Sandfire Resources increases copper mine life to 12 years

• Sandfire Resources extended its planned copper mine life by 50%.
• The company share price finished lower at $18.15 amid broader market movements.
• The expansion follows a newly declared maiden ore reserve at the deposit.

Sandfire Resources (ASX:SFR) extended its Black Butte Copper Project mine life by 50% to 12 years.

This follows a pre-feasibility study that lifted total project ore reserves by 49%.

The exploration update included a maiden ore reserve declaration for the Lowry deposit.

The company stated that the resource base increased by 255% to 31.5 million tonnes.

Following the announcement, the Sandfire Resources share price was down at $18.15.

The business expects the asset to produce 31,000 tonnes of contained copper annually.

The company stated that development remains subject to separate environmental approvals.