OZ Minerals is a significant producer of copper and gold from the Prominent Hill open pit mine located in South Australia. The mine commenced production in the first quarter of 2009.
The company has a substantial cash balance and is debt free.
Summary
Headquarters – Melbourne, Australia
Stock Exchange listings
- Australia (stock code: OZL)
- US Level 1 ADR code – OXFLY
Indices
- S&P ASX 100 Index
- MSCI World Index within the Australian Standard Index
Issued share capital
As at 17 January 2012
- 314,371,850 ordinary shares*
- 100,000 unlisted options
* Number of shares will be updated on a regular basis during the duration of the on-market share buy-back.
Capital management program
OZ Minerals completed a $390 million capital return and a 1 for 10 share consolidation in June 2011. For detailed information and a list of frequently asked questions read the capital return and share consolidation page .
On 21 June 2011 OZ Minerals announced an on-market share buy-back program of up to the equivalent of $200 million. The buy-back will commence over a period of twelve months from 17 August 2011.
Primary Activities
- Prominent Hill copper-gold mine in South Australia which began first production in February 2009.
- Carrapateena copper-gold advanced exploration project in South Australia.
- A range of equity investments in listed resource companies.
- Exploration activities in Australia and Cambodia.
Production
Copper production for 2011 was in line with guidance of 100,000 tonnes to 110,000 tonnes of copper and 150,000 ounces to 160,000 ounces of gold. Copper production for 2012 is maintained at 100,000 tonnes to 110,000 tonnes of copper with gold production expected to be between 130,000 ounces and 150,000 ounces of gold contained in concentrates.
|
2010 |
2011 |
| Prominent Hill |
| Copper |
112,171t |
107,744t |
| Gold |
196,400oz |
160,007oz |
| Silver |
615,835oz |
612,903oz |
|
|
* Production numbers are for contained metal.
View recent production results
Reserves and Resources
Click here to view OZ Minerals Resources and Reserves Statements
Financial information
Financial summary
|
First half 2011
(A$m) |
First half 2010
(A$m) |
| Revenue |
632.7 |
589.9 |
| Operating Earnings Before Interest Depreciation and Tax |
331.1 |
398.2 |
| Operating Earnings before Interest and Tax |
247.8 |
331.4 |
| Underlying profit after tax |
189.1 |
230.5 |
| Impairment |
(15.2) |
141.1 |
| Litigation settlement expense |
(60.0) |
- |
| Discontinued operations |
|
34.1 |
| Statutory profit |
113.9 |
405.7 |
| Cash flows from operations |
388.3 |
362.8 |
| Dividends and capital return |
518.1 |
- |
| Underlying profit per share |
58 cents |
74 cents |
|
|
As detailed in the commentary below, major variances in the 2010 and 2011 results are:
- A reversal of impairment gain of $141.1 million (tax effected) in 2010 which did not occur in 2011;
- Foreign exchange losses of $32.7 million in 2011 compared to gains of $40.8 million in 2010;
- Impairment of Toro Energy Limited investment, expense of $15.2 million in 2011;
- Litigation settlement expense of $60 million in 2011;
- Gain from discontinued operations of $34.1 million in 2010.
OZ Minerals balance sheet - summary
|
30 June 2011
$m |
31 December 2010
$m |
| Assets |
|
|
| Cash |
905.6 |
1334.2 |
| Investments and exploration assets |
513.3 |
316.2 |
| Property, plant & equipment |
1245.1 |
1288.1 |
| Other |
446.8 |
448.4 |
|
| Total Assets |
3110.8 |
3386.9 |
| Liabilities |
|
|
| Creditors |
147.4 |
64.6 |
| Other |
112.8 |
31.3 |
| Total Liabilities |
260.2 |
95.9 |
| Net Assets |
2850.6 |
3291.0 |
OZ Minerals Merger Information
OZ Minerals was formed in 2008 through a merger of Oxiana Limited and Zinifex Limited. Below is some information to assist with tax purposes.
Merger implementation date: 1 July 2008
Share ratio: Zinifex shareholders received 3.1931 Oxiana shares for each 1 Zinifex share
VWAP for Zinfiex shareholders: $2.5624.(1 July 2008)
For more information please refer to ASX Release announcement: Market value of Oxiana shares for Zinifex shareholders – 4 July 2008
Related Information