Oz Minerals has lifted its full year copper production target but has warned its gold output may be at the bottom of its forecast range.
The miner, which operates the Prominent Hill mine in South Australia, now expects to produce between 85,000 and 90,000 tonnes of copper for the calendar year, up from 75,000 to 80,000 tonnes previously.
But gold production is expected to be towards the lower end of the company’s 130,000 to 140,000 ounce range.
“As a result of a higher proportion of copper ore and lower proportion of gold-only ore expected in the mill feed for the remainder of the year, while annual production guidance of 130,000oz to 140,000oz is maintained, it may be towards the lower end of this range,” the company said in a statement.
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The company produced more than 40,000 tonnes of copper and 64,600 ounces of gold during the first half of the year.
Oz Minerals also says the higher copper production has helped to reduce costs.
The company expects to reduce C1 cash costs from $US1.20 a pound to $US1.10 a pound for the full year.
