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Oz Minerals 1Q Production Lower, Costs Higher

By Rhiannon Hoyle

 

Oz Minerals Ltd., the Australian miner being acquired by BHP Group Ltd., said it produced less copper and gold in the first quarter of 2023 than in the prior quarter, and that production costs rose.

The company on Friday said it produced 31,362 metric tons of copper in the three months through March, down from 36,307 tons in the fourth quarter of 2022. It produced 46,722 troy ounces of gold compared to 54,856 ounces the three months prior.

Oz Minerals recorded so-called all-in sustaining costs of US$1.995 a pound, up 6.9% on-quarter, and C1 cash costs of US$1.533 a pound, up 17%.

Oz Minerals shareholders recently voted in favor of a takeover by BHP, the world's biggest miner by market value. The acquisition is expected be completed on May 2.

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

April 27, 2023 19:17 ET (23:17 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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