Copper production up

OZ Minerals has posted its highest quarterly copper production in five years, but done so with higher costs of production, in a mixed set of June quarter results.

The 32,991 tonnes of copper produced over the past three months was more than five per cent better than the March quarter, and means that OZ is producing the red metal at a faster rate than needed to achieved its full year production guidance of between 110,000 and 120,000 tonnes of copper.

But gold production was 25 per cent lower than during the March quarter at 24,790 ounces, and that slump was behind the increased cost of production.

OZ said less gold was made available for processing during the quarter and that the trend would likely continue for the rest of 2015.

But OZ insisted the company would still achieve its annual gold guidance of between 100,000 and 110,000 ounces.

The miner’s cost of production was about 19 per cent higher than the March quarter at $US0.753 ($F1.61) per pound.

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