I was a buyer at the open. Here is the PRIMARY reason why...
We are hoping that Oxiana will produce 30,000 tonnes of copper this year. Here is what Owen Hegarty has said today...
"We are gradually ramping up the operation and we expect to reach 5,000 tonnes a month...by the end of the year"
[SCD: that is equivalent to 60,000 tonnes per year]
"The production ramp up is on target...we are doing better than 50% of capacity"
[SCD: we can therefore reasonably assume that OXR is currently achieving approx 3,000 tonnes per month (or 9,000 tonnes in the current quarter) which is bang on schedule.
Remember that Oxiana is producing copper at a margin of 375% so it is in copper that they are making their really big margin.
OXR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
