Stock picks – Oz Minerals (OZL)
OZ Minerals is an Australian based copper miner which owns and operates the Prominent Hill mine in South Australia. It is also listed in the top ASX 200.
OZL has reported a 12% quarterly drop in copper output, and an 18% jump in gold output, for the 2Q10.
OZL also saw cash costs fall to 39.8 US cents per pound, from the previous quarter’s 57.4 cents per pound.
As a result, OZL lowered its FY10 cash cost guidance to US70c/lb – US80c/lb, from the previous US80c/lb – US90c/lb.
OZL has been a hot stock, surging strongly since the beginning of July from 95 cents to over $1.15. It last closed at $1.13.