OZ Minerals Releases Half-Year Report Showing 59 Percent Increase in Net Profit

- August 16th, 2018

The company has retained guidance for contained copper production at 100,000 to 110,000 tonnes.

Auastralian base and precious metals miner OZ Minerals (ASX:OZL) has released its half-year report, detailing its activities over the first half of the year and revealing a huge 59 percent increase in net profit.

As listed in the report, a review of OZ’s financial results:

  • A 59 per cent increase in net profit after tax to AU$127.8 million.
  • Underlying EBITDA of AU$289.9 million, with a strong margin of 55 percent.
  • Cost of goods sold of AU$224.4 million.
  • Net assets of AU$2,862.8 million, with cash of AU$493.4 million and no debt.
  • A TRIFR of 5.91 at the half-year, a reduction of 14 per cent over the comparative period.
  • Copper production of 54,597 tonnes and gold production of 58,994 ounces, both in line with annual guidance.
  • Lowest quartile C1 costs of US85c/lb, in line with annual guidance.

As quoted in the press release:

OZ Minerals expects 2018 to be another strong year at Prominent Hill with mine life currently extended to 2029 and has accordingly retained guidance for contained copper production at 100,000 to 110,000 tonnes.

All financial metrics and copper and gold production are expected to remain within annual guidance as OZ Minerals continues to prioritize higher margin copper production over gold.

Click here to read the full OZ Minerals (ASX:OZL) press release.

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