What’s happening with the Sandfire Resources (ASX:SFR) share price today?

The Australian miner’s shares are on the move. We take a closer look
The post What’s happening with the Sandfire Resources (ASX:SFR) share price today? appeared first on The Motley Fool Australia. –

The Sandfire Resources Ltd (ASX: SFR) share price is rising today following an acquisition update.

The mining and exploration company announced this morning that relevant applications for its upcoming infrastructure acquisition have been approved. This places the transaction two months ahead of schedule.

At the time of writing, the Sandfire share price is up 1.06% at $6.66.

What did Sandfire announce?

The Sandfire Resources share price is on the move after the company announced its proposed acquisition of MATSA has taken a step closer to completion. MATSA is an underground copper location in the Iberian Pyrite Belt of Spain.

According to Sandfire, the site is a large-scale, high-quality, low-cost, long-life development that will establish the company as a leading copper-focused producer.

As such, the resources attached from the MATSA site will become paramount to the miner’s global operations over the next decade.

Sandfire initially announced the takeover back in September, with an agreed transaction of US$1.8 million.

This transaction is now unconditional and will proceed toward completion toward the end of next month.

Karl Simich, managing director and CEO of Sandfire, said the clearance of the relevant approvals in such a short turnaround was a “fantastic result”, and would put the handover two months ahead of schedule.

The acquisition has been funded by a combination of debt, exisiting cash reserves, and equity, the company said.

Sandfire Resources share price snapshot

The Sandfire Resources share price has increased by 31% this year.

The company experienced a two-year price high back in April, following a quarterly update detailing high production and solid cost estimates.

The company has a market capitalisation of over $2 billion and a price-to-earnings ratio (P/E) of 6.88.

The post What’s happening with the Sandfire Resources (ASX:SFR) share price today? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Sandfire right now?

Before you consider Sandfire, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Sandfire wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

ASX 200 (ASX:XJO) midday update: CBA rises, Sandfire’s MATSA update

Why Australian Clinical Labs, Magellan, Sandfire, and Telix shares are rising

Motley Fool contributor Alice de Bruin has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!