OZ Minerals chief executive Andrew Michelmore today said the perceived commodities slowdown was not based on fact, and the market was responding in an "emotional" way.
Mr Michelmore said OZ Minerals had not had any contracts cancelled, or witnessed reduced demand for its products.
Concern has grown in the mining industry that demand for commodities has slowed, and some junior players have rescheduled operations.
Speaking to OZ Minerals’ third-quarter report today, Mr Michelmore said the miner has not witnessed less demand for its products.
“The market is not as gloomy as it is being portrayed. All our customers still want and need the products and no one has cancelled contracts,” he said.
OZ Minerals’ Sepon operation in Laos delivered 17,546 tonnes of copper in the third quarter despite heavy rains.
Sepon produced 22,190 ounces of gold and the diversified miner said it was on track to meet full-year guidance for gold and copper output at the Laotion project.
The miner’s Golden Grove operation in Western Australia delivered 23,778 tonnes of zinc and 6692 tonnes of copper.
OZ Minerals said it was likely to meet the revised full-year production guidance for Golden Grove.
At the Century mine in Queensland, 129,241 tonnes of zinc were produced, along with 17,846 tonnes of lead, and cash costs had run at US61 cents per pound.
The miner said construction of Prominent Hill copper mine in South Australia was nearly complete and the processing plant was likely to be commissioned in the fourth quarter, as forecast.
OZ Minerals shares rose 4.23 per cent, gaining 4 cents to $1.11 in an Australian market that had gained 1.8 per cent.
