OZ Minerals Limited (ASX: OZL) is up 1.7% in trade today after releasing its third quarter report for the three months to September 2017.
The company's Prominent Hill mine had a strong quarter, with production of 28,880 tonnes of copper and 29,264 ounces of gold.
An optimised mine plan has been identified and implemented to accelerate mining of the open pit and bring forward its closure to Q1 2018 from mid-2018, hence the open pit unit mining cost guidance has been revised downwards to $7.00-$7.25 from $7.25-$7.75, which will save the company around $10 million over the remaining pit life.
The underground mine performed strongly with production up 15 per cent and unit costs 21 per cent lower than the prior quarter.
OZ Minerals Limited is an Australia-based mining company with a focus on copper. It owns and operates the Prominent copper-gold mine and the Carrapateena copper-gold mines in South Australia.
The company recently announced it has started phase one of The Carrapateena project and it has made considerable progress with key contracts finalised and orders placed for long lead items associated with the plant.
