Comsec provide GS commentary - this is the opening para -

OZ Minerals Ltd. (OZL.AX): 3Q22 result: Increases cost guidance again, West Musgrave sell-down progressing; Neutral

24 October 2022 | 8:12PM AEDT

OZL reported a weak 3Q with lower than expected copper (Cu) & gold (Au) production of 30kt/56koz (-13%/-5% vs. GSe). Unit costs declined QoQ to US129c/lb (from US143c/lb); however, OZL has increased C1 cost guidance for 2022 again, to US120-135c/lb (from US105-120c/lb) due to ongoing cost inflation, and downgraded gold production guidance to 203-220koz (from 208-230koz) on lower head grades and stockpile sequencing. Based on production and cost performance YTD, we think it will be difficult for OZL to achieve cost guidance for the Carrapateena mine, and we note that there have been further delays to underground development (crusher #2). During the Q, OZL released the FID for the West Musgrave Cu & nickel project (GSe NPV A$1.84bn vs. OZL A$1.5-2.2bn), and is progressing a potential minority sell-down along with a PFS on a downstream nickel processing plant producing mixed hydroxide precipitate (MHP) due for completion in 4Q 2022. There was no update on BHP's (Buy) recently submitted non-binding indicative proposal to acquire all shares in OZ Minerals (OZL.AX, Neutral) for A$25.00/sh in cash via a scheme of arrangement.