SYDNEY, May 28, 2012 (Dow Jones) -- OZ Minerals Ltd. (OZL.AU) will pursue acquisitions this year, bolstered by a strong cash balance, Chairman Neil Hamilton said Monday.

"We know in a competitive market for copper assets that pricing will be aggressive...[but] we continue to believe we remain in the right commodities for OZ Minerals and that the outlook for the copper market is positive," Hamilton said in a speech at the miner's annual general meeting.

The company is, however, also keen to move along its exploration program, with the aim of making a discovery around the Prominent Hill area, he added.

"We believe that a discovery in this region and mine life extension is the best way of adding value to OZ Minerals," Hamilton said.

The company remains on track to meet production 2012 guidance of 100,00-110,000 metric tons of copper and 130,000-150,000 troy ounces of gold.