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OZ Minerals targets A$25M further cost cuts, expects A$60M savings from Prominent Hill mine plan

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OZ Minerals targets A$25M further cost cuts, expects A$60M savings from Prominent Hill mine plan

OZ MineralsLtd. said April 8 that it launched a targeted program to drive downcosts, which will focus on supplier contracts and internal productivity, withover A$25 million of future savings planned.

In addition, the company completed another of equipment andpersonnel in the open pit at Prominent Hill copper mine in South Australia in March.The decision to bring forward the open pit mine plan will save a further A$60 million over the lifeof the open pit.

The initial cost savings program, launched in late 2015, hasalready realized A$20 million in annualized savings since commencement, thecompany said.

The initial program focused on supplier and corporatecontract renegotiations, operational production efficiency and a 2016 salaryfreeze for the board, executives and all employees across the business.

"An important part of our strategy is to be a leanbusiness and operate in the bottom half of the cost curve," said ManagingDirector and CEO Andrew Cole.