Copper Sell-Off Sees Oz Minerals Now Only Slightly Overvalued
We raise our fair value estimate for no-moat-rated Oz Minerals to AUD 8.30 from AUD 8.00 per share. The increase reflects the time value of money and relatively strong second-quarter 2018 production. Copper output of 32,100 tonnes was 4% ahead of our forecast, and cash costs of USD 0.72 per pound were mildly better than expected. The June quarter was the first following the exhaustion of the open-pit mine and the transition to processing ore from the stockpile.Trading at AUD 9.20, Oz Minerals i...
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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