Oz Minerals (OZL) delivers (again)
Oz Minerals (OZL) +5.27%
Another standout quarterly report for the copper miner now three quarters through the year. The new Carrapateena mine was operating well, as was the key Prominent Hill asset – both also seeing downward pressure on costs in the period. Guidance was maintained for copper, but increased on gold production expectations by ~5% and cut AISC guidance by around 12%. Gold and copper are proving tailwinds for Oz Minerals which is doing its part on the production front. Cash on the balance sheet rose marginally to $18m with the completion of the Cassini acquisition and another payment made on Carrapateena.
West Musgrave is the next challenge for Oz Minerals – they now own 100% of the resource following the Cassini acquisition. A pre-feasibility study is expected by the end of the year. We like Oz but are not ready to chase it just yet.
Oz Minerals (OZL) Chart
