OZ Minerals cuts guidance

qMiner downgrades copper forecast despite record September quarter volumes.

OZ Minerals (OZL) has lowered its full-year copper production guidance despite reporting record volumes during the September quarter.

In the three months to September 30, OZ Minerals mined 17,390 tonnes of copper and 28,177 ounces of gold.

The group revised down its 2013 production target to around 70,000 to 75,000 tonnes of copper in the year.

OZ Minerals in March forecast 2013 production of 82,000 to 88,000 tonnes of copper.

The miner's cash costs were $US2.058 per pound, with unit mining costs in the open pit decreasing by 8% with higher mining volumes.