Oz Minerals High Gold Production

Submitted by Share Trading on 16 April, 2010 - 06:22

Oz Minerals (OZM) has released information that it expects gold production to increase over the period to 2012 while production costs expected to fall due to increased production. The company's shares jumped almost 4 percent on the announcement by Terry Burgess, the Chief Executive of OZM.

The company expects gold production to rise from previous guidance of between 80,000-90,000 ounces to 110,000-120,000 ounces a year. Copper guidance over the same period was unchanged at 100,000-110,000 tonnes a year.

Oz Minerals is cashed up to 1.5 billion after China Minmetals bought the rest of its assets last year to keep the company afloat. The market is waiting for the gold and copper mining company to make a corporate move. The CEO has said that "Our business development team continues to be busy and there are opportunities out there."