Oz Minerals Limited Climbed Up on ASX

  • Jul 19, 2018 AEST
  • Team Kalkine
Oz Minerals Limited Climbed Up on ASX

Oz Minerals Limited (ASX: OZL) has recently released its production report for the second quarter and first half ended 30 June 2018. It reported a consolidated 2018 half year production of 54,597 Tonnes of total copper and 58,994 ounces of total gold including 27,131 tonnes of total copper and 28,121 ounces of gold in the second quarter. In fact, it reported in-line production guidance range to between 100,000 to 110,000 tonnes for FY18 of total copper and 120,000 to 130,000 ounces of gold backed by strong growth strategy plan. Besides this, the Shipments of Prominent Hill concentrates for Q2FY18 totalled 65,375 dry metric tonnes, containing 29,145 tonnes of copper, 33,095oz of gold and 198,067oz of silver.

Further, the takeover of Avanco is now in compulsory acquisition stage in which they received acceptance of more than 90% of Avanco shareholders in late June. The integration of this compulsory takeover bid is underway with the commissioning of strategic planning. The Group has rich cash position with the cash reserve of $454 Mn after synergistic investments such as Avanco shareholder payments of $201 Mn, and investment into Carrapateena of $78 Mn and tax payments of $100 Mn. During the period, the group has recently relocated its head office to Adelaide Airport business district, enabling a more modern and collaborative workspace to facilitate the group cultural aspirations and reducing its annual rental costs by around 40% at the same time.

With this update, the share price climbed up 2.556 per cent at $ 9.23 with the market-cap of circa $2.9 Bn as of July 19, 2018; 4:30 P.M AEST.

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