Sandfire Resources NL (ASX:SFR) has inked its first sales deal for product from its wholly owned DeGrussa copper-gold project in Western Australia.
The copper and gold explorer has signed the contract with Swiss commodity trading company, MRI Trading AG.
Under the one-year agreement MRI Trading will purchase 50 per cent of the direct shipping ore to be produced from DeGrussa, up to a maximum of 75,000 dry metric tonnes.
Sandfire advises that it is at an advanced stage of discussions regarding the remaining 50 per cent of direct shipping ore and has also begun marketing discussions for copper concentrate sales agreements.
Shares in Sandfire rose 4.22 per cent after the deal was announced, closing at $6.67.
In the 2011 financial year Sandfire Resources narrowed its net loss to $27 million.
