PERTH (miningweekly.com) – Copper miner Oz Minerals has reported another solid quarter during the three months to June in its bid to reach full-year production of between 100 000 t and 110 000 t of copper.
During the second quarter, Oz produced 27 131 t of copper, which was in line with the 27 466 t produced in the first quarter, bringing half-year production to 54 597 t of copper.
Gold production for the quarter reached 28 121 oz, which was just below the 30 873 oz produced in the previous quarter, with half-year production reported at 58 994 oz.
For the full year, Oz Minerals is hoping to produce between 120 000 oz and 130 000 oz of gold.
“This was a business-as-usual quarter for operations and projects across the company, with good progress made on delivering to our plans and growth strategy,” said Oz MD and CEO Andrew Cole.
“Prominent Hill saw solid, consistent production that is tracking to guidance. With the drawdown of the openpit stockpile now in place for a full quarter, all-in sustaining cost and C1 costs are lower with no further openpit mining costs or related overheads to be incurred.”
Cole said that the Carrapateena decline development continued its progress during the quarter, with work transitioning to underground mining partner Downer EDI.
The construction of the airstrip has been completed and processing plant and non-process infrastructure construction is under way.
At the West Musgrave operation, prefeasibility activities were focused on heritage clearances with traditional owners, infill drilling and renewable power investigation.
Meanwhile, Oz Minerals during the quarter under review gained a majority shareholding in takeover target Avanco, and is now in the midst of a compulsory acquisition of the remaining shares.
This process will be completed in August, and a combined entity production guidance for the full 2018 is expected to follow thereafter.
Cole said on Thursday that an integration team was now working with Avanco in Brazil to optimise the Avanco asset base, and unlock the potential of the extensive project pipeline within the Avanco portfolio.