OZ Minerals Posts $405 Million Profit

As the signs of financial recovery continue to affect the mining industry OZ Minerals presented a net profit for the six months ending 30 June 2010 at $405.7 million. A marked improvement compared to the $580.7 million loss it reported in the corresponding period last year.

The revenue from its Prominent Hill mine had risen to more than five times what it had been last year rising from $89.6 million to $589.9 million. Buoyant copper and gold prices along with a good production yield have helped the company make this about turn.

The Australian gold and copper producing company saw its shares rise by 1.2% after it declared the profit. The company is going to pay a dividend of 3 cents a share.

The company shares had dipped yesterday when a class action claim was filed against it over 2008 disclosures. The class action was related to purported insufficient and inaccurate disclosures to the market during part of 2008 by Oz Minerals.

The claim was filed by the law firm Slater and Gordon in the New South Wales Supreme Court.