OZ Minerals: Interim result 2014

Headline numbers seemed ok but a deeper look left us disappointed. Gaurav Sodhi laments what could have been for this once mighty miner.

At first glance, OZ Minerals' half-year result appeared fine. Fuelled by higher gold production and higher copper prices, revenue rose 11% to $351m; lower operating and exploration costs helped earnings before interest, tax, depreciation and amortisation  (EBITDA) climb 144% to $122m; the company carries $155m of net cash on its balance sheet and paid an interim dividend of 10 cents per share (unfranked, ex date 9 Sep).

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