Carrapateena Feasibility Study Delayed, but OZ Minerals Keeps Development Timetable on Track
We maintain our AUD 5.30 per share fair value estimate for no-moat-rated Oz Minerals. The share price peaked near AUD 10 in February, corresponding with recent highs in commodity prices, and has subsequently declined almost 30% to AUD 7.10. We still think there is a bit more downside in Oz Minerals. We think the shares are yet to price for the likely structural step-down in copper demand growth as China’s economy matures. Sentiment toward commodities and mining companies has softened recently, w...OZ Minerals is a mining company engaged in exploring for, developing and operating copper, gold and base metal projects. It owns the Prominent Hill copper-gold mine and Carrapateena copper-gold project, both located in South Australia. Co.'s operating segments are: Prominent Hill, which comprised of mining copper, gold and silver from the Prominent Hill Mine; Carrapateena, which comprised of exploration and evaluation associated with the Carrapateena project; Exploration and Development, which comprised of exploration and evaluation activities associated with the other projects and include interests and joint ventures with Minotaur and Toro Energy Ltd, and Corporate Development activities.
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