Home' InDaily : January 29th 2010 Contents OZ MINERALS (OZL)
Full year production from OZ Minerals Prominent Hill
Mine, located in northern South Australia, of 96,310t
of contained copper and 75,535oz gold, exceeded the
company's guidance range.
Production for 2010 to 2012 is forecast at 100,000 to
110,000t of contained copper and 80,000 to 90,000oz
gold per annum. C1 cash costs forecast at US85c/lb to
US95c/lb for 2010 (current copper price US$3.25/lb).
We are encouraged by the near mine drilling which
confirms extension of mineralisation beyond the current
pit design. Additionally exploration for more in the
surrounding tenements has stepped up. Also good gold
and copper results from drilling at the Okvau prospect
in Cambodia have been reported.
With a strong cash position, a performing mine and
an extensive exploration program OZ Minerals is well
positioned going forward.
Sharebrokers and Investment Advisers
Telephone (08) 8217 3900
Warning (General advice only): Past performance is not a reliable
indicator of future performance. The recommendation in this
advertisement is made without reference to its appropriateness to
your investment objectives, financial situation and par ticular needs.
Before acting on this general advice, you should discuss with your
investment adviser the appropriateness of this recommendation to
your own specific circumstances.
January 29 - February 4, 2010
The Independent Weekly
At 18, Sam Fielding knows
exactly what he wants
to do. At 49, Kevin Foley
does not, and 47-year-old
Steven Griffiths has the
least clue of all.
Sam graduated from Sacred
Heart College last year, with good
grades in physical education,
home economics, maths and
vocational studies. He s now
working part-time at Subway. If
he has dreams of home owner-
ship, he has many more sleeps
before they come true.
Kevin Foley quit Royal Park
High School at 16, and he s now
ruling an economy that controls
whether Sam gets a full-time job
and is ever able to afford his own
house. And Steven Griffiths wants
Kevin Foley s job.
Griffiths task is all the more
difficult because although he is
shadow treasurer, his Liberal
Party had little idea until
yesterday afternoon about how to
frame its manifesto for the March
election. This was not Griffiths
fault. Foley had played dirty
politics to foot-fault Griffiths and
the Opposition. The Treasurer
deliberately stalled until yester-
day to release financial data -- data
already available to the Treasurer
since last year -- that the Liberal
Party needs to write its election
"We wanted to include the
latest information," Mr Foley
said in explanation for the delay
yesterday, and he sounded as
though he believed himself.
Every year, the state Budget sets
out how much government earned,
how much it will earn, how much
it will borrow, and where it will
spend your taxes. The mid-year
budget review sets out whether
we re on track or off the rails.
The figures show the State
economy is looking better now
than it did 12 months ago. The
Budget predicted a huge drop-off
in GST revenues because of the
financial melt-down. Treasury
figures now say GST will be
higher than expected because the
melt-down didn t go sub-zero.
In other words, the Treasurer
and Shadow Treasurer have
more money to play with -- and to
spend on election promises. There
is still a budget deficit of $174
million, but that s much better
than the $304 million predicted in
The State Government will
earn or collect $606 million more
than it expected, due mainly
to another Treasurer -- Wayne
Swan -- whose federal Labor
Government provided the
economic stimulus which pulled
SA and other States out of the
For Mr Foley, though, the best
news is probably the comparison
between SA and the national
economy. The State is growing
a full per cent faster than the
And the good news is that
primary production, like wheat
and barley, is growing too. SA has
reaped what it has sown with, the
review says, higher than average
rainfall and ideal weather although
irrigated horticulture continues to
suffer "challenging" conditions.
But if you re looking for a job,
you re better off leaving the State.
There will be zero employment
growth here, says the mid-year
review, compared with a small but
significant growth nationally.
Like the Liberals, Labor
will announce its full election
policies just a week or so before
polling day, giving voters minimal
time to assess the details. On
the economy, though, South
Australians can judge the parties
by their past performance.
The Liberal s most recent
The economy and the
Nothing is more crucial in this election than the
economy. Labor and Liberal are now working on a plan to
win your vote. In the first of a series of special election
reports, Hendrik Gout looks at the state of the State.
Grain har vest: the
best year since
2001 puts bread
in Labor s basket.
Photo: Angela Wylie
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