Silver Lake Resources and Sandfire Resources Report Strong Gold and Copper Production

Tajha Pritchard
copper ore

Silver Lake Resources and Sandfire Resources released their quarterly results for December 2023, highlighting robust production of gold and copper.

 

Silver Lake Resources

During the December 2023 quarter, Silver Lake Resources achieved a gold production of 56,629 ounces (oz) and a copper production of 236 tonnes (t).

The Australian gold producer reported the sale of 57,360oz of gold and 239t of copper at an average price of $3025/oz, with an all-in sustaining cost (AISC) of $1868/oz.

Year-to-date production for Silver Lake totaled 121,699oz of gold and 541t of copper, with sales reaching 122,781oz and 534t respectively, at an average sales price of $2986/oz and an AISC of $1791/oz.

The company's cash and bullion position at the end of the quarter stood at $284.1 million.

Silver Lake expressed satisfaction with its operating performance during Q2 FY24, emphasizing strong free cash generation in Western Australia. Plans for Q3 FY24 include the commencement of open pit mining at the Santa Complex and development projects at Stage 2 Santa open pit and Flora Dora, holding 285,000oz in ore reserves.

 

Sandfire Resources

Sandfire Resources reported a five percent increase in group copper equivalent (CuEq) production during the December 2023 quarter, totaling 32,400t.

The company achieved a record production rate of 4.6 million tonnes per annum (Mtpa) at its underground mines at MATSA in Spain during the first half of FY24, resulting in 13,700t of copper, 24,200t of zinc, and 23,100t of CuEq.

Additionally, Sandfire signed a framework agreement with the Yugunga-Nya Traditional Owners to address cultural heritage protection at the DeGrussa operation in WA.

Sandfire's managing director and CEO, Brendan Harris, emphasized the decision to retain and rehabilitate the DeGrussa operation, ensuring a sustained presence in the region and aiming for meaningful, sustainable outcomes for the community.

Sandfire reaffirmed its FY24 production, cost, and capital expenditure guidance, aiming for over 50 percent growth in copper equivalent production from continuing operations by the end of FY25.