OZL - Citi rates the stock as Buy
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The company plans to commission a new high voltage line to its Prominent Hill and Carrapateena mines. This will travel parallel with the existing line owned by BHP ((BHP)) which OZ Minerals will stop using in August 2020. Citi observes the announcement goes some way to clarifying a key risk to the company's SA copper production.
Part of the new construction includes a connection to the SolarReserve Aurora thermal power array and Citi notes the company clearly expects renewables to be part of the future supply arrangement.
Citi maintains a Buy rating and $11.10 target.
Target price is $11.10.Current Price is $9.40. Difference: $1.70 - (brackets indicate current price is over target). If OZL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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