The OZ Minerals Limited (ASX: OZL) share price is up 9.51% since announcing the company has commenced work on phase one of the Carrapateena copper-gold project following approval from the South Australian Government last Friday.
OZ Minerals is an Australian based mining company with a focus on copper and gold. OZL owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold mines in South Australia.
The project will be funded from cash on hand and current cash flow from the company's existing Prominent Hill mine without the need for debt.
Oz minerals has a strong balance sheet and is confident in the demand for copper due to its importance as a vital component in electronics, appliances and electric cars.
The company announced Net Profit After Tax of $80.6 million for FY2017.
