OZ Minerals

Copper and gold mining company, Oz Minerals (ASX:OZL), have released its full year profit results for FY 2012 to the Australian stockmarket.

• Oz Minerals Net Profit was $152 million, down 44 percent from $274.5 million.
• OZM revenue fell 11.7 percent to $985.7 million from $1.1 billion.

OZ Minerals (ASX:OZL) has agreed to settle two class action suits for $60 million, with the amount to be taken from its net profit this year. The $55.1 million settlement payment added $4.9 million in costs, all to be taken out of OZ's cash reserves.

South Australian mining company OZ Minerals (ASX:OZL) says it still anticipates to hit its full-year forecast target for gold despite a 23 percent production decline in the March quarter.

The company said, "While total gold production was lower this quarter, higher grades expected in the second and third quarters are expected to see production achieve forecast levels for the year of 185,000-plus oz of gold."

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.

OZ Minerals (OZL) sold most of their mining assets to China's state owned Minmetals Nonferrous Metals Co. last year at US$1.35 billion. The Australian subsidiary of Minmetals, MMG (Minerals and Metals Group) announced that the company earned a net profit of US$180 million in 2009.

China Minmetals, one of the largest metal traders of China is looking forward to expand its network in Australia and currently continuing open dialogue with the Government after it came up with a $US1.3 billion worth of rescue package for OZ Minerals (OZL), a metal mining and exploration Company that primarily focuses on the production of zinc, copper, lead, gold and silver.

Arrow Energy (AOE), one of the major coal seam gas producer and explorer with a current market capitalisation of $2512.1 million was the worst performer in the ASX100 list for the week. The company lost 12.7 percent or 50 cents to its stock price and was closed for the week at $3.43.