OZ Minerals Swings to First-Half Profit on Mine

OZ Miphilippine used ore crusher for salenerals Ltd., an Australian gold and copper producer, swung to first-half profit, benefiting from full output at its A$1.2 billion ($1.06 billion) Prominent Hill mine. Net income was A$405.7 million in the six months ended June 30, from a loss of A$585.6 million a year ago, Melbourne-based OZ Minerals said today in a statement.

The company reported last year’s loss following the sale of $1.6 billion of mines. Prominent Hill, which started in May last year, produced 60,145 metric tons of copper and 90,821 ounces of gold in the half, accounting for sales of A$589.9 million. Copper prices in London averaged 75 percent higher in the half, from a year ago. Profit, excluding a one-time gain for the reversal of an impairment charge of A$141.1 million, was A$230.5 million, OZ Minerals said. It had cash of A$1.43 billion, an increase of A$356.3 million, the company said in a presentation. OZ Minerals rose 1.2 percent to A$1.245 at 10:53 a.m. Sydney time on the Australian stock exchange. It will pay a dividend of 3 cents a share...