SYDNEY, Jul 15, 2010 (Dow Jones Commodities News via Comtex) -- OZ Minerals Ltd. (OZL.AU) said Friday that it was on track to reach its full year copper production forecast, but increased its guidance for its expected annual gold production by around 25% after strong second quarter production from its Prominent Hill mine in South Australia state.
In its production report for the three months to June, OZ Minerals said it produced 28,236 metric tons of copper, around 12% lower than the first quarter, but said it remained on track for full year output of between 100,000 and 110,000 tons, with lower ore grades expected to slow production in the second half.
Gold production of 49,249 ounces was up 18% on the first quarter, and saw the company lift its full year production guidance to a range of 140,000 to 150,000 ounces. Its previous guidance was for a range of 110,000 to 120,000 ozs.
The higher gold production helped cash costs of production fall to 39.8 U.S. cents a pound from 57.4 U.S. cents/lb in the first quarter and the miner lowered its full year guidance for this measure to 70-80 U.S. cents/lb.