Australian copper and gold mining firm OZ Minerals Ltd. said annual gold production will exceed earlier forecast by 10 percent based on third-quarter output rose to 51,451 ounces as of end-September.

In a report to the ASX, OZ Minerals said this Q3 output is higher by 144 percent compared to the 21,091 ounces produced during the same period last year.

The mining company based in Melbourne said that its Prominent Hill mine produced better at 185,000 ounces this year, the statement indicated.

Gold production output rise can be further credited to its mined softer ore.

Production of copper, on the other hand, declined by 5 percent, but still within its full-year forecast of 100,000 tons to 110,000 tons.

According to a related Bloomberg report, OZ Minerals has a cash balance of $1.43 billion as of June 30 and targets to acquire more copper assets to create a second source of production.

The increase in production happened in spite the three plant shutdowns, with only one planned, OZ Minerals said in the same statement.

"The plant performed for extended periods at 20 percent above design capacity," it said.

Recoveries of the copper ore increased by an average 89.2 percent amidst falling copper head grade.