How Sandfire Resources NL just reported a solid half year’s performance

Shares in mining company Sandfire Resources NL (ASX: SFR) have dropped slightly today to $6.97, despite the release of strong half-year results.

The iron ore, base metal, manganese and gold explorer has maintained strong operational and financial performance for the half-year ending December 31, 2017 with NPAT up 66% on the previous corresponding period to $59.5 million, record sales revenue and price adjustment gains of $296.2 million and earnings per share of 37.7c.

Sandfire has announced it will increase dividend payments – releasing a fully-franked interim dividend of 8c per share – with a continued commitment to “balance shareholder returns and growth” with operational cash flow requirements.

Sandfire’s Monty Copper-Gold Project – a joint venture with Talisman Mining – is progressing ahead of schedule, with the company expecting strong operational and financial results for FY18 and beyond.

Shares in Sandfire have been on a fairly consistent upswing since late 2017 boosted by its quarterly presentation in January, to sit just below Bell Potter’s February 2017 price target of $7.10.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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