Little-changed production year ahead for copper-gold miner OZ

OZ Minerals has forecast its copper and gold production in 2022 to potentially be little changed overall from output in the just completed year.
Little-changed production year ahead for copper-gold miner OZ Little-changed production year ahead for copper-gold miner OZ Little-changed production year ahead for copper-gold miner OZ Little-changed production year ahead for copper-gold miner OZ Little-changed production year ahead for copper-gold miner OZ

Prominent Hill, SA

Copper and gold production in the range of 127,000-149,000t of copper and 208,000-230,000 ounces of gold has been forecast, potentially representing an increase on copper output in 2021 of 125,486t of copper and decrease on gold output of 237,263oz.

All-in sustaining costs are forecast to be US$1.35-1.55 per pound.

Copper output in 2021 was at the lower end of guidance range while gold production was at the upper end, with AISC at $1.34/lb.

OZ managing director Andrew Cole hailed the performance of the company's Prominent Hill operation meeting guidance for the seventh consecutive year.

OZ finished the December quarter with cash of A$215 million, up from $188 million at the end of September.

Elsewhere, a decision on developing the West Musgrave nickel-copper project remains possible later this year, while the growth operation Carrapateena appears to be tracking solidly.

Shares in OZ were just about unchanged at $26.24 in late morning trade, capitalising the company at $8.75 billion.

Disclosure: The reporter holds shares in OZ