PERTH (miningweekly.com) – Australian metals miner Oz Minerals has reported a net loss after tax of A$294.4-million for the 2013 financial year, compared with a net profit of A$152-million in the previous financial year.

Underlying earnings before interest, tax, depreciation and amortisation declined to A$115.8-million in 2013, compared with the A$353.9-million reported in the previous financial year, with Oz Minerals also writing down A$231.9-million in asset value.

With the declining copper and gold prices, Oz Minerals also reported a decline in group revenue to A$644-million, compared with the A$985.7-million reported in 2012.

MD and CEO Terry Burgess said on Wednesday that 2013 had been a year of investment at the company’s flagship Prominent Hill mine, in South Australia, with the peak of waste movement in the Malu openpit, a successful first full year of production from the Ankata underground mine, and the work towards developing a third mine, the Malu underground mine.

During the full year, Oz Minerals produced 73 362 t of copper and 128 045 oz of gold.

“The beginning of 2014 sees the openpit in improved condition with lower material movement scheduled for the year, and total production on track to increase to between 75 000 t and 80 000 t of copper and between 130 000 oz and 140 000 oz of gold,” Burgess said.

He noted that total mining costs and overall capital expenditure (capex) at Prominent Hill would also be reduced year-on-year.

At Carrapateena, capex would also be lower with work continuing on the prefeasibility study (PFS) and on exploration at the Khamsin deposit, with the aim of delivering a maiden mineral resource in the first half of the year.

“Preparatory work has begun to introduce other participants to the project following completion of the PFS,” Burgess added.

Meanwhile, Oz Minerals on Wednesday also announced that it would embark on a staged succession planning process to facilitate a leadership change within the next 12 months.

Burgess would remain with the company to facilitate the process and ensure a smooth handover to the new CEO.