OZ lifts guidance, ramps up growth ambitions

AFTER a successful 2017, OZ Minerals is looking to higher copper production and an increased focus on future growth.

OZ lifts guidance, ramps up growth ambitions OZ lifts guidance, ramps up growth ambitions OZ lifts guidance, ramps up growth ambitions OZ lifts guidance, ramps up growth ambitions OZ lifts guidance, ramps up growth ambitions

The company’s Prominent Hill operation in South Australia produced 112,008 tonnes of copper and 126,713 ounces of gold in 2017 at C1 cash costs of US83c per pound and all-in sustaining costs of $1.20/lb.

Copper output was at the upper end of guidance, gold slightly beat guidance, and costs were at the lower end of the range.

Net revenue for 2017 was an unaudited A$1.02 billion with gold representing around 20%.

OZ’s year-end cash balance lifted to $729 million, even after expenditure of $69 million on the Carrapateena development and inventory of $11 million.

CEO and managing director Andrew Cole described 2017 as a very successful year for OZ.

“We...