OZL released strong June Q results with group production of 24.6kt Cu and 68.7koz Au at an all-in sustaining cost (AISC) of US$0.51/lb (+21% Cu, +24% Au and -33% AISC QoQ). On the back of a strong first half, the Company has upgraded CY20 production guidance at Carrapateena and Prominent Hill and reduced cost guidance for all assets. OZL moved into a net cash position during the quarter, after generating ~$104m free cashflow. The Company has strong momentum with rising copper and gold prices and the delivery of value accretive growth options, such as the recent Carrapateena block cave PFS. BUY recommendation maintained with a revised target price of $14.40ps (from $10.60ps).
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