SFR +0.8%: the copper miner put out a reasonable set of 2Q production numbers today helping to support the stock. Copper production came in at 20kt for the quarter, almost 30% below 1Q23, however, they remain on track to hit guidance of 82-91kt for the full year given more than half of that is in the bank already. Zinc production was flat while Lead and Gold fell, though guidance was maintained again. Costs were the main concern at $US1.77/lb, above guidance of around $US1.74/lb, though the second quarter is a seasonally lower period of production which lifts average costs. MM recently trimmed our position in Sandfire, though we still remain long across 2 portfolios.
MM is slightly bullish SFR
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