At the end of the year, OZ Minerals had as its sole operating asset the Prominent Hill operation in South Australia, which had completed a very successful first year of production, it had a cash balance of $1.1 billion, minimal debt and a new growth strategy.
OZ Minerals Prominent Hill operation had a highly successful ramp-up during 2009. When examining the performance of Prominent Hill alone, revenues of $608.5 million and a net profit after tax of $202.6 million were returned for the eight months subsequent to the completion of the commissioning period.
When considering these results, it should be noted that major changes occurred within OZ Minerals during the current and prior years. The periods ended 31 December 2008 and 31 December 2009 are not directly comparable as a result of the acquisition of Zinifex by OZ Minerals in July 2008 and the sale of the assets to Minmetals and CST in June 2009.
OZ Minerals’ consolidated results for the year were a net loss after tax of $(512.4) million after including the impact of the $(543.7) million loss incurred on the operations sold, together with costs associated with refinancing and foreign exchange losses.
| Consolidated entity results | 12 months ended 31 December 2009 |
12 months ended 31 December 2008 |
Movement $m |
Movement % |
|---|---|---|---|---|
| Revenue from continuing operations – $m | 608.5 | – | 608.5 | n.a. |
| Revenue from discontinued operations – $m | 764.9 | 1,218.4 | (453.5) | (37) |
| Consolidated revenue – $m | 1,373.4 | 1,218.4 | 155.0 | 13 |
| (Loss) after tax attributable to equity holders of OZ Minerals Limited – $m | (517.3) | (2,501.7) | 1,984.4 | (79) |
| Net tangible assets per share – cents | 82.2 | 103.3 | ||
| Dividends paid on: | Cents per share | Record date | ||
| 29 September 2008 | – | 156.1 | 5.0 | 3 September 2008 |
| 9 April 2008 | – | 61.8 | 4.0 | 19 March 2008 |
