oz minerals in no hurry to spend money

Cashed up OZ Minerals Ltd says it is not in any rush for acquisitions because its newly reshuffled board is yet to complete a strategic review to provide the copper and gold miner with a growth plan.

OZ Minerals has $US800 million ($A951.9 million) in the bank after debt refinancing issues forced a sell-off of most of its assets to China Minmetals Non-ferrous Metals Co Ltd, with the exception of the Prominent Hill mine in South Australia.

"We have a healthy cash balance and I think it is very important for me to say this isn't going to burn a hole in our pocket," chief executive Terry Burgess, who officially started work with the miner this week, said.

"We are certainly in no hurry to do anything," Mr Burgess told the annual Diggers and Dealers conference in Kalgoorlie on Wednesday.

"The right opportunity must come at the right time and in the right area.

"The immediate focus we have is making sure Prominent Hill delivers what we said it would deliver."

Mr Burgess said he had not yet had the chance to talk about strategy with the board and hoped the review would be complete in about 100 days.

Mr Burgess, a self-described gold bull, said the outlook for the copper price was positive amid tight supply, as production at many mines is falling short of forecasts while discoveries are scarce.

He said the company had 17 exploration targets within a 4,0000 square kilometre area at Prominent Hill, which was producing the world's highest concentrate grade copper at more than 50 per cent.

The copper price hit about $US9,000 a tonne in mid 2008 but fell below $US3,000 a tonne in December. It is currently around $US5,917 a tonne.

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