Copper Price Boosts OZ Minerals’ Near-Term Profit but Not Enough to Change Fair Value
Third quarter 2016 copper output increased 4% to 33,400 tonnes versus the second quarter but fell marginally short of our expectations. Gold output was weaker, down 7% to 39,000 ounces. A couple of days’ production was lost due to the severe weather in South Australia; however, the fourth quarter will be more dramatically impacted with 12 days output lost. As a result, OZ Minerals has lowered its gold guidance for 2016 from 125,000-135,000 ounces to 115,000-120,000 ounces. Copper production guid...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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