendation and raise price target to $4.00*
Incorporating the additional drilling results we have raised our assessed value to $3.97
(previously $3.38), and we now set a 12 month price target at $4.00 (previously $3.40).
We continue to highlighted the strong growth potential of the Doolgunna mineralisation,
and we would expect our assessed value to increase accordingly as drilling continues. In
addition, our assessed value has significant leverage to a stronger outlook for the copper
market, with our assessed value increasing to an upside case of $6.04 if we use a copper  price of US$3.00/lb in line with the current spot price.

SANDFIRE ENTERS INTO MANGANESE AGREEMENT
WITH MINERAL RESOURCES
Sandfire to retain free-carried interest in ongoing exploration & development of prospective
NT Manganese Project and receive 30% of future profits before interest and tax
Sandfire Resources NL (ASX: SFR; Sandfire) is pleased to announce that it has entered
into an agreement with mining services and contracting company Mineral Resources
Limited (ASX: MIN) to fund the ongoing exploration and development of its highly
prospective Borroloola Manganese Project in the Northern Territory.
The agreement will see Mineral Resources – through its wholly-owned subsidiary, Process
Minerals International (PMI), which has a successful track record in the manganese industry
– solely fund and operate an exploration and development program at the Borroloola
Project, which covers more than 10,000 sq km.
Mineral Resources/PMI will also solely fund the full cost of any mining operation (including
all capital costs) established at Borroloola as well as meeting all associated operating
expenses of any manganese operations.
In return, Mineral Resources/PMI will be entitled to 70% of profits (before interest and tax)
flowing from the future sale of manganese products.
Essentially, under the agreement Sandfire will receive 30% of the profit (before interest and
tax) from all manganese operations undertaken by Mineral Resources/PMI and importantly
at no risk or cost to Sandfire.
The deal also provides for full accommodation of Sandfire’s agreement with Korean steel
maker POSCO, under which POSCO is entitled to buy 30% of all manganese produced from
any operation. POSCO is Sandfire’s largest shareholder with a stake of 17.5%.
The arrangement with Mineral Resources/PMI relates only to the manganese (and any other
minerals associated with the manganese at the time of extraction/production) and
importantly Sandfire maintains 100% ownership of all these tenements and 100% of the
rights to any other commodity on the tenements.
Sandfire Managing Director, Karl Simich said the agreement with Mineral Resources/PMI
gave Sandfire substantial exposure to the immense exploration and value potential of the
manganese at Borroloola at no cost. ........

KARL SIMICH
MANAGING DIRECTOR


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## spectrumchaser (16 October 2009)

15/10/9 7pm ASX release 7 pages 
-key points
New Intersections confirm high-grade broad widths
of Mineralisation

*Maiden Jorc aimed at completion by early Q1 2010

*Drilling underway to test deep conductor 4

*Drilling to start next month on five strong 
EM anomalies within 5km of DeGrussa,
they may contain repeats of Degrussa.

Next update from Bell and Potter will be interesting


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## MOSSuMS (14 November 2009)

I like the SFR story, but missed the dip to buy in. So I got into a small position in ALY next door instead after SFR noted three potential massive sulfide targets in their tenement.

I wonder how far these smokers could go and what opportunity there is for SFR to get more acreage? Anyone know who has the surrounding rights?


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## MOSSuMS (14 November 2009)

MOSSuMS said:


> I like the SFR story, but missed the dip to buy in. So I got into a small position in ALY next door instead after SFR noted three potential massive sulfide targets in their tenement.
> 
> I wonder how far these smokers could go and what opportunity there is for SFR to get more acreage? Anyone know who has the surrounding rights?




Ok, I've found TLM on the other side of SFR to ALY. SRI is next to the east and ENT metals is to the south. Any other listed players there?

http://markets.news.com.au/Announcements/2009/1023/01002019.pdf - page 12 for map.


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## MOSSuMS (15 November 2009)

MOSSuMS said:


> Ok, I've found TLM on the other side of SFR to ALY. SRI is next to the east and ENT metals is to the south. Any other listed players there?
> 
> http://markets.news.com.au/Announcements/2009/1023/01002019.pdf - page 12 for map.




A couple more - CYS is to the south east of SFR and PEK to the north west.

