OZ Minerals stated it lifted copper manufacturing 21 per cent within the December quarter to satisfy its full-year steerage, however is warning of upper electrical energy prices going ahead.
The miner, whose shareholders can have an opportunity to approve or reject BHP’s $9.6 billion takeover supply in late March or early April, stated it produced a file 36,307 tonnes of copper within the fourth quarter, up 12.8 per cent from a yr in the past.
For the yr it produced 124,065 tonnes of copper and 211,147 ounces of gold “after a challenging first half impacted by adverse weather, COVID-19 absenteeism, supply chain disruption and inflationary pressure”, chief government and managing director Andrew Cole stated. It had predicted manufacturing of 120,000 to 135,000 tonnes.
For 2023, OZ Minerals is predicting it will produce 120,000 to 143,000 tonnes of copper and 191,000 to 213,000 ounces of gold.
But the miner stated its all-in sustaining price might be increased attributable to price inflation, a stronger Australian greenback and better electrical energy prices. Its Australian mines have come off long-term electrical energy contracts and are actually working underneath market charges, Mr Cole stated.
It expects its all-in sustaining price (AISC) might be as a lot as $US2.07 a pound, from $1.897 in fiscal 2022.
OZ Minerals shares have been unchanged at $27.90 a share.
Source: www.perthnow.com.au
