Copper/gold miner Oz Minerals has narrowed its net loss for the six months to June from A$268-million in the first half of 2013, to A$7.4-million on the back of higher production.
During the interim period under review, Oz Minerals produced 40 363 t of copper and 64 528 oz of gold, compared with 37 853 t of copper and 62 808 oz of gold delivered in the previous corresponding period.
“A strong half-year of operations, particularly from the Malu openpit, has driven higher revenue and lower operating costs,” said MD and CEO Terry Burgess.
Burgess pointed out that over the past year, openpit operations at the Prominent Hill mine, in South Australia, had delivered significant productivity improvements, resulting in high material movements, at lower unit costs.
C1 unit costs for the half-year was reported at $1.15/lb of copper for the half year, down from the $1.89c/lb reported in the first half of 2013, driven by higher copper production, lower openpit mining unit costs and an increase in ore inventories ahead of processing.
In the first half of the year, 76 529 t of copper concentrate was shipped, containing 37 453 t of copper, 69 562 oz of gold and 343 183 oz of silver.
Group revenue for the first half of the year was recorded at A$351-million, compared with A$316.2-million in the previous corresponding period, while underlying earnings before interest, tax, depreciation and amortisation reached A$122.3-million, compared with the A$50-million reported in the first half of 2013.
Last month, Oz raised its production guidance for the full year to between 85 000 t and 90 000 t of copper, owing to the increased production and the accelerated access to higher-grade ore achieved during the first half of the year.
Gold production guidance has remained unchanged at between 130 000 oz and 140 000 oz.
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