Strikes me that there is great opportunity for consolidation/co-operation in this highly prospective area with similar prospects - will SFR have a big enough lead and market cap over the others to drive that post their JORC?


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## drillinto (4 March 2010)

March 03, 2010

Sandfire Sets Early 2012 As The Target Date For First Metal Production From Doolgunna
By Our Man in Oz
www.minesite.com/aus.html

“The flag has dropped, let’s build a mine”. His metaphor might be slightly mad, but the message from Karl Simich is crystal clear. Sandfire Resources, the tear-away Australian copper and gold explorer he runs, has found enough material at its Doolgunna project to allow Karl to start counting down to first metal. It’ll be 10 quarters from now. If he is correct, and Simich hasn’t missed a beat since Doolgunna first hit the headlines less than a year ago, it will be one of the fastest developments in Australian mining history, and will bring back memories of the time when the old Western Mining Corporation discovered nickel at Kambalda in the 1960s and was mining there little more than a year later.
What’s making Karl so confident is a two word phrase that every miner dreams of hearing: “high grade”. At Doolgunna he has it, as confirmed in the all-important first official resource statement released last week. Measured at an initial 7.13 million tonnes of ore grading 5.2% copper, plus 1.9 grams of gold and 15 grams of silver a tonne, Doolgunna will start life with 372,000 tonnes of copper, 439,000 ounces of gold and 3.4 million ounce of silver. It is effectively an orebody grading the equivalent of 6.2% copper, or 12.3 grams a tonne of gold, under the rules of the Joint Ore Reserves Committee (JORC). 

There will be more, though that’s a point that’s eluded some investors, perhaps under the influence of a nit-picking campaign being run by pencil pushers at the Australian Stock Exchange. In the hours after the release of the first JORC-code compliant resource Sandfire’s share price retreated from almost A$4.00 to as low as A$3.34. It has since recovered to around A$3.80, even allowing for the extra weight of a subsequent big capital raising, and in spite of a curious query from the ASX. 

The exchange regulators were not interested in the content of the resource statement, just its timing, with the inference being that someone had leaked something. What particularly got up their noses was a small story in the Australian Financial Review newspaper that appeared ahead of the statement. The story came close to the mark on estimating the tonnes and grade at Doolgunna. Nothing then came of the ASX query, though, as the ASX seems to have overlooked the fact that some journalists are capable of adding up numbers themselves without waiting for someone else to do it for them. And it is interesting to speculate that a series of ASX queries that have been directed at Sandfire over the past 12-months might have had the effect of putting off some investors, potentially costing them profits as the stock has soared on an almost unbelievable trajectory, from a share price of just A5 cents at this time last year. 

Undeterred, and certainly unrepentant, Karl is using the his first JORC-code compliant resource statement, compiled by independent experts, as the basis of a new pitch, as he heads off on a tour of North America and Europe to explain Doolgunna to investors, outlining its future as a mine and as a project with plenty of exploration blue sky. “Not too many people in Australia understand VMS [volcanogenic massive sulphide] orebodies,” Karl told Minesite’s Man in Oz, before jetting off. “It’s a style of mineralisation better known in Canada, which has a long history of developing VMS structures.” 

Of the many events which occurred last week the most important from an investors perspective was not the tonnes, grade, share price or even the ASX query – it was the simple fact that Sandfire has its official resource statement in hand. That single document, which does not include results from 23 additional holes drilled into Doolgunna since Christmas, means that the clock is now ticking on the development of a mine, as new processes are initiated. One such is the obtaining of a mining lease from government, a trigger which starts the heritage and native title process, and sets a timetable on environmental and formal project approvals. That’s why Karl used the racing car analogy: “The flag has dropped”. 

Events will now accelerate at Sandfire. It has cash in the bank courtesy of the latestA$50 million fully-underwritten share placement to professional investors, including the company’s major shareholder, the big Korean biggest steel maker, Posco. Posco is chipping in A$9 million to retain its 17.6 per cent stake. An additional A$15 million is also likely to come in from smaller shareholders, who are being offered a share purchase plan. Funds raised will pay for the pre-feasibility study which is getting underway, now that a JORC-compliant statement is in hand. That study, set for completion in the middle of the year, will almost certainly morph seamlessly into a definitive feasibility, leading to a start on mine development in the first half of 2011, and to first metal production in the first half of 2012. 

