Sandfire is a copper-focused mineral exploration and development company. The principal asset is the DeGrussa copper project discovered in 2009 and located 900 kilometres northeast of Perth in the Bryah Basin. Production is over 60,000 tonnes of copper per year with cash cost around USD 1.00 per pound, better than the industry average. Reserve life is only less than five years. Sandfire is also seeking to develop the Black Butte copper mine in Montana but needs to negotiate a challenging approvals process. The acquisition of MOD Resources in 2019 brings exposure to the T3 development, expected to produce 28,000 tonnes of copper a year from 2021.