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Oz Minerals' strong start to 2016

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Adelaide-based copper producer Oz Minerals says the company has had a strong start to the year with production on track.

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Releasing the company’s quarterly results, Oz Minerals managing director and CEO Andrew Cole said Prominent Hill had led the strong delivery.

“Prominent Hill delivered a strong start to the year,” he said.

“These results give us confidence that we will meet or exceed guidance for 2016.”

While ore production was down in the first quarter “due to sequencing constraints”, the company expected an increase through the remainder of 2016.

“This bodes well for Prominent Hill’s evolution into an underground-only operation,” Cole said.

Ore from the Prominent Hill open pit increased by 14 per cent over the quarter.

The pit produced 31,018 tonnes of copper and 27,563 ounces of gold, which was lower than the prior quarter due to priority given to copper ore.

Underground Prominent Hill produced high-grade copper ore of 498kt at 2.07 per cent copper, in-line with the mining schedule for the quarter.

Oz Minerals, Australia’s third largest copper producer, released its quarterly report a day after it appointed Dr Julie Beeby as non-executive director to lead its new executive team.

Beeby, who has 25 years’ experience in resources, specifically in minerals and petroleum, is a non-executive director of Whitehaven and the chairman of Powerlink – Queensland Electricity Transmission Corporation.

OZ Minerals chairman Neil Hamilton said the board was fortunate to get a director with Beeby’s experience.

“Julie has a wealth of experience in the resource industry and we are very pleased to have been able to attract a director with such a breadth of experience and knowledge,” Hamilton said.

Beeby has worked at major Australian and US resources companies, including as chief executive officer of Brisbane based gas producer, Westside Corporation.

She also has technical, operational and strategic expertise and has held senior and executive positions in coal mining, mining services and coal seam gas after commencing her career in coal and mineral processing research.

“OZ Minerals has an exciting future ahead and I am looking forward to being part of its transformation as it delivers on its growth strategy,” said Beeby.

In February, OZ Minerals followed up its expansion plans for its South Australian copper and gold Carrapateena project by announcing a $A60 million on-market share buyback.

Cole said then the company was ready for growth.

“OZ Minerals’ strong operational performance and enviable cash position means that we can chart a course for both value accretive growth and shareholder return.

“We are determined to reward shareholders through both developing keystone value accretive projects like Carrapateena and capital management.”

 

 

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