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OZ Minerals expects to meet FY'16 guidance despite lower Q2 copper output

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OZ Minerals expects to meet FY'16 guidance despite lower Q2 copper output

Despite losing about 10% of plant availability at itsProminent Hillmine in South Australia during the quarter due to planned and unplannedrepairs, OZ MineralsLtd. said it remains on track to meet its full-year productionguidance.

The ASX-listed producer said July 22 that it produced 27,350tonnes of copper in the June quarter, down from 31,018 tonnes produced in the previousquarter from Prominent Hill operations.

Quarterly gold output came in at 30,099 ounces, higher thanthe March quarter figures of 27,563 ounces, driven by increased gold headgrade, which will remain elevated and contribute to the increasing gold productionprofile in the second half.

OZ Minerals said the production in the quarter was alsoimpacted by frequent regional rainfall events.

Shipments of Prominent Hill concentrates for the quartertotaled 60,994 tonnes, containing 30,147 tonnes of copper, 33,223 ounces ofgold and 223,055 ounces of silver.

C1 cash costs for the quarter, meanwhile, came in at 72 U.S.cents per pound, falling within the full-year guidance range of between 70cents per pound and 80 cents per pound.

Costs were lower than the previous quarter with lower miningcosts and a larger by-product credit, partially offset by a smaller miningdeferral, less payable copper produced and higher processing costs.

OZ Minerals maintained its guidance to produce between115,000 tonnes and 125,000 tonnes of copper and between 125,000 ounces and135,000 ounces of gold at C1 cash costs of between 70 cents per pound and 80cents per pound for the full year.

The company a contractor forconstructing the access decline for the Carrapateena copper project, with workscheduled to begin in August.