OZ Minerals CEO Set to Leave, Seeking Partner, Acquisitions

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OZ Minerals is “under pressure to grow and seeking acquisitions, said it will look for a new chief executive after reporting a full-year loss on Wednesday, sending its stock up 13 percent,” reports Reuters.

“OZ Minerals said it was also in talks to find a joint venture partner to take a leading role in developing its next big project, Carapateena in South Australia, as output declines at its sole producing mine, Prominent Hill.”

“Chief Executive Terry Burgess, who has led the company for the past five years, said he planned to stay on for up to a year to ensure an orderly transition.”

“He joins a growing list of chief executives who oversaw operations during a decade-long mining boom but lost their jobs amid restructuring to adjust to weakening minerals prices.”

In metal price news for copper…

On Tuesday, February 11, the day’s biggest mover was the price of Chinese copper wire, which saw a 1.3 percent decline. This was the first move after three changeless days. After three straight days of no change, the price of Chinese copper bar decreased by 0.7 percent. The cash price of Chinese copper moved on Tuesday. After a few changeless days, prices dropped 0.7 percent. The price of Chinese bright copper scrap remained essentially flat.

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The price of US copper producer grade 122 flattened after two days of improvement. The Japanese copper cash price held steady yesterday. The price of US copper producer grade 102 steadied following two-days of increases. Following a two-day rise, the price of US copper producer grade 110 flattened.

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On the LME, the copper 3-month price remained essentially flat at $7,157 per metric ton. The cash price of primary copper ended a two-day climb, settling at $7,200 per metric ton on the LME.