OzMin Handover Comes with Good and Bad for BHP
In its last months of independence, OZ Minerals saw a sharp improvement in performance of its gold and copper businesses but also a worrying surge in cost pressures.
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OZ Minerals is a copper-focused, global, modern mining company based in South Australia. Listed on the Australian Securities Exchange (ASX100) OZ Minerals has a growth strategy focused on creating value for all stakeholders.
We own and operate the copper-gold mine at Prominent Hill, are developing one of Australia’s largest copper-gold resources at Carrapateena, and have assets in Brazil. We also have a pipeline of earn-in agreements with experienced exploration companies in Australia and internationally. We are focused on creating a pipeline of opportunities. Our commitment to safety, capital discipline and our values underpin everything we do. We are a Modern Mining Company that adapts to the ever changing environment, harnessing the innovative ideas of our people and collaborating to leverage the experience of those around us. As Australia’s third largest copper producer, with quality assets, a healthy cash balance and no debt, we are ideally positioned for global growth.
OZ Minerals was formed in 2008 by the merger of two Australian non-ferrous metals mining businesses – Oxiana and Zinifex.
In its last months of independence, OZ Minerals saw a sharp improvement in performance of its gold and copper businesses but also a worrying surge in cost pressures.
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Wedding bells continued to sound across the gold mining industry over the Christmas-New Year break, following on from the trend that emerged earlier in 2022.
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BHP has won out in its pursuit of OZ Minerals, with the copper company’s board agreeing to a higher $28.25 a share offer, giving OZ an enterprise value of $A9.6 billion.
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OZ Minerals and BHP have resumed their marriage talks trying to find a dowry in the form of an offer price that will appeal both to shareholders and the market generally.
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No new news on rumours of BHP's $25 per share marriage to OZ Minerals, but there was an intriguing technical update about the latter’s newest mining project in WA.
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Target price is steady at $32. Outperform rating retained.
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Outperform retained. Target rises to $32 from $30.
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The prefeasibility study has indicated that a transition to a block cave at the lower half of the Carrapateena ore body is accretive to value. Mining rates would lift to 12mtpa from 5mtpa for around $1.2-1.3bn of incremental expenditure.
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Despite restrictions in South Australia, OZ Minerals has continued to operate as normal at its mines. Hence the Carrapateena expansion study is due in the next few weeks and Prominent Hill expansion next year. The confirmation of the economics of a block cave at Carra is a key potential catalyst, the broker suggests, offering upside risk to forecasts.
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First-quarter results were mixed, Macquarie observes, with strong copper and gold production offset by higher-than-expected cash costs.
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