Sandfire swings to $83m loss in 'transformative year'

The news: International miner Sandfire Resources has swung to a significant annual loss after cashflow from operations fell by more than two-thirds.

The numbers: Sandfire posted a USD53.7 million ($82.7 million) net loss after tax, down from a USD109.4 million profit in FY22. Cashflow from operations fell from USD391.2 million to USD116.6 million, as the board decided to skip a dividend, following a 2 US cent distribution in FY22. Sandfire shares were down 1.38% in early trading, fetching $6.42 at 10:42am AEST.

The context: In what Sandfire described as a "transformative year", the 14% drop in group sales was led by the wind down of production at its DeGrussa mine, a drop in realised copper prices, an increase in operating costs and depreciation and amortisation expenses, particularly on ore reserves and planning assumptions at its MATSA project in Spain.