OZ Minerals shares plummet; Hockey lets slip $550 billion debt expectation: Midday Roundup

Oz Minerals shares have dropped to near 13 year lows, trading as low as $2.11 in early trade, as the company announced production forecasts for 2014 are expected to be under market predictions.

The company’s shares fell significantly after the announcement this morning, as it was revealed gold, copper and other resource reserves from the Prominent Hill’s mines had not increased.

The shares had regained some ground to $2.58 at 11.54am AEDT, but this was still 16.5% down on last night’s close.

There have since been suggestions the Prominent Hill mines could close by 2018.

Hockey lets slip $550 billion debt expectation

Federal Treasurer Joe Hockey has “let slip” a higher than expected $550 billion figure for peak public debt, The Age reports.

Peak public debt will be revealed on Tuesday next week when Hockey releases the Mid-Year Economic and Fiscal Outlook.

He said in a speech to Parliament yesterday the Coalition had inherited “endless deficits, debt that exceeds half a trillion dollars and…an economy with falling terms of trade”.

Shares fall on open

Aussies shares have dropped on open, following losses in the mining and health care sectors.

The S&P/ASX200 benchmark was down 19.2 points to 5124.4 at 11.59am AEDT. Overnight the Dow Jones closed 52.40 points lower, down 0.33% to 15,973.13.

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