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.
