SYDNEY, Jan. 30 (Xinhua) -- Australian mining outfit Oz Minerals confirmed on Monday that it reached its copper output targets for the current year, and raised its projected production for the next two years.
Oz said during the December quarter, 29,758 tonnes of copper came out of their mines, resulting in a year-end total of 116,882 tonnes.
The result came despite a 15-day electricity blackout at their main operation at Prominent Hill in South Australia, which shut down their production during that period.
The miner said it will reach its production range of 105,000 to 115,000 tonnes for 2017, and is hoping to increase its output over 2018 and 2019, by 30,000 metric tonnes.
Gold production was also up for the miner, with a 13-percent increase on the previous quarter.
Andrew Cole, chief executive of Oz Minerals, said the company's increased production has led to a stronger position moving forward.
"The company's cash position is robust and grew 29 percent quarter-on-quarter to 656 million dollars. We continue to take a rigorous approach to capital discipline with C1 costs for 2016 within our guidance range and annual procurement cost savings of more than 40 million dollars achieved." Cole said.
The mine life of their primary Prominent Hill site has also been extended to the year 2028, due to a 40-percent increase in reserves being discovered.
