Carrapateena produces saleable copper

MINING: Aerial view of Carrapateena site. Photo: Oz Minerals
MINING: Aerial view of Carrapateena site. Photo: Oz Minerals

Oz Minerals' copper-gold project, Carrapateena, has produced its first saleable copper concentrate with plans for an operational ramp up.

The much-anticipated milestone was achieved at the end of last year, with shares rising more than two per cent to $10.88 in afternoon trading following the announcement.

OZ Minerals chief executive Andrew Cole said the milestone: "Represents the collaboration, support and hard work of a great many people including our operations and construction teams and the large number of contractors involved."

Mr Cole also commended the efforts of all involved in developing Carrapateena

"Today's milestone represents the collaboration, support and hard work of a great many people including our operations and construction teams and the large number of contractors involved.

"We have been privileged to have the support and direct contribution from the traditional owners, the Kokatha people, and our pastoralist neighbours, as well as from a great many individuals and businesses in the Upper Spencer Gulf and elsewhere in South Australia."

The SA miner is now undertaking a block cave expansion scoping study to increase the life and production capacity of Carrapateena from 2025.

"Exploration also continues around Carrapateena to improve our understanding of the broader province potential."

Production for 2020, as the ramp up progresses, is expected to be in the range of 20,000 to 25,000 tonnes of copper and 35,000 to 40,000 ounces of gold.

Longer term and more detailed guidance will be released with the fourth quarter report at the end of this month.