OZ Minerals has released its quarterly report for Q2 2018, detailing updates on its operations and production as well as the Avanco takeover.
OZ Minerals (ASX:OZL) has released its quarterly report for Q2 2018, detailing updates on its operations and production as well as the Avanco takeover.
The company is on track to fall within 2018 guidance for copper production, producing 27,131 tonnes in Q2 bringing its year-to-date total to 54,597 with a 2018 guidance of 100,000-110,000 tonnes.
Year-to-date gold production sits at 58,994 ounces, with a guidance of 120,000-130,000 ounces.
As highlighted in the press release:
- Prominent Hill delivering to plan on all production and cost guidance.
- Carrapateena project on track; above ground infrastructure construction underway, airstrip complete.
- Carrapateena province expansion drilling at Khamsin returns 402.6m at 1.55 percent copper equivalent.
- West Musgrave PFS advancing; Massive Sulphide mineralization intersected at nearby Yappsu prospect.
- Avanco compulsory acquisition in progress; integration underway, strategic planning commenced.
- Strong cash balance of AU$454 million after Avanco shareholder payments (AU$201 million), investment into Carrapateena (AU$78 million) and tax payments (AU$100 million).
- Corporate head office relocated to Adelaide Airport business district.
Managing Director and CEO of OZ, Andrew Cole said:
“The takeover of Avanco is now in compulsory acquisition stage, having received acceptances from over 90 percent of Avanco shareholders in late June. We have a dedicated integration team in Brazil working on optimizing the asset portfolio and accelerating growth as part of a holistic business plan. We will release a detailed Brazil strategy later in the year.”