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Prominent Hill production delayed

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Copper producer OzMinerals says its planned uplift in production next year at Prominent Hill will be delayed.

The company’s production and cost outlook for 2013 and 2014 maintained production guidance for 2013.

“As previously reported, operations in the open pit were challenged by a number of issues during the first part of 2013,” the report, released today, said.

“The attempt to maximise ore production during this period led to inefficiencies within the pit with mining on multiple benches, lower productivity and sub-optimal use of mining equipment.

A number of measures are being undertaken to ensure the most efficient and productive use of mining equipment in order to maximise value over the remaining life of the open pit,” it said.

“Progress has been made, however, it will take more time to re-establish the face positions required, and this has delayed the uplift in ore tonnes and grades to later in 2014.

“Copper stockpiles previously available to supplement production are largely depleted.”

Shares in OzMinerals have fallen from around $4.50 in October to recent lows below $3.00

They opened trading today at $3.09

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