Sandfire Resources has seen a rapid expansion in the past few years to cement itself as a dominant player in the gold and copper space, now the Australian-based miner looks set to return cash to shareholders.
Speaking to CNBC at the annual Diggers and Dealers conference in Kalgoorlie, Managing Director Karl Simich – who oversaw the expansion of Sandfire's DeGrussa mine – says paying down debt is a priority, followed closely by a return of cash to shareholders.
"In the position that we're in, it would be fair to say that our board – whilst hasn't made up a decision yet – is favorable to deploying our capital on a far greater base, which would include very seriously looking at paying a dividend this financial year" Simich told CNBC.
Sandfire's results will be due out later this month and follows a maiden profit of 88 million Australian dollars ($82 million) announcement to the market back in 2013. The company has reiterated its production guidance for fiscal 2014 of 65-75,000 metric tons of copper and 35-45,000 ounces of gold.