OZ Minerals Limited
OZ Minerals Limited
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Fresh from rejecting an $A8.4B takeover offer from BHP, miner OZ Minerals has committed $2.5M of its own money towards the development of an in-situ recovery operation at the historic Kapunda copper mine in South Australia.
Australian miner OZ Minerals has laid out the case for a higher offer after rejecting an “unsolicited, conditional and non-binding” $A8.4B takeover offer from BHP Group.
OZ says, after carefully assessing the offer with financial and legal advisers, its board considers the BHP $25 per share cash offer significantly undervalues the company.
COVID-related workforce and supply challenges, exacerbated by weather impacts, have lowered OZ Minerals’ June qtr (Q2FY2022) production to 27,423t copper and 51,184oz gold while pushing AISC to US210/c lb, compared with 30,322t Cu and 48,773oz Au at 174.4c/lb in the prior period.
The Australian-based international miner cut its FY2022 copper guidance to 120,000-135,000t and hiked AISC to 160-180c/lb last month, while retaining gold guidance at 208,000-230,000oz.
Labour shortages, wet weather and mechanical issues have forced OZ Minerals to lower its FY2022 group copper production guidance to 120,000-135,000t, from 127,000-149,000oz previously. Gold guidance remains 208,000-230,000oz.
The lower production and inflation have increased forecast AISC to US160-180c/lb (135-155c/lb.
Prominent Australian producer OZ Minerals has teamed with explorer Havilah Resources in a strategic alliance that aims to explore and develop what could be Australia’s next great copper region in the Curnamona Province of South Australia.
South Australian copper miner OZ Minerals has moved to strengthen its organic growth pipeline by taking an option to acquire the PFS-stage Kalkaroo project comprising an existing resource of 245Mt @ 0.45% copper and 0.39g/t gold and a large exploration tenement holding in SA’s Curnamona province.
OZ says the proposed $A205M acquisition of the project from Havilah Resources offers the potential for a scalable, low-cost, long-life operation with province potential.
Australian copper miner OZ Minerals is again backing junior explorer Resolution Minerals, agreeing to spend $A4M over five years to earn 51% interest in the Benmara project and potentially reaching 75% by delivering a final investment decision.
Benmara is about 200km SW of Resolution’s Wollogorang project, where the two companies entered a similar JV in August 2021. Both are in the NT close to the Qld border.
COVID impacts on workforce availability and the additional disruptions of a massive rainstorm that halted road access and supplies to its flagship mine have slowed March quarter production by Australian copper and gold miner OZ Minerals.
Australian producer OZ Minerals is standing by its FY2022 production and cost guidance despite a fall in March qtr (Q1) production caused by COVID and weather disruptions.
Q1 production slid to 30,322t copper (Q4FY2021: 32,169t) and 48,773oz gold (58,306oz) while AISC rose to US174.4c/lb (159.6c/lb).
Despite the soft start, OZ says it expects stronger performance over the rest of the year as COVID impact reduce. It maintains guidance of 127,000-149,000t Cu and 208,000-230,000oz Au at 135-155c/lb.
Australian miner OZ Minerals is assessing an increase in underground mining capacity at its Prominent Hill mine in SA after project optimisation work created the opportunity to increase the electric hoisting shaft capacity to 6.5Mtpa.
The $A600M Wira Shaft mine expansion project, due for completion in 2024, envisaged hoisting capacity of 6Mtpa.
OZ says the $2M cost to upgrade the shaft winder motor and material handling system can be absorbed in the project budget.