OZ Minerals Ltd — Strong capital position
Strong capital position: OZ Minerals Ltd (ASX: OZL) reported an overall copper production of 130,305 tonnes in 2015, which is close to the upper side of the group’s issued guidance of 126,000 to 131,000 tonnes. Moreover, OZL achieved a C1 cost of USD 70.1 c/lb during 2015, while the fourth quarter of 2015 C1 cost further improved to USD 67 c/lb as compared to US 74 c/lb in the third quarter of 2015 as higher gold grades were milled. OZ Minerals remained debt free as of FY15 end and has a $553 million in cash. OZL also reported three major earn-in exploration deals located at SA, WA and QLD. The group recognized Carrapateena which has a high grade resource and the project is estimated to be announced next month. OZL is also focusing to control costs and delivered more than $5 million of annualised savings. To read the complete report click here
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