0013 GMT - While some of Sandfire Resources' financial metrics in 1Q were softer than Jefferies expected, the overall narrative was pleasing. Namely, Sandfire continues to reduce its debt burden. Sandfire repaid A$44 million of borrowings in 1Q, contributing to its net debt falling to A$345 million at the end of September. The base metals miner said it had A$190 million in cash at the end of 1Q. "With FY 2025 set to see a full year of Motheo and Matsa delivering consistent production, we expect to see ongoing debt reduction over the course of FY 2025," says analyst Mitch Ryan, referring to Sandfire's operations in Botswana and Spain. Jefferies retains a hold call on Sandfire. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 28, 2024 20:14 ET (00:14 GMT)
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