Talking through the timetable gets Karl somewhat wound up, and three points arise from his enthusiastic exposition. First, that Doolgunna will get bigger simply because the initial resource statement does not include work already completed, let alone what’s underway now with a three drilling rigs on site. “What we have now is great, but it’s going to grow”, he said. Second, that Doolgunna will be a very profitable mine, yielding copper at a cash cost of somewhere between US60 cents and US$1 a pound, as a function of its grade, plus the gold and silver credits. “We can smell the cash”, continued Karl. Thirdly, that the Doolgunna orebody and its multiple mineralised lenses, is highly unlikely to be an “orphan”. Such is the nature of VMS discoveries elsewhere in the world, which contain a series of mineable structures, that Doolgunna is unlikely to be alone. “The completion of our maiden resource is a landmark event for Sandfire,” Karl said. “It provides a strong foundation for what we believe will rapidly progress as a high quality, long life mining operation in this emerging copper-gold province.” 

Looking ahead, it won’t be long before the second resource statement comes in. This will include the results from the high-grade Conductor 4 deposit and extensions to the known ore lenses. There will also be ongoing drill results from the discovery zone and from regional work examining a series of look-alike structures, which, not to put too fine a point on it, represent the blue sky factor in the stock. Then will come the results of the scoping study currently underway, news of regulatory approvals, metallurgical test work, and the formal go-ahead for the pre-feasibility study that’s set to start in the middle of the year. All of which adds up to a news flow sure to keep the fire burning under Sandfire.


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## BrightGreenGlow (22 July 2010)

These guys rose again for a few days straight and today was around 7-8% I believe. I have heard a few mates say they are a great stock to get on and their latest drilling's have been finding a lot of gold.


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## prawn_86 (22 July 2010)

BrightGreenGlow said:


> These guys rose again for a few days straight and today was around 7-8% I believe. I have heard a few mates say they are a great stock to get on and their latest drilling's have been finding a lot of gold.




Any reason as to why they are so 'great'? The more analysis and details you provide the more discussion it will generate. Could one argue that they may be due for a pull back?


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## jonojpsg (23 July 2010)

Don't know what they're likely to try pulling out of the ground each year but as a comparison, PNA (PanAust) produce 60k tonnes eq of Cu a year at around $1/lb cash costs - even total costs are only $1.50/lb which means they've been making a cool $1.50+/lb or $200m a year.

If SFR can pull that off, that gives them a PE at current MC of about 3.  So given the growth prospects and the quick potential lead in time to production, I wouldn't have thought that a PE of 8-10 as a target by end 2011, mid 2012 is unreasonable.  Makes for a tripling in SP over the next 2 years which seems like a good buy to me.

In fact I think I might have talked myself into a punt - thanks Prawn


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## johenmo (3 September 2010)

Any idea as to what the trading halt could be?
DISC: have a few.

"Does it come with Wafers?"


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## oldblue (3 September 2010)

johenmo said:


> Any idea as to what the trading halt could be?
> DISC: have a few.
> 
> "Does it come with Wafers?"




Announcement says ".....pending announcement of a resource upgrade."

Having a nice effect on OZL's Sp at present!


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## johenmo (3 September 2010)

Oops.  Too quick a read (at work).  Sounds good.  Got out of OZL long ago - once my OXR shares got beaten to death.
Thanks


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## alexc2005 (21 June 2011)

Good writeup in today's Eureka report.

They are apparently extracting copper so rich that it doesn't need processing before being sold. 

Current share price: $6.93

Forecasted SP: $9.10-$11.50 12 month target.

Not holding, holding OZL though- and regretting that decision...


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## notting (11 February 2015)

And Now For Something Completely Different



> Sandfire Resources NL (ASX: SFR – “Sandfire” or “the Company”) is pleased to announce that it has
> signed an agreement with juwi Renewable Energy Pty Ltd (“juwi”) to construct a 10.6MW solar power
> station at its DeGrussa Copper Mine in Western Australia




Good on em for having a go.
There's plenty of sun there!


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## greggles (10 May 2018)

After bottoming out in early 2015 at around $4, Sandfire Resources has climbed back to $8.33 and is now not far away from its all-time highs of around $9, which it reached in the second half of 2012. It formed a double top at that level and retreated back to $4 over the next couple of years.

