REPORTING SEASON: OZ Minerals (OZL)

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Figure 1: OZ Minerals 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 Hill 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 of $268.0Million, including write downs of $231.9Million.

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

 

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

Juliana Roadley, Market Analyst,