Prominent Hill delivers a healthy profit for Oz Minerals
- Publishing Date
- 25 Aug 2010 11:28am GMT
- Author
- Mining Journal
A strong performance from Oz Minerals’s Prominent Hill gold-copper mine in South Australia has guided the company to a A$405.7 million (US$350 million) net profit for the first half of 2010.
Oz Minerals said the net profit included the reversal of a 2008 asset impairment at Prominent Hill of A$141.1 million. Revenue from the project was A$589.9 million, up from A$89.6 million in the corresponding period of 2009.
Terry Burgess, managing director and chief executive, said: “This is an outstanding result for a new operation, with the mine and plant performing well and costs constrained to plan.
“The company has also added A$356.3 million of cash to its balance sheet during the period, increasing its capacity and flexibility in pursuit of the company’s growth strategy, whereby we are seeking to acquire another operating or near operating asset.”
The company recently purchased a 19.9% stake in exploration company Sandfire Resources NL, an acquisition it said would be reflected in the full-year results.
Companies in this article
Visit the links below to read profiles, see stock information and read all news on companies mentioned in this article.
ALSO IN THE ARCHIVE...
More News By Subject
Site Search
Log in
-
Features
-
Editor's Comment
Geologists- Senior and Junior Positions
Gryphon Minerals is aggressively growing its world class Banfora Gold Project in Burkina Faso, West Africa.
Mining and Metals Opportunities - Hatch
Mining and Metals Opportunities in London and Globally: Senior and junior roles.
Minerals Geoscientist Vacancy - Neftex
Do you want to help develop the world’s most detailed commercially-available 4D Earth Model to support the mining majors?
Opportunities for Senior & Principal Level Consultants - SRK
Professionals needed for central Moscow office.
Senior Hydrogeologist - Schlumberger
We need you in Australia or Canada
Mining Journal is looking to employ a full-time member of staff in British Columbia
Comments