OZ Minerals (OZL) has released March Q results with group production of 20.2kt Cu and 55.6koz Au at an all-in sustaining cost (AISC) of US$0.75/lb (vs 28.7kt Cu and 36.8koz gold at US$0.94/lb in Q4 2019). OZL’s strategy to preferentially treat gold stockpile ore at Prominent Hill (PH), has paid dividends by delivering record ounces amidst near-record AUD gold prices (A$2,411/oz). This has resulted in negative C1 costs at PH and a low overall group AISC. The Carrapateena ramp up is ahead of schedule with throughput and recovery rates approaching design levels. The Company took early action to make itself COVID-19 ready, enacting a number of financial and operational initiatives to prepare for both a potential impact on personnel and/or disruptions to operations. This included drawing down $150m on its revolver debt facility, which has been upsized to $480m. OZL provided revised 2020 guidance with a $150m in cost reduction for 2020.
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