Posted in | News | Gold | Copper | Earnings

Oz Minerals Surpasses Forecasts by 10%

By Joel ScanlonOct 19 2010

It is good news all the way for Oz Minerals (ASX:OZL) as the companies actual annual gold production has surpassed previous forecasts by 10%. The Australian copper and gold mining company saw its third quarter output more than double the forecast.

Production in the quarter ending September climbed to 51,451 ounces as compared to 21,091 ounces in the corresponding quarter last year. The company has just one operating mine located in South Australia at Prominent Hill.

The mine is predominantly a copper mine and gold is produced as a by product. However the sharp increase in gold production has been the harbinger of good news for Oz Minerals. Production costs were also lower than expected at 43 US cents per pound.

The copper production for the quarter was 26,841 tonnes. This brings the total production till date for 2010 up to 86,986 tonnes. The production of copper is on track for the guidance range of 100,000 to 110,000 tonnes for the year.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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