REPORTING SEASON: GPT Group (GPT)
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Figure 1: Oz Minerals 12 month chart
Oz Minerals (OZL) missed the mark but Oz happy to pay higher dividend
· Australian based copper and gold miner, Oz Minerals reported its first half numbers for 2014 today. The result was below market expectations but investors would have been happy to see they did receive a higher than expected dividend over the half.
· OZL reported an underlying Net Loss After Tax of $7.4Million compared to a loss of $268M for 1H13. After posting a solid 2H production report only a few weeks ago investors expected more. The major difference between what the market was expecting and the result was the higher depreciation charges and a lower income tax refund.
· Cash balances fell over the half as OZL spent more on extracting copper from its only running mine Prominent Hill located in South Australia (SA).
· OZL today reiterated its recently increased copper production guidance for FY15 of 85,000 to 90,000/tonnes with gold production also unchanged at 130,000 to 140,000 ounces. And the long awaited pre-feasibility study for its Carrapateena copper project (SA) should be released soon as it is undergoing a final review.
· OZL will pay a 2H dividend of $0.10 a share (unfranked) paid on the 25th of September.