The last eight months has seen SFR really outperform having risen in price from $5.50 to $8.33 during that time. It will be interesting to see if it can continue on and break through its previous high of $9 and move into blue sky territory.


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## tech/a (10 May 2018)

Technically $7 was strong resistance.
The pattern is leaning towards a Cup and Handle.
You'll note volume has thickened since 2015

Id expect price to start resisting at $9 ish and the handle
to form. Look for the low of the handle ----
Will look back on this in 6 mths


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## greggles (12 June 2018)

tech/a said:


> Id expect price to start resisting at $9 ish and the handle
> to form. Look for the low of the handle ----
> Will look back on this in 6 mths




Sandfire Resources blasted through $9 and is now well and truly in blue sky territory. It's up another 4.1% today and is currently trading at $9.91, having reached an intraday high of $9.99. It looks like it's hesitating at the $10 mark but based on its price action over the last week it certainly has the momentum to keep moving north.


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## So_Cynical (24 May 2019)

Had a look at SFR today as im looking for something that will benefit from a low AUD, the SP has come off significantly - im guessing due to the usual end of life mine scenario.
~


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## Joules MM1 (12 August 2019)

> Undervalued
> Fair value *$6.90* Liquidity *High*
> MorningstarTM Quantitative
> 09 Aug 2019



5.75's weekly basis saw price fall into middle of a vpoc range, typical for a trade raid there, the question is how sustainable was the liquidity coming, in-on, into that set-up ?
#observational #study #couldbehowardssprucegoose


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## Garpal Gumnut (3 November 2020)

SFR specifically mentioned in this article from SMH re China blocking Australian exports. 









						Australian exporters to China face $6 billion 'D-Day'
					

China is banning Australian wine, copper, barley, coal, sugar, timber and lobster exports from Friday, an unconfirmed customs official notice says.




					www.smh.com.au
				







gg


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## finicky (3 November 2020)

The more doubt generated the better, I wouldn't mind a sample of SFR, a very successful producer *and* explorer - their geologists actually found the Monty deposit in TLM's tenement. They've got the developing Black Butte copper project in Montana (Mineral Resource: 18Mt at 3.3% Cu, 14g/t Ag, 0.10% Co for 597,000t of copper, 7,980,000oz of silver and 18,000t of cobalt (JORC)) and they've got a good chunk of Adriatic Metals (ADT). We don't have to beg China for market.


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## finicky (1 December 2020)

Number of announcements out today from Sandfire - possibly the least but most spectacular is partially screen grabbed below. Those drill results are from the Botswanna A4 deposit very close by to the more advanced T3 project which had final investment decision declared today. Copper and Silver!






6 months daily


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## finicky (4 December 2020)

SFR Daily Chart - rerated
Copper, announced final investment decision for long life Botswanna copper/silver mine and m.d gave a stirring speech recently to impress that SFR has a life beyond DeGrussa. I don't know why I've never committed to a buy of SFR, I think I was influenced by the limp chart and disinterest of others.


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## dyna (25 January 2021)

finicky said:


> The more doubt generated the better, I wouldn't mind a sample of SFR, a very successful producer *and* explorer - their geologists actually found the Monty deposit in TLM's tenement. They've got the developing Black Butte copper project in Montana (Mineral Resource: 18Mt at 3.3% Cu, 14g/t Ag, 0.10% Co for 597,000t of copper, 7,980,000oz of silver and 18,000t of cobalt (JORC)) and they've got a good chunk of Adriatic Metals (ADT). We don't have to beg China for market.



None of SFR's copper concentrate has gone to our good buddies in China for the last quarter.I wonder if Olympic  dam's copper sheet could be the next damned thing on their hit list?


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## finicky (25 February 2021)

New high today, 12 month high, up 11%, must be the best solid copper miner on the ASX and will have a lot of silver too.

Daily


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## Boggo (29 April 2021)

Travelling nicely there @finicky, first target achieved.

(click to expand)


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## finicky (7 July 2021)

@chrisjparrish
$SFR @SandfireResLtd
gets approval from Hartley with a BUY rating of AUD $10 #Copper #Gold #Silver


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## finicky (14 July 2021)

Full FY21 production of copper and gold at the high end of guidance, costs at low end and stacking up $574m cash for exceptional optionality.

