Oz Minerals CEO Andrew Michelmore predicts demand for commodities for the mid- to longer-term remains optimistic despite the current global economic crisis.
“I am not going to play down the current financial crisis and the impact that this will have on the global economy. We are in for some tough times,” Michelmore told delegates from the Australian – British Chamber of Commerce on Friday.
“However, I think the impact is going to be felt more keenly by OECD countries.” Michelmore said countries like China would more than likely feel the impact of the financial crisis, causing the economies to slow.
The company’s newly acquired Avebury mine on the West Coast of Tasmania recently delivered its first nickel concentrate to market in August, representing the first step in further diversifying the company’s commodity base.
Prominent Hill is currently being commissioned and is on track for first production by the end of the year. When in full swing, it will more than double OZ Minerals’ copper production.