Australian miner Oz Minerals Ltd
(ASX:OZL) has reported a first half loss, following the sales of many of its assets to Minmetals earlier in the year, buts says the company is in a strong financial position going forward.
Net loss for the six months to June 30 came to $580.7 million compared to a loss of $500,000 in the same period a year ago.
The miner says the loss was primarily due to a $553.9 million loss on the sale of assets together with lower revenue from operations and costs associated with the refinancing and asset sales transactions.
Revenue rose to $854.5 million for the period, compared with $529.3 million in the first half of fiscal 2008, with sales of copper and zinc the largest contributors to the company’s revenue.
Oz says revenue going forward will be predominantly influenced by the price of copper and to a lesser extent gold.
Oz Minerals did not declare a dividend. Oz Minerals posted a $2.5 billion loss for 2008.
