OZ Minerals Ltd
(ASX:OZL) has recorded a 23 per cent drop in output from its Prominent Hill mine in its first quarter, but maintained its full year gold production guidance.
In the thee months to 31 March the miner says gold output was dropped to 41,911 ounces while copper output rose slightly to 25,708 tonnes.
OZ Minerals says, "While total gold production was lower this quarter, higher grades are expected in the second and third quarters which will likely see production achieve forecast levels of 185,000 ounces of gold in the 2011 financial year.
The company also says that copper and gold produced was higher than sold for the quarter with rainfall impacting transport access.
However, Oz Minerals advises that extra concentrate shipments will be made in the second quarter to clear the backlog of product.
In the 2010 calendar year OZ Minerals moved from a loss to a net profit of $586.9 million.
