Good to see OZL making a very large profit this year after being subjected to a barrage of criticism over the past year by Australia’s brokers. They have a lot of cash and now a very handsome profit…. I hold the 2012 options and I am not missing Owen!

AAPress story

Oz Minerals Limited says it has returned to a sound financial position after reporting a full year $586.9 million net profit after tax for calendar year 2010.

The result follows the first full year of operations at its copper and gold mine and follows a $517.3 million loss for the corresponding period in 2009.

Revenue at the Prominent Hill mine in South Australia jumped 85.4 per cent $1.128 billion from $608.5 billion for 2009.

The company had a cash balance of $1.334 billion at December 31, 2010.

The company said its outlook for 2011 was for gold production to be maintained at the previous year’s levels and for copper to drop slightly.

Oz Minerals produced 112,171 tonnes of copper in 2010 and 196,400 ounces of gold.

It predicted gold production in 2011 would be between 185-205,000 ounces, while copper would drop to 100-110,000 tonnes.

The company proposed returning almost $390 million to shareholders (12 cents per share) and a one-for-10 share consolidation shareholders will vote on.

It also signalled plans for a $200 million share buyback.

Oz Minerals paid a dividend of seven cents per share, for a total $223.1 million, dividend in 2010.

http://www.australian-shares.com/mining/OZL