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Oz Minerals Ltd OZMLF

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

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Company Profile

Business Description

Oz Minerals is a midtier copper/gold producer. Prominent Hill produced about 100,000 tonnes of copper in 2019 with cash costs below the industry average. The mine is very small contributor to total global refined output of about 24 million tonnes in 2019. Finite reserves are a challenge, but management has extended life at Prominent Hill, albeit at a lower production rate. Life extension comes with development of the nearby Carrapateena mine, which started in 2020. Carrapateena should initially ramp up to produce at about 70,000 tonnes a year before expanding to just over 100,000 a year from around 2028. The acquisition of Brazil-based Avanco Resources should add volume growth from 2020, but the scale is smaller than the Australian assets and progress likely to be incremental.

Contact
2 Hamra Drive, Adelaide Airport
Adelaide, SA, 5950, Australia
T +61 882296600
Sector Basic Materials
Industry Copper
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 1,128