Boost from commodity price: For FY17, Sandfire Resources NL (ASX: SFR) reported a 62% increase in net profit after tax at $77.5 million (FY16: $48.0 million). As a result, SFR stock moved up 3.5% on August 30, 2017. Strong sales and positive copper price adjustment gains resulted in sales revenue of $532.5 million (FY16: $485.8 million), and payable metal sales totalled 62,663 tonnes of payable copper and 34,333 ounces of payable gold (65,832 tonnes of payable copper and 33,302 ounces of payable gold for FY16). The robust financial result was supported by consistent operational performance, lower costs and a significantly improved copper price, which together allowed the company to retire all its debt and almost double its year-end cash position to $126.7 million. The result equates to earnings per share of 49.16c (FY16: 30.54c). The DeGrussa Copper-Gold Mine posted another strong production performance for FY2017 with copper production of 67,088 tonnes and gold production of 38,623 ounces, at a reduced C1 cash operating cost of US$0.93/lb.
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