Australia-based OZ Minerals’ strong operational performance in 2020 has led to the company raising copper guidance for 2021 to 120,000-145,000mt annually.
The company met its operational guidance in 2020 after reporting 97,620mt of copper production while the guidance was 88,000-105,000mt. Copper production and cost guidance at Prominent Hill mine met its guidance for the sixth consecutive year which gave the company potential confidence to ramp up its growth.
Prominent Hill produced 46mn mt of copper in 2020. Prominent Hill has been forecast to produce 55,000-65,000mt of copper in 2020. The company’s other units include Carrapateena copper-gold mine which has also been allotted the same forecast for 2021.
The company stated that they successfully weathered the effects of the pandemic which allowed them to continue with their growth strategy with the ramp-up of Carrapateena mine, expansion at Prominent Hill and West Musgrave copper-nickel project.
Net profit after tax rose to AUD213mn ($165mn) in 2020, up from AUD164mn in 2019. Revenues rose to AUD1,342mn in 2020 from AUD1,107mn the prior year on the back of higher gold volumes and prices.
($1 = AUD1.28)