OZM

Diversified mining company, Oz Minerals (ASX:OZL) have announced that it will reverse an impairment charge of $201.1 million which does not form part of operating earnings and is a non-cash adjustment. The action will increase net profit after tax for the upcoming half year net profit after tax reports due for release on August 25.

Oz Minerals (OZM) has released information that it expects gold production to increase over the period to 2012 while production costs expected to fall due to increased production. The company's shares jumped almost 4 percent on the announcement by Terry Burgess, the Chief Executive of OZM.

The company expects gold production to rise from previous guidance of between 80,000-90,000 ounces to 110,000-120,000 ounces a year. Copper guidance over the same period was unchanged at 100,000-110,000 tonnes a year.