Oz Minerals Fair Value Estimate Unchanged After Solid Fourth Quarter
We maintain our AUD 4.70 per share fair value estimate for Oz Minerals. Fourth-quarter production met our expectations. Copper output rose 3.5% to 29,800 tonnes versus the previous quarter. Production was disrupted with the mill shut for 12 days due to severe weather. Cash costs increased 10% to USD 0.78 per pound, largely as a result of the storms. The full-year result, with copper and gold output in the lower half of the guidance range and cash costs slightly better than the midpoint, was soli...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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