Copper and gold miner OZ Minerals Ltd
(ASX:OZL) has revealed that it is on the hunt for copper acquisitions.
Speaking at the company’s annual meeting Chairman Neil Hamilton said while Oz Minerals is focused on providing cash returns to shareholders, it is in no way relaxing its quest for value-adding copper acquisition opportunities.
Shareholders yesterday approved the company’s capital management plan that includes a $0.12 per share return of capital and a $200 million share buyback.
Oz Minerals currently has a cash balance of around $1.3 billion.
Mr Hamilton described 2010 as a defining year for Oz Minerals, with its flagship South Australian operation Prominent Hill posting its first full year of production and the company’s main commodities, copper and gold, enjoying a year of record prices.
In the 2010 calendar year OZ Minerals recorded a net profit of $586.9 million.
