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OZ Minerals (OZL) - H1 2017 Financials & Carrapateena Feasiblity

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OZ Minerals (OZL) release H1 financial results with revenue of $446m, underlying EBITDA of $39m and NPAT of $80m. Underlying NPAT of $81m was up $26m on the corresponding period in H1 2016. The Company retains a strong balance sheet with $625m cash and no debt. OZL has made a decision to progress the Carrapateena project through to development with commissioning forecast for Q4 CY19. The updated Feasibility Study (FS) highlights production of 65kt Cu and 67Koz gold at all-in sustaining costs (AISC) of US$0.99/lb, with $916m pre-production capex. While we regard the project as marginal on an IRR and NPV10 basis (15% and $595m respectively, Argonaut est.), OZL has significantly de-risked the technical aspects of the project and can fully fund development from existing cash and future cashflows from Prominent Hill. Argonaut downgrades OZL to a HOLD recommendation with a revised target price of $8.95 (from BUY at $8.20).

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