Full Year 2024 Sandfire Resources Ltd Earnings Call Transcript
Key Points
- Sandfire Resources Ltd (SFRRF) achieved a 47% increase in group production to 133,500 tonnes, driven by the ramp-up of Motheo and consistent production at MATSA.
- The company reported a 40% increase in underlying EBITDA to $362 million, reflecting strong operational performance and cost control.
- Sandfire Resources Ltd (SFRRF) reduced its net debt to $396 million by year-end, supported by higher production and disciplined cost management.
- The company secured 73% of its stationary electricity requirements from renewables and signed an agreement for a dedicated solar facility at MATSA.
- Sandfire Resources Ltd (SFRRF) achieved a 40% female representation in its leadership team and an 84% employee engagement score.
- Despite strong operational performance, Sandfire Resources Ltd (SFRRF) reported an underlying loss of $5.5 million and a statutory loss of $19.1 million.
- The company's D&A expense increased to $304 million, reflecting the acquisition of MATSA and initial depreciation of Motheo, with further increases expected in FY25.
- No dividend was declared for FY24 as the company prioritized debt repayment and ongoing investment in the business.
- The underlying income tax expense was impacted by the cessation of operations at DeGrussa, limiting the ability to offset tax losses in Australia.
- MATSA's unit costs are expected to increase by 4% to $75 per tonne due to higher stock turnover and increased maintenance costs.
Thank you for standing by, and welcome to the Sandfire Resources FY 2024 financial results. (Operator Instructions)
I would now like to hand the conference over to Mr. Brendan Harris, Chief Executive Officer and Managing Director. Please go ahead.
Hello, and welcome to our financial results call. I'm joined in here in Perth by my executive team and we'd like to acknowledge the traditional custodians of the land on which we stand, the Wadjuk people of the Noongar Nation, as well as First Nations people, everywhere we conduct business. We pay our respects to their elders and leaders, past, present, and emerging.
I've spent a great deal of time reflecting on the importance of cultural heritage and the enduring connection traditional owners have to the lands on which we operate. Since I was first notified of the historical disturbance, artefact scattered their now closed Monty Mine. There's so much more we can learn about their connection to
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