OZ Minerals Ltd Lift in production estimates
Lift in production estimates: OZ Minerals Ltd (ASX: OZL) reported that it has been able to achieve the copper guidance for 2016 and for the second consecutive year while gold production has been within revised full year guidance and up 13% on a quarter on quarter basis. There has been an extension to Prominent Hill mine life to 2028 at the back of over 40% growth in underground Ore Reserve. OZL has confirmed its 2017 copper production guidance and lifted the production estimates by a total of 30,000 tonnes through to 2019. The 2016 C1 costs of US 74.1 c/lb have been within guidance but the C1 cash costs of US 77.9c/lb for fourth quarter ending December 2016 have been higher than the prior quarter. The costs were higher owing to higher mining costs, a smaller mining deferral and slightly higher TCRC and transport costs.
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