OZ Minerals production exceeds expectations
January 20, 2010
OZ Minerals (OZL) this morning reported copper production of 96,310 tonnes for the year to 31 December, ahead of the previously expected 90,000 tonnes, while gold production of 75,500 ounces was also ahead of expectations of between 60,000 and 70,000. Meanwhile the company said it had nearly half a billion in the bank following its sell-off of assets last year as it sought to avoid bankruptcy.
"This strong production performance was due to increased milling rates, good recoveries and high plant utilisation," the company said.
Looking at the company’s operations, the miner said its Prominent Hill mine, the only mine left in its portfolio, operated successfully after completing its ramp-up phase, operating above annualised name-plate 8Mtpa capacity for the quarter.
OZ Minerals also said it would seek to increase exploration at the mine and continue with feasibility studies for underground mining and $20 million being set aside for further exploration for the year.
OZ Minerals also confirmed the previously announced announcement to spend $4 million a year in a joint venture with IMX Minerals for a project in South Australia, while.
At the close Wednesday, OZ Mineral shares were $1.15 each.
"This strong production performance was due to increased milling rates, good recoveries and high plant utilisation," the company said.
Looking at the company’s operations, the miner said its Prominent Hill mine, the only mine left in its portfolio, operated successfully after completing its ramp-up phase, operating above annualised name-plate 8Mtpa capacity for the quarter.
OZ Minerals also said it would seek to increase exploration at the mine and continue with feasibility studies for underground mining and $20 million being set aside for further exploration for the year.
OZ Minerals also confirmed the previously announced announcement to spend $4 million a year in a joint venture with IMX Minerals for a project in South Australia, while.
At the close Wednesday, OZ Mineral shares were $1.15 each.
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