Metal Tiger PLC (AIM:MTR) highlighted quarterly updates from Sandfire Resources Ltd and two more of its natural resource investments.
Sandfire, in which it holds 3.4% stake, reported strong sales for the June quarter and exceeded its FY2021 copper production guidance, while gold output was at the upper end of guidance and costs were at the lower end.
“The outstanding operational and financial results delivered in the June quarter represent the culmination of what has been another wonderful performance by our flagship DeGrussa operation in FY2021,” said Sandfire managing director and chief executive Karl Simich.
“With copper production exceeding guidance and costs at the lower end of guidance, we have been able to take full advantage of the tailwind of a surging copper price, delivering record revenues of more than $800mln for the 12 months to 30 June 2021 and continuing to harvest cash with our year-end cash position increasing to $574mln (unaudited), up from $463mln last quarter,” he added.
Southern Gold Ltd, in which Metal Tiger has a 19.1% interest, and Cobre Ltd (ASX:CBE), in which Metal Tiger holds 16.62%, also released quarterly activity reports.