They list their future growth prospects:

Motheo Copper Mine in Botswana, where they secured the Mining Licence award last week and  maintain development timeline of delivering first copper production in early 2023
An expansive exploration program across the Kalahari Copper Belt, the Doolgunna Region of WA, the Lachlan Fold Belt in NSW 
Black Butte Copper Project in Montana, USA  
Assessing opportunities in the ‘green metals’ sector globally.


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## Sean K (14 July 2021)

finicky said:


> Full FY21 production of copper and gold at the high end of guidance, costs at low end and stacking up $574m cash for exceptional optionality.




Why are they sitting on a half a bill in $$$? Motheo CAPEX?


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## finicky (14 July 2021)

@kennas
They need $275 for the capital cost of constructing the Black Butte copper mine and plant in Montana. The project is fully permitted and construction, at least the preliminary stages like earthworks, has already begun. 
Eventually they'll need a lot to kick off the Botswanna copper/silver mine but I think that's 2023.
As DeGrussa winds down I think they are looking for a fresh resource to mine in the area.
They are still acquisitive and say they would consider a 'green metals' project.


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## Sean K (26 July 2021)

@finicky This MRE upgrade seemed to have provided a bit of a bounce on 21 Jul. Seems significant for longer term production at Motheo. Will it replace DeGrussa? When's that supposed to run out? With Cu continuing to look bullish these guys are looking good.

_“In recent weeks, several major investment banks have further upgraded their outlook, with Goldman Sachs in particular lifting its price target to US$15,000 per tonne by 2025 on the back of global decarbonisation and a looming chronic supply deficit." 




_


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## wabullfrog (26 July 2021)

Perhaps ADT could be a possible acquisition target? 

SFR holds 16% of ADT & last week ADT announced they had received the Exploitation Permit for the Vares Silver mine in Bosnia & Herzegovina.


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## Sean K (15 October 2021)

SFR has finally looked like turning around the past few weeks from that medium term downward trend. Just broken through some minor resistance, 20d sma, and looking to break the channel. Looks promising. Cu approaching all time highs helps. Lots of volume down there. Wonder what that's about.


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## Miner (15 October 2021)

kennas said:


> SFR has finally looked like turning around the past few weeks from that medium term downward trend. Just broken through some minor resistance, 20d sma, and looking to break the channel. Looks promising. Cu approaching all time highs helps. Lots of volume down there. Wonder what that's about.
> 
> View attachment 131553



could this news any thing to do for the rise https://cdn-api.markitdigital.com/a...pdf?access_token=0007uGJPs1HWxUUyMA69rJ6BI2b4


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## Sean K (15 October 2021)

Miner said:


> could this news any thing to do for the rise https://cdn-api.markitdigital.com/a...pdf?access_token=0007uGJPs1HWxUUyMA69rJ6BI2b4




Another $97m to put in the bank. These guys are cashed up to the hilt!


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## mullokintyre (20 January 2022)

I have sorta been watching this recently, like copper, like its story, but  the decline of DeGrussa put me off.
In reading the  previous coments about the stock, I was a bit surprised to see no mention of the following from Stock Doctor


> _*In late September 2021, SFR acquired the Minas de Aguas Tenidas S.A (MATSA) mining complex in Spain for a total consideration of $2.5bn (supported by a $1.25bn equity raise). MATSA enhances SFR's production profile for copper at >~180kt per annum (FY21 70kt). The acquisition represents ~130% of SFR's market capitalisation, and the dilution in earnings may prompt the company to miss Lincoln's growth hurdles in the near future. We will assess the full impact of the acquisition upon the release of its 1H22 result.
> 
> In its quarterly update on 20 Jan 2022, copper and gold production over 2Q22 is on track to achieve full-year production targets. Management is forecasting FY22 copper production of between 64,000-68,000 tons (down 7% on FY21) and gold production of between 30,000-34,000 ounces (down 19% on FY21). While 2Q22 operating costs were steady at US$1.07/lb, management has lifted full-year cost guidance by 10% to US$1.10 - $1.20/lb due to higher power and diesel prices.  *_
> 
> ...



