Strong Oz Minerals Results and Lower Taxes Lift Our Fair Value Estimate
We raise our Oz Minerals fair value estimate 13% to AUD 5.30 per share with the stronger-than-expected 2016 profit and lower current and future taxes. Adjusted net profit down 4% to AUD 134 million meaningfully beat our AUD 104 million forecast, reflecting the sharp rise in copper prices toward the end of the year and lower taxes. The effective tax rate of 21% for the full year was in contrast to the first half’s 31%, with restricted tax benefits recognised exclusively in the second half. Oz Min...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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