o pportunit y r edefined
2 0 1 6 a n n u a l r e p o r t
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Business Overview
CONTENTS
B U siness Over view 2
2016 s napsh O t 4
Chairman's l etter 6
m anaging d ire C t O r's r ep O r t 8
B O ard and management 10
2016 snapshot
Operati O ns r eview 12
sU staina B ility 17
C O rp O rate gO vernan C e s tatement 18
m ineral r es OU r C e and Ore r eser ve 24
f inan C ial r ep O r t 26
a dditi O nal as X i nf O rmati O n 97
Chairman's letter
managing director's report
Board and management
Operations review
i mp O r tant i nf O rmati O n and d is C laimer 99
Business Overview
sandfire resources nl is a dynamic mid-tier australian mining and exploration company based in perth, western australia, which is listed on the australian securities exchange (asX:sfr). sandfire joined the ranks of australian copper producers in 2012 following the successful construction and commissioning of its flagship 100%-owned degrussa Copper mine, located 900km north of perth.
sandfire moved from discovery through resource drill-out, feasibility, financing, development, and construction to first copper production within three years - a remarkable achievement which has set new benchmarks for the efficient and rapid development of resources in western australia.
the degrussa mine produces high quality copper-in-concentrate with significant gold credits. the mine achieved record production for the 2016 financial year of 68,202 tonnes of contained copper and 37,612 ounces of contained gold at a C1 cash operating cost of Us$0.95 per pound.
as at 31 december 2015 degrussa has a mineral resource inventory containing some 478,000 tonnes of contained copper and 625,000 ounces of contained gold and an estimated mine life until 2021. the exceptional average grade of the resource puts degrussa in a league of its own in terms of copper producers worldwide.
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sandfire intends to build on the strong cash flows being generated at degrussa to create the foundations for a diversified australian mining company with a sustainable growth future. this includes a substantial exploration commitment within its broader 400sqkm tenement holding at doolgunna and through a portfolio of exploration joint ventures and initiatives in highly prospective mineral provinces in australia and overseas.
Business Overview
Our vision
2016 snapshot
sandfire's vision is to be a significant, mid-tier mining company that operates in the top quartile of international performance benchmarks for the industry.
Chairman's letter
Our Core values
the Company has implemented a set of Core values designed to guide the directors
managing director's report
and all employees in their day-to-day dealings with each other, competitors, customers and the community.
act safely and with care for the environment
value cost- consciousness in team members
work with communities for mutual benefit
Board and management
attract and retain the best people
foster technical excellence and innovation
encourage teamwork, respect and integrity
reward performance
Operations review
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