Higher copper prices drive Oz Minerals profit

Copper/gold miner Oz Minerals has reported a 150% increase in aftertax net profit for the year ended December, on the back of higher copper prices and increased production.

Net profit for the 2021 financial year increased to A$530,7-million, up from A$212.6-million reported in the 2020 financial year, while net revenue increased from A$1.3-billion to A$2-billion in the same period.

Earnings before interest, tax, depreciation and amortisation increased from A$606.3-million to A$1.1-billion, with earnings a share increased from 65.2c to 159.6c.