OZ Minerals targets copper

OZ Minerals managing director Terry Burgess yesterday told shareholders the company would focus its efforts on maximising copper production and investing in new assets in 2010.

OZ Minerals managing director Terry Burgess yesterday outlined the company’s strategy for next year, which includes maximising its copper output and new exploration campaigns.

According to Burgess, the company has a ‘five pillar’ plan to focus on copper production; maximise the potential of existing assets; build a project pipeline; invest in exploration; and maintain disciplined capital management.

The strategy also includes an overarching commitment to “zero harm” of the environment and the company’s employees.

“We are a well positioned company and have a great opportunity to take the business forward,” Burgess told investors in Melbourne and Sydney via a webcast.

“We are committed to implementing our strategy to grow the company and to add value for our shareholders.

“Our overriding goal is to achieve superior returns in the resources sector measured by Total Shareholder Returns over the medium term.”

According to Burgess, the company will target a higher mill throughput at its Prominent Hill copper-gold operation in 2010, now that the production ramp-up has been completed.

“Good progress has been made on the underground feasibility study at Prominent Hill and, with a positive outcome and board approval, we plan to fast track development to maximise value from the asset,” he said.

“Significant value can be achieved for shareholders from exploration success in the region around Prominent Hill.

“Therefore we are prepared to make a substantial investment in both people and financial resources on exploration in this area.”

OZ also yesterday announced a joint venture agreement with IMX Resources to explore the Mt Woods tenements, located near Prominent Hill.

The company believes these areas are highly prospective for copper and gold mining.

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