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OZ Minerals may miss FY'16 gold output guidance on Prominent Hill power outage

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OZ Minerals may miss FY'16 gold output guidance on Prominent Hill power outage

OZ Minerals Ltd. may not be able to meet its 2016 gold production guidance of between 125,000 ounces and 135,000 ounces due to an ongoing power outage at its Prominent Hill mine in South Australia.

The company said Oct. 3 that it expects electricity to be restored in the next seven to 10 days, and is adding capacity to assist with underground production as well as reviewing other options around larger generation capacity.

Copper production is expected to remain within the annual guidance of between 115,000 tonnes and 125,000 tonnes.

Storms in the region last month damaged transmission lines, forcing the company to run all essential services at the mine on power generators.

OZ Minerals said open-pit production was unaffected and the underground mine has now resumed limited operations.

The production of concentrate will restart as full power supply to the site is resumed. In the interim, ore stockpiles are being prepared.

"The company reiterates that the timeframe for full restoration of power to Prominent Hill is ultimately outside of its direct control," it noted.