Mining company Oz Minerals (ASX:OZL) has reported a 34 per cent increase in gold production for the quarter, exceeding gold production for the year, and copper production guidance was achieved for the third consecutive year, finishing the year on a strong foot.
During the year, the company commenced construction on the Carrapateena copper project and progress was made with a pre-feasibility study for the West Musgrave copper-nickel project.
The miner said its Prominent Hill mine delivered at the top end of production guidance with an 18 per cent increase in underground ore reserve, and performed at the bottom end of cost guidance.
Looking into 2018, the company said it is focusing on the Khamsin and Fremantle Doctor prospects and an additional exploration at Punt Hill, as well as continuing to investigate future options for Carrapateena.
The miner’s net revenue for the year is sitting above $1 billion, with gold representing approximately 20 per cent of the revenue, and the company’s cash is sitting at $729 million, up from $639 million in the prior quarter.
Shares in Oz Minerals (ASX:OZL) are trading 0.8 per cent higher at $9.15.