Australia’s OZ Minerals’ Q2 2021 copper production was 33pc higher than the same period last year and is in line with the full-year guidance range of 120,000-145,000mt.
The company has lowered its copper production guidance further for its Brazilian operations to 7,000-10,000mt from 10,000-15,000mt estimated previously, according to its Q2 earnings release on Tuesday.
OZ Minerals has also forecasted an ore capacity increase between 4-5mn mt per year by 2022 at its Prominent Hill, South Australia facility, following a ramp-up in operations.
The company’s production of the red metal stood at 26,842mt in the second quarter of this year compared to 24,577mt during Q2 2020. OZ Minerals attributes robust output to better ore grades, especially in South Australia, and favorable copper prices worldwide.