Tag: OZL

OZ Minerals (OZL) surprised shareholders yesterday with news of a $240 million write down due, in part, to lower copper and gold prices and a landslip at one of its mines in outback South Australia.

OZ Minerals (OZL) cut its full-year gold production guidance after reporting sharp drops in both gold and copper production during the June quarter, the company revealed in its June quarterly production report issued yesterday.

OZ Minerals’ shares look like ending the week above $4, and off the back of a sharp dip under that level during the week, after Tuesday’s AGM. The shares ended at $4.05 yesterday, compared with a $4.06 close last Friday.

And growing copper and gold miner OZ Minerals says annual copper production remains on target, despite a small drop in production in the September quarter.

OZ Minerals shares edged higher yesterday as the company maintained confidence it would meet its full year copper and gold production targets.

Despite recent weakness in copper prices, OZ Minerals remains confident about the metal’s prospects.

OZ Minerals had made its first major investment in the mining industry.

Shareholders who stuck with OZ Minerals through the dark days of 2008-09, or who bought the shares in 2009 amid considerable scepticism about whether it would survive, will get a nice fat payoff after the boom 2010 financial year result.

OZ Minerals has reported a drop in quarterly copper production for the three months to September, compared to the same period a year earlier, but says it is on track to meet full year guidance.

And it wasn’t just the likes of Rio Tinto and BHP Billiton that enjoyed a bounce back in sales and earnings in 2010 from the losses or big profit falls of 2009.

Oz Minerals, the miner that was given a second life after nearly imploding in the GFC, is looking to boost output at its Prominent Hill mine in South Australia next year and wants to speed the underground expansion of the operation.

Copper and gold miner, Oxiana (OXR) announced record copper production in its quarter 1 results released today, propelling its share price 5% to $3.33.

Persistence has paid off for Zinifex (ZFX) in its long battle to acquire all the shares in Allegiance Mining, after it announced today it has gained control of the nickel miner.

Shares in zinc and lead miner Zinifex bounced nicely in yesterday’s big sell off after it and Oxiana revealed plans to marry.

Mining companies Zinifex (ZFX) and Oxiana (OXR) said in a joint announcement that they have entered into a definitive agreement to join forces, effectively becoming the third largest miner listed on the ASX.

In contrast to the experience of Newcrest, zinc and lead miner, Zinifex has reported a solid increase in the production of its two key minerals in the first half of the current financial year.

Shares in Zinifex (ZFX) rose 10.5% to $9.88 on Thursday after it reported favourable second quarter results – an increase of 8% in production compared to the same period last year.

Emerging miner, Oxiana Ltd was another to bounce from near term lows in trading yesterday through the combination of the turnaround on the market and a statement; this time the fourth quarter's and year's production report.

Gold and copper producer, Oxiana (OXR) said on Wednesday its board has approved the development of the Martabe gold and silver project in the Indonesian Province of North Sumatra.

Oxiana (OXR) announced today that it has approved a $200 million expansion at its Sepon copper project in Laos in order to increase copper output by as much as 30%.

Zinifex is cashed up and looking to either spend via acquisitions or by way of capital return to shareholders.

Australian zinc miner Zinifex (ZFX) held its annual general meeting (AGM) today, saying that its 2007 operating profit had suffered, dropping below last year's level.

A new CEO for zinc miner, Zinifex in old an Aussie mining hand named Andrew Michelmore who ran WMC Resources in its dying days, and then a big Russian miner for a couple of years.

Zinifex seems to have undergone a major re-rating as the sagging world zinc price and the stronger Australian dollar trashes its share price.