OZ Minerals will develop the West Musgrave copper-nickel project in Western Australia at a cost of -$1.7bn, though Morgan Stanley suggests there may be further capex inflation, given the current environment.

The Equal-weight rating and 23.10 target are unchanged. Industry View: Attractive.

Sector: Materials.

Target price is $23.10.Current Price is $26.50. Difference: ($3.40) - (brackets indicate current price is over target). If OZL meets the Morgan Stanley target it will return approximately -15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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