Sandfire Resources Ltd (ASX: SFR) shares soared by 5.25% on Thursday to finish the session at $4.21 apiece.
The ASX 200 copper miner reached an intraday high of $4.24 — a 6% bump on yesterday's close — after announcing it has appointed a new CEO.
Drum roll, please…
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What news lifted the Sandfire Resources share price today?
Sandfire announced this morning that Brendan Harris, a highly experienced mining executive, will become its new CEO and managing director on 3 April next year.
Harris will replace founding CEO Karl Simich, who finished up with the company on 30 September after 15 years at the helm. He remains the ASX 200 copper miner's largest individual shareholder.
Sandfire conducted a global search to identify the best candidate to lead the copper miner from here.
Who is Brendan Harris?
Harris has extensive experience as an exploration geologist and was previously a senior executive with BHP Group Ltd (ASX: BHP) and South32 Ltd (ASX: S32).
He was South32's first chief financial officer after the company was formed following the BHP demerger in 2015.
Most recently, he was South32's chief human resources and commercial officer. In that job, he was responsible for global commodity marketing, procurement, and human resources.
He joined BHP in 2010 and was the company's global head of investor relations.
Before that, he worked in investment banking and held various roles. They included an executive director at Macquarie Securities, where he led the metals and mining research team.
In a statement, Sandfire Resources said:
Mr Harris brings a broad range of leadership, commercial and technical skills to Sandfire, particularly in the management and operations of a diversified international mining business, and he has a deep understanding of the future-facing metals required to sustainably decarbonise the global economy.
His appointment positions Sandfire to execute the next phase of its growth strategy and capitalise on its emerging position as a multi-mine producer of copper, a critical metal required to support the world's transition toward renewable energy and net-zero emissions.
Sandfire will pay Harris a fixed salary of $1.2 million, including superannuation. There are short-term and long-term incentives on top.
What's next for the ASX 200 copper miner?
Investors are clearly relieved to have a new CEO sorted out, given the share price bump today.
The ASX 200 copper miner announced the departure of Simich on 30 September.
In a statement, Sandfire said the board and Simich agreed it was "a logical time for a leadership transition as Sandfire continues the next phase of its growth path as an international copper miner".
The company says it has now achieved three successful quarters at its MATSA Copper Operations.
Sandfire acquired the MATSA project in September 2021 in a "transformational" acquisition costing it US$1.865 billion.
The ASX 200 copper miner is now "focusing on further optimising and enhancing the MATSA operation".
It is also preparing to deliver its new Motheo Copper Mine in Botswana, with commissioning expected in the June quarter of 2023.
Sandfire Resources share price snapshot
Sandfire is having a great week, with its share price up 16% since Monday.
The rising copper price has likely contributed to the share price bump. Copper hit a four-month high today of $3.72 per pound.
The copper price is up 7% over the past week but down 15% year over year, according to Trading Economics data.
Shares in the ASX 200 copper miner are down 38% in the year to date.
This is an underwhelming performance against the S&P/ASX 300 Metal & Mining Index (ASX: XMM), which is down 2% over the same period.
