First quarter copper production was in line with expectations and boosted by higher gold production and lower cash costs.
Macquarie continues to be disappointed with the output at Antas and makes material cuts to its forecasts for the mine ahead of the updated guidance, due in the second quarter. Carrapateena remains on track for commissioning in the fourth quarter of 2019.
The broker maintains an Outperform rating. Target is $12.30.
Sector: Materials.
Target price is $12.30.Current Price is $10.52. Difference: $1.78 – (brackets indicate current price is over target). If OZL meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