Its a fairly significant purchase, did it not faze any of you folks?
Just can't get myself to pull the trigger.
yet.
Mick


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## Sean K (20 January 2022)

mullokintyre said:


> I have sorta been watching this recently, like copper, like its story, but  the decline of DeGrussa put me off.
> In reading the  previous coments about the stock, I was a bit surprised to see no mention of the following from Stock Doctor
> 
> Its a fairly significant purchase, did it not faze any of you folks?
> ...




This dropped off my watchlist somehow and haven't been following. Had a good few months. Lots of copper plays have done well, OZL the standout.


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## peter2 (2 March 2022)

*SFR* recently completed their purchase of the Spanish MATSA copper mine. Since then, only a few days, ago the *SFR* price has tumbled significantly. The primary concerns are rising EU costs of electricity. Apparently MATSA buys their power at market prices which have exploded over the past year and will go higher due to the Russia/Ukraine situation. 

I would expect the mgt team will work on reducing these cost pressures immediately. That's one reason for my bullish optimism for *SFR*. The other is the world wide need for copper. Copper price is very likely to go higher. 

This is not a short term position but one of a few I've taken as a medium term position in the outlook for copper.


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## finicky (2 March 2022)

Classic, so called 'inside day' today which is bullish. So tomorrow will be interesting to follow up for confirmation or not. Why I say 'classic' is that the first day of the pair has both the long range and high volume to qualify. The price yesterday came close to meeting the lower rail a rough and ready ascending channel on a +2 year daily chart - my interpretation

Sandfire *might* find an innovative way to reduce power costs as it did at De Grussa with a very large solar power plant - although that apparently only met 20% of their power needs. Against that I read a dismal comment by an analyst somewhere that the Euopeans are smart operators and would only have let the asset go for a high price.


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## peter2 (6 July 2022)

My attempt to catch this falling knife ended quickly as price showed me that I was wrong to buy it then. 

Since then, price has traded sideways but is now falling with the falling price of copper. I could see price going much lower (to $3.00 = Covid low) when they next update the market on their financials. 

Although I'm waiting for copper to stop falling and go up (it will), *SFR* is not on my watch list to buy. This is due to their high and will get even higher cost of power for their EU plant.


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## Dona Ferentes (30 July 2022)

*Sandfire Resources (ASX: SFR)* saw its June quarter and 2021-22 production nicely boosted by its big Spanish copper and zinc purchase, MATSA which delivered a repayment on the more than $A2.7 billion acquisition price

But like so many other resource companies, rising costs (general inflation and especially energy), labour shortages (Covid) and weakening prices (especially for copper and gold) have clouded the outlook for 2022-23.

Thanks to the purchase of the Spanish based miner, MATSA and another solid result from the Degrussa operations in WA Sandfire said it exceeded its full-year guidance for its key minerals, such as copper and zinc

Sandfire produced 34,974 tonnes of copper in the June quarter, 21.5% above the previous quarter. This saw total copper output rise to 98,367 tonnes for the year to June and nicely above the 92,000 to 95,000 tonne forecast from management.

Zinc production jumped 42.8% in the June quarter compared to the March quarter to 22,880 tonnes. Full-year zinc output totalled 38,907 tonnes – nearly 1,000 tonnes above Sandfire’s full year guidance.

Quarterly output of lead and silver came in at 2,201 tonnes and 800,000 ounces, respectively. That saw full-year lead output of 4,102 tonnes and silver, 1.5 million ounces.

This compares well with management’s full-year guidance of 3,000 tonnes of lead and around 1.4 million ounces of silver.

Sandfire’s $US1.87 billion MATSA purchase also delivered in another way – a significant upgrade in its reserves.

Sandfire said the proved ore reserve estimate increased by 41% to 26.2 million tonnes at 1.7% copper and 2.7% zinc.

“_Contained ore tonnes have increased by 3% with an 8% decrease in contained copper and a 5% increase in contained zinc since the previous Ore Reserve estimate stated as at 31 July 2020. This replaces mining depletion over the intervening two years,_” Sandfire noted in its report this week.

But as pointed out earlier, rising costs are a big concern for the company (and the entire sector).

