BASE METALS

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.

Prominent Hill, SA

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

 

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