OZ Minerals Ltd (ASX:OZL) says it is working around the clock to identify opportunities to add more copper assets to its portfolio.
In a presentation to the Sydney Mining Club on Thursday, Managing Director and CEO Terry Burgess said the copper and gold miner has already looked at three to four projects in detail, and made some non-binding offers.
Mr Burgess said the company is preferably looking for projects with the ability to deliver a second source of production in the near-term.
He advises that Oz Minerals is taking a long term view, by keeping the pipeline stocked for the next 10 to 20 years.
At the beginning of July Oz Minerals spent $100 million for a 19.9% stake in the DeGrussa copper mine in Western Australia.
Mr Burgess says the miner still has quite a bit of cash in the bank for more acquisitions.
OZ Minerals reported a loss of $517.3 million for the year ending 30 December 2009.
OZL Price at posting:
$12.25 Sentiment: None Disclosure: Held
