There's been a delayed reaction by investors to rally behind Sandfire Resources NL (ASX: SFR) since the release of strong half-year results on February 20, but the mining company finally smashed through Bell Potter's February 2017 price target of $7.10 today – up 3% to $7.39 at the time of writing.
Shares in Sandfire Resources NL, which explores and develops the DeGrussa Copper-Gold project in Western Australia, dropped in price immediately following the release of results, sitting at just $6.95 on February 20 from $7.10 on the eve of its results announcement.
The iron ore, base metal, manganese and gold explorer reported strong operational performance for the half-year ending December 31, with NPAT up 66% on the previous corresponding period to $59.5 million.
Dividend payments were also increased, with Sandfire logging record sales revenue and price adjustment gains of $296.2 million and earnings per share of 37.7c – investors had a delayed response to the results, but today's price action looks promising.
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.
