PERTH – Takeover target OZ Minerals has seen net profits after tax for the 2022 financial year fall by 323.4% to A$207.3-million, while earnings before interest, taxes, depreciation and amortisation fell by 469.7% to A$692.7-million.
An extreme weather event during the first quarter and isolated conveyor belt failures at Carrapateena led to an increase in mining costs with repairs to the Western Access Road and repairs to the materials handling system. The impact of the downtime was partially offset by reduced power usage and running costs, together with opportune maintenance scheduling.
“In 2022 we continued to invest in our growth projects with expansions advancing at Carrapateena and Prominent Hill and final investment approval to develop our fourth operating asset, the West Musgrave copper/nickel project in Western Australia,” said Cole.