OZ Minerals (ASX:OZL) says construction starts at Pedra Branca mine

Company News

by Rachael Jones

OZ Minerals (ASX:OZL) says construction has started at the Pedra Branca mine and a suite of agreements with Vale, Brazil’s largest miner and Carajás tenement holder.

The OZ Minerals Board granted final investment approval for the Pedra Branca underground mine.

First development ore is targeted for mid-2020.

With a mine life of eight years, Pedra Branca has a standalone net present value (NPV) of circa US$55 million for a pre-production capital investment of approximately US$35 million.

When combined with the sale of concentrate to Vale, the NPV increases to circa US$75 million.

Shares in OZ Minerals (ASX:OZL) trading 1.2 per cent higher at $10.66.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.