Morningstar - OZ Minerals Limited (OZL) Extension of Life at Prominent Hill from Reserve Upgrade Sees Mild Fair Lift to Value

Report

Morningstar

Mathew Hodge

EUR 147.86 For Business Accounts Only

Extension of Life at Prominent Hill from Reserve Upgrade Sees Mild Fair Lift to Value

We raise our fair value estimate for Oz Minerals to AUD 4.40 from AUD 4.20 per share. The company has upgraded reserves at Prominent Hill to 740,000 tonnes of copper and 1.4 million ounces of gold versus 720,000 tonnes of copper and 1.3 million ounces of gold a year ago. The upgrade more than offset depletion through mining of 143,000 tonnes of copper and 157,000 ounces of gold for the year ended June 2016. In addition, the company now expects the mill at Prominent Hill to continue at the full c...

30/11/2016 15 EN

Underlying

OZ Minerals Limited

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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AU000000OZL8 Australian Securities Exchange Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Mathew Hodge

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Extension of Life at Prominent Hill from Reserve Upgrade Sees Mild Fair Lift to Value

OZ Minerals Limited: 1 director

OZ MINERALS suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

Monthly LMI Update Independent Investment Research

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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