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Oz Minerals hikes copper, gold targets as prices run hot

ASX-listed miner Oz Minerals has raised its full-year copper and gold production targets following a better-than-expected first-half performance across its two mines in South Australia.

The upbeat outlook comes as the price of copper hovers around five-month highs on the back of demand hopes in China, the world’s top consumer of the metal, and supply problems across South America, where the coronavirus pandemic has reduced workforce numbers.

OZ Minerals owns the Prominent Hill copper-gold mining operation in northern South Australia.

OZ Minerals owns the Prominent Hill copper-gold mining operation in northern South Australia.Credit:Bloomberg

Oz Minerals on Wednesday said it had increased copper production guidance at its Prominent Hill and Carrapateena mines, and now expects to produce 88,000-105,000 tonnes of copper, up from 83,000-100,000 tonnes. It also lifted gold production guidance from 207,000-234,000 ounces to 227,000-249,000 ounces due to the strong performance of the two mines and cost reductions aided by increased 2020 gold price assumptions to US$1620 an ounce.

Oz Minerals managing director Andrew Cole said his team had delivered a solid quarter while adjusting to a “COVID life”.

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