Following a three-month strategy review, Oz Minerals revealed it will focus on growing its business by acquiring high value copper assets.
The company also said it would look to expand its search criteria to gold and other base metals where core capabilities are easily transferable, and reduce costs by having a new, flatter corporate team.
Oz Minerals’ CEO Andrew Cole said the company would become a leaner, highly agile and decisive company focused on creating growth and long-term value.
“We have, and will continue to make changes across the entire business from a position of operational and balance sheet strength. Our new strategy will touch every part of our operation and demand a new way of working,” Cole said.
“Changes in the resources cycle bring opportunities and this strategy is about ensuring we have the foundation and appropriate culture and discipline to capitalise on those.”
The completion of the review comes as OZ Minerals announced its first-quarter production results.
The production of 31,160 tonnes of copper and 32,874 ounces of gold in the quarter sets a robust foundation to deliver 2015 guidance of 110,000 to 120,000 tonnes of copper and 100,000 to 110,000 ounces of gold
C1 cash costs of production for the quarter were US63.2 c/lb. Costs were lower than the previous quarter (US83.0 c/lb) due to lower underground costs, higher copper production and a lower Australian dollar, partially offset by lower by-product credits from lower gold production.
Open pit mining unit costs were $5.77 per tonne mined for the quarter, reflecting a reduction in material movement using less equipment.