Oz Minerals on Track to Meet 2018 Guidance, AUD 8.30 FVE Retained
No-moat-rated Oz Minerals' first-half 2018 net profit after tax of AUD 128 million was slightly better than our AUD 120 million. The stronger-than-expected result reflected lower than forecast smelter treatment and refining charges. Compared with last year, the 59% rise in net profit was principally due to the 18% higher copper price. We marginally increase our 2018 earnings forecast as a result to AUD 0.86 per share from AUD 0.83 previously. Our AUD 8.30 per share fair value estimate is retaine...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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