REPORTING SEASON: OZ Minerals (OZL)

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Figure 1: Bradken Limited 12 month chart

 

Copper and gold miner OZ Minerals Limited (OZL) reported its half year numbers today.

2013 was a tough year for OZ as it spent a lot of time and cash preparing its major mine Prominent mine for its production ramp up stage.

The cost of removing overburden – waste material hit its production numbers and therefore revenue as well as the fall in the market price of its major products gold and copper.

OZL posted a Net loss after tax (NPAT) of 268.0Million, including write downs of $231.9Million.

OZL had already flagged impairment costs of between $200-240Million from waste removal and South wall slip recovery costs at Prominent Hill.

OZ Minerals said the ramp up of Prominent Hill in the 2nd half of this year is on track and expects the Carrapatenna mine pre-feasibility study to be completed in 1H14.

OZ Minerals is still comfortable with its calendar guidance for cost of US165 to US180cents per pound of copper.

1H13 dividend payment at $0.10 a share – payable on 25th Sept. 2013.

 

You can see all of CommSec’s reporting season analysis by clicking here.

Juliana Roadley, Market Analyst,