The OZ Minerals Ltd [ASX:OZL] share price climbed 10.04% higher today on the back of a positive earnings report. The miner released their second-quarter figures yesterday, which showed numbers were up across the board.
How well did OZ Minerals do?
Copper production is up 12% from the first quarter, while gold production was up 23% in the same period. All up, it’s resulted in a boost for the company as their cash total surged to $625 million. That’s an increase of $31 million over the March quarter.
CEO and Managing Director Andrew Cole said:
‘Strong production and lower costs quarter on quarter see us tracking positively towards achieve annual guidance. The Prominent Hill mine plan has production ramping up in the latter half of the year, supported by completion of the second permanent decline expected in late August.’
OZ Minerals’ Prominent Hill project was the big winner. It boasted a 17% increase on quarter-on-quarter production. This represents a strong finish to the first half of 2017.
What next for OZ Minerals?
OZ Minerals will certainly be hoping for stronger results from Prominent Hill moving into the second half of the year. The strong production numbers are a good sign; hopefully the company can continue the trend.
As for the company’s other projects, progress seems to be on track. Investors can expect an update on other projects before the end of the year. All in all, it looks as though OZ Minerals is well on track to have a productive 2017. We’ll keep you posted on any further updates to this story.
Junior Analyst, Money Morning
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