Mining Profits...Investing In Industrial Metals

Oxiana Ltd., the fastest growing of Australia's 10 largest mining companies, said third-quarter copper production was 20,073 metric tons and zinc output was 21,482 tons.

Total output of gold was 58,829 ounces in the three months ended Sept. 30 from its Sepon mine in Laos and Golden Grove mine in Australia, Melbourne based Oxiana said today in a statement to the Australian Stock Exchange.

Oxiana spent $271 million expanding and buying copper and zinc mines in Laos and Western Australia last year, which helped drive a 14-fold increase in first-half profit. About 48 percent of its full-year earnings are forecast to come from copper and 45 percent from zinc, Merrill Lynch & Co. said Aug. 24.

``Production was focused on copper,'' at Golden Grove during the quarter, with ``strong development performance,'' Oxiana said in the statement.

Silver production was 580,925 ounces in the quarter, the company said.