Iron ore miner Oz Minerals Ltd
(ASX:OZL) says copper and gold production in the March quarter was in excess of expectations and has upwardly revised its production guidance for 2010 to 2012.
For the three months to March 31, the miner produced 41,572 ounces of gold, up from 30,526 ounces recorded for the same period a year ago.
Oz reported copper output of 31,909 tonnes for the period, down from 36,497 tonnes, and 202,017 ounces of silver, down from 339,937 ounces in the previous corresponding period.
Oz says following a strong finish to 2009, its main asset, Prominent Hill, recorded another good quarter of operations.
The miner says guidance for 100,000 to 110,000 tonnes of copper per annum for 2010 to 2012 remains unchanged.
However, gold production is expected to increase from the previously indicated 80,000 to 90,000 ounces to between 110,000 and 120,000 ounces per annum for the 2010 to 2012 period. Earlier this week, Oz announced a joint venture with IMX Resources Ltd (ASX:IXR) to explore and develop copper and gold projects on IMX’s Mt Woods tenements in South Australia.
Oz Minerals posted a loss of $517.3 million for calendar 2009.
