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OZ Minerals plans to improve performance for the extraction of copper in the second half

29 July 2013

According to analysts, management «OZ Minerals» (one of the mining companies in Australia) is expected to achieve growth rates of copper production in the second half of 2013. In general, for the current year the Group plans to produce about 82−88 ths. Tons of metal.

Earlier it was reported that in the second quarter of 2013 (compared with the second quarter last year) corporation the amount of red metal release was reduced by 32%. So, in this period of the year, at the facilities of the company were produced 17.38 thousand. Tons of copper, while the last year's figures were 25.52 thousand tons.

As the statistics, «OZ Minerals» last year, compared with 2011, reduced its net profit by 44% -. 152 million (in 2011 this figure amounted to 274.5 million dollars.). At the same time income group decreased by 11.7% (from 1.1 bln. Dollars a year before, to 985.7 million. Dollars in the past). Also in 2012 «OZ Minerals» reduce the amount of copper and gold output at the mine «Prominent Hill», located in South Australia (up to 101.74 thousand. Tons of copper and 140.75 thousand. Troy ounces of gold). Corporation Experts attribute this fact to lower ore quality.

Previously, local media reported that the leadership of «OZ Minerals» intends to hold a number of staff cuts in South Australia with a view to reducing costs. Also, for these purposes, the company's management was planning to negotiate with employees about the possibility of their transfer to positions with lower salaries. It is not yet clear at what stage of implementation of these plans are and — if they are brought to life — whether given these anti-crisis measures the expected effect.

Recall that the corporation «OZ Minerals» was founded in 2008 in the merger of Australian corporations «Oxiana Limited» and «Zinifex Limited». Today, the company is engaged in production of gold, silver, copper, zinc and lead. The organization includes six existing mining assets in Australia and the most in Asia. Among other things, on the stage of development it is now in two new projects the corporation, and a large portfolio of projects (Australia, North America and Asia) — passes the stages of research.

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