The group’s C1 cash costs surged more than 34% quarter-on-quarter to $US1.57 a pound. This pushed Sandfire’s full-year C1 costs to $US1.27 a pound. The company doesn’t see those pressures easing and it warned that 2022-23 C1 costs will reach US$1.57 a pound.

Investors noted the apparent downgrading of copper output in its 2023 guidance.

Sandfire issued a fairly wide production range for the new financial year of between 81,000 and 89,000 tonnes. That’s well below the 98,367 tonnes it delivered in 2021-22 and under the earlier guidance for last year as well.

But the takeover of MATSA will give its zinc output a big boost to 78,000-83,000 tonnes for the coming year, while lead should increase to between 6,000 and 10,000 tonnes for the year.

Sandfire’s CEO, Karl Simich, said in Thursday’s release:


> ‘We are delighted to report on an outstanding June Quarter, which caps a transformational year for Sandfire and positions our business for long-term growth.” “This should provide investors with a clear insight into the strong cashflow generating capability of our expanded global business, with the MATSA operations generating an EBITDA margin of 51% for FY2022 – a very strong result by any measure.





> “The strong margins and cashflows were achieved despite increasing costs. This is a global trend which reflects the impact of rising fuel and energy costs across all the jurisdictions where we operate, as well as significant labour shortages and the impact of COVID-19 in Western Australia. As a result, Group C1 unit costs came in slightly above guidance at US$1.27/lb of payable copper, which we think is still a very creditable result.





> “Operationally, we were very pleased with MATSA’s performance during the Quarter, as well as the strong progress with our operational integration, optimisation and excellence programs.





> “Elevated energy costs in Spain remain a challenge and were reflected in C1 unit costs for MATSA of US$1.81/lb for the quarter and US$1.45/lb for FY2022. We are progressing a number of responses to this situation, including the planned construction of new solar farms, engaging with electricity suppliers for new contracts and investigation of other pricing structures.





> “At the DeGrussa Operations in Western Australia, our team delivered another quarter of safe production despite the challenges of COVID-19 and ongoing cost pressures, with the operation continuing to generate strong margins and make a strong contribution to our Group production.





> “This will continue for another four months, with mining expected to be completed in September 2022 and processing to wind up in October. We have developed a detailed care and maintenance and mine closure plan and have implemented high-quality retention and engagement programs with our staff and contractors, to ensure a smooth and seamless transition.





> “The strong cashflows generated during the quarter saw us finish the year with cash holdings of US$463.1 million and net debt of US$324.7 million. We remain well placed to make the first repayment due under the MATSA facility of US$118 million at the end of September, together with repayment of our ~US$138M (A$200 million) ANZ corporate facility in Australia.





> “Commodity prices experienced significant headwinds towards the end of the quarter, with both copper and zinc prices moving significantly lower. While delivering production into lower commodity markets in the near term will have an impact on our business, we remain extremely positive on the longer-term demand outlook for the metals we produce,” Mr Sumich said.













						Another Busy Week in the Local Mining Space – ShareCafe
					

Even for the ever-dynamic local mining sector, the week just ended was a particularly busy one. Here's the latest from Sandfire, St. Barbara, Regis, Perseus, Galena and Aeris.




					www.sharecafe.com.au


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## rcw1 (18 November 2022)

Good morning

Sandfire Resources shares are placed in a trading halt ahead of an announcement related to the outcome a proposed capital raising.

The announcement is linked to the institutional component of the raising, with the company requesting the halt remain until a related announcement is made or until the start of normal trading on November 21.

Not holding.

Kind regards
rcw1


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## mullokintyre (29 December 2022)

SFR entered in yearly comp for 2023.
I am very bullish on Copper, with the move away from oil and gas, can only see the use of copper soaring.
No big new mines on the horizon, so expect it t  move steadily upwards.
Mick


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## Smurf1976 (31 December 2022)

mullokintyre said:


> SFR entered in yearly comp for 2023.
> I am very bullish on Copper, with the move away from oil and gas, can only see the use of copper soaring.
> No big new mines on the horizon, so expect it t  move steadily upwards.
> Mick



Not a stock I know much about despite actually owning it (with real money) in my short term trading account.

That decision was based purely on price and trading action though, not company fundamentals, but I do note the generally increasing trading volume in this stock over the past 15 months or so.

Short term though, well I just placed a tight stop on it....


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