OZ Minerals (OZL) released December Q results with group production of 28.7kt Cu and 36.8koz Au at an all-in sustaining cost (AISC) of US$0.94/lb (+16% Cu, +21% Au and -27% on costs QoQ). OZL finished the year at the upper end of production guidance with 109.3kt Cu and 128.9koz Au (vs guidance: 101-111.5kt Cu and 120.4-130.8koz Au). Carrapateena commenced production in December and the Company has released 5-year guidance outlining an accelerated ramp up to the initial 4.25Mtpa throughput rate by the end of 2020 and increased throughput rates of 4.7-5.0Mt from 2023. The capital estimates for the initial years is higher than our previous expectations, with $270-310m to be spend at Carrapateena and $430-510m for the group in 2020. BUY recommendation maintained.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
