OZ Minerals set to release details of strategic review

OZ Minerals will release details of its strategic review later this month.

The company first announced plans for the review in January, after announcing it would move its HQ from Melbourne to Adelaide.

Oz Minerals CEO Andrew Cole said the company needed to ‘reshape’ itself to meet the challenges of a changing resource sector.

Cole, who took over as top boss on December 3, told a mining conference in Adelaide yesterday that details of the strategic plan would be revealed shortly.

“We are looking at improvements right across the business, including operating efficiencies and operating costs and examining our operating options for the future,” Cole said.

“In the current climate, the challenge is to build long-term real underlying value, in an environment increasingly fixated on very short term gains.

“We are faced daily with headlines of falling commodity prices and volatile market sentiment.”

Cole said he would not pre-empt the review’s outcome, but said it was designed to unlock the company’s long-term value.

In March, Oz Minerals agreed to the sale of the 19.1 per cent stake in Sandfire Resources at $4.20 per share, a 1.75 per cent discount on the market price at the time, with the value of the sale estimated at $125 million.

The stake in Sandfire was bought for $100 million in 2010, according to the West Australian.

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