OZ Minerals lifts copper production
OZ Minerals has recorded its strongest quarter of copper production in five years as it shifts focus toward the metal and away from gold.
The company produced 32,991 tonnes of copper during the June quarter, its best result since 2010. That’s up nearly six per cent on its the March quarter and almost 50 per cent above its output for the same time last year.
Gold production was down nearly 25 per cent to 24,790 ounces.
OZ Minerals has maintained its full year production guidance of between 110,000 and 120,000 tonnes for copper and between 100,000 and 110,000 ounces for gold.
In a statement to the stock exchange today, OZ Minerals’ CEO Andrew Cole said that while there were inevitable price swings in the copper market, there was demand for the upsurge in production.
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“To look at what’s happening in one corner of the commodities market and apply it across the market doesn’t always make a lot of sense,” he said.
“Copper is a multi-country, multi-sector commodity while in uncertain economic times gold prices tend to lift.
“There is certainly no complacency on our part as to the challenges faced in the current economic conditions but rather a clear understanding of what we need to do to both meet those conditions and grow OZ Minerals.”
OZ Minerals, which operates the Prominent Hill mine in South Australia, has relocated its head office to Adelaide this year under a $10 million deal with the State Government.
– with AAP
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