Oz Minerals shares drop 9 pct after copper target cut again-Shanghai Metals Market

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Oz Minerals shares drop 9 pct after copper target cut again

Company News 10:48:42AM Oct 14, 2013 Source:SMM

Sun, 13 Oct 23:23:00 GMT
 
 
SYDNEY, Oct 14 (Reuters) - Shares in Oz Minerals Ltd tumbled more than 9 percent after it cut its 2013 copper production target for the second time this year due to mine repair work.

Australia's third-largest copper miner revised its forecast for 2013 production to between 70,000 and 75,000 tonnes of copper contained in concentrate, compared with 82,000 to 88,000 tonnes previously, it said.

In January, Oz Minerals forecast output of between 90,000 and 95,000 tonnes.

Oz Minerals stock fell by as much as 44 Australian centrs to as low as A$3.96.

Output has been declining since a slippage occurred in the south wall of its Malu open pit deposit in South Australia state earlier this year.


(Reporting by James Regan)

((jim.regan@thomsonreuters.com)(+612 9373-1814)(Reuters Messaging: jim.regan.reuters.com@reuters.net))

Key Words:  OZMINERALS OUTPUT  

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Oz Minerals shares drop 9 pct after copper target cut again

Company News 10:48:42AM Oct 14, 2013 Source:SMM

Sun, 13 Oct 23:23:00 GMT
 
 
SYDNEY, Oct 14 (Reuters) - Shares in Oz Minerals Ltd tumbled more than 9 percent after it cut its 2013 copper production target for the second time this year due to mine repair work.

Australia's third-largest copper miner revised its forecast for 2013 production to between 70,000 and 75,000 tonnes of copper contained in concentrate, compared with 82,000 to 88,000 tonnes previously, it said.

In January, Oz Minerals forecast output of between 90,000 and 95,000 tonnes.

Oz Minerals stock fell by as much as 44 Australian centrs to as low as A$3.96.

Output has been declining since a slippage occurred in the south wall of its Malu open pit deposit in South Australia state earlier this year.


(Reporting by James Regan)

((jim.regan@thomsonreuters.com)(+612 9373-1814)(Reuters Messaging: jim.regan.reuters.com@reuters.net))

Key Words:  OZMINERALS OUTPUT