OZ Minerals (ASX: OZL) is happy to announce the third quarter report for the period ending 30 September 2018. The company has shared the details of the production and cost of the mineral metal produced at Prominent Hill and Antas. At the Prominent Hill, the production in Q1 2018 for the total copper was 27,466 tonnes. In Q2 the production was 27,131 tonnes and in Q3 the total copper produced at the Prominent Hill amounted to 28,915 tonnes. As of now, the total production till date is 83,512 tonnes and it can be expected that by the end of the year the production of the copper will be within the range of the FY2018 guidance. Antas has produced copper in the third quarter only.
Thus, the total production from Antas to date is 3,004 tonnes. As a result, the total copper production from both the regions till date is 86,516 tonnes. The production of gold at the Prominent Hill in Q1 was 30,873 ounces. In Q2, the gold production at Prominent Hill was 28,121 ounces. The Q3 production of gold was 34,143 ounces. The total production of gold from the Prominent Hill till date is 93,137 ounces. Antas has produced gold in Q3 only. Thus, the total production of gold from Antas comes to be 2,458 ounces. The total gold production from two regions is 95,595 ounces. It can be expected that by the end of the year the total gold production will be in the range of the FY2018 guidance report. The total C1 cash cost for both the regions i.e. Antas and Prominent Hill comes around US 82.2 cents/lb which is within the range of the FY2018 guidance report. The All-in sustaining cost comes around US 121.5 cents/lb from both regions. There is a positive progress in the assets and the projects of the company in the third quarter. It is expected that the copper production at the Prominent Hill will reach the top end of the copper production guidance report of FY2018 and in the lower end of All-in sustainable cost guidance report as a result of its consistent and reliable performance since past 4 years. At the end of the Q3, the cash balance available with the company was $454 million. Trade receivable got reduced in late Q2. Due to the timing of shipment, there was an increase in the concentrate inventory. As a result of progression in the Carrapateena project, the trade payables have gone up. A total of $160 million of investment has been made in the Carrapateena project; and cash position is decent post the dividend payments of $26 million.
The performance of the company throughout its journey is -24.34%. The YTD performance of the company is -2.61%. the one year and the 5 years’ performance of the company is 9.67% and 131.52%. The current market price of the company is A$ 9.02 with a market capitalization of A$2.89 billion and PE ratio 9.62x. If we see the chart, the moving average convergence and divergence line (MACD line) is moving below the signal line. However, the MACD line is now tending to move in the upward direction.
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