OZ Minerals is Australia’s third largest diversified mining company, it's the world’s second largest producer of zinc, a substantial producer of copper, lead, gold and silver. OZ Minerals was formed in 2008 through a merger of Australian based, international mining companies Oxiana Limited and Zinifex Limited.
Summary
Headquarters – Melbourne, Australia
Stock Exchange listings
- Australia (stock code: OZL)
- Berlin and Frankfurt Listing: OXR_GR
- US Level 1 ADR code – OXFLY
Indices
- S&P ASX 50 Index
- MSCI World Index within the Australian Standard Index
Issued share capital
As at 1 December 2008
- 3,121,345,800 ordinary shares
- 23,292,175 unlisted options
- US$105,000,000 of convertible bonds outstanding which represents 111,111,111 shares to be issued.
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: 1st July 2008
Share ratio: Zinifex shareholders received 3.1931 Oxiana shares for each 1 Zinifex share
VWAP for Zinfiex shareholders: $2.5624.(1st July 2008)
For more information please refer to ASX Release announcement: Market Value of Oxiana Shares for Zinifex Shareholders – 4th July 2008
Primary Activities
Operations
- Century mine Queensland, the world’s second largest open-pit zinc mine.
- Sepon Gold and Sepon Copper mines in Laos.
- Golden Grove zinc, copper and precious metals mine in Western Australia.
- Rosebery mine in Tasmania, a zinc, copper and precious metals underground mine.
New operations under development
- Prominent Hill copper-gold project in South Australia which is set to start production in early 2009.
Exploration
- An extensive portfolio of exploration projects and joint ventures across Australia, Asia and North America.
Production
OZ Minerals pro forma production (2007 calendar year)
|
Zinifex |
Oxiana |
OZ Minerals |
| Zinc (kt) |
611.0 |
132.0 |
743.0 |
| Copper (kt) |
1.7 |
77.9 |
79.6 |
| Lead (kt) |
65.3 |
8.1 |
73.4 |
| Gold (Koz) |
31.8 |
151.2 |
183.0 |
| Silver (Koz) |
6,951.2 |
3,310.0 |
10,261.2 |
View recent production results.
Financial information
The below data is not audited and does not include the impact of depreciation and amortisation expenses on the fair value uplifts. It does not include any costs savings from synergies from the merger.
The pro-forma data is provided solely for illustrative purposes and is prepared on the assumption that the Merger had occurred for the full half year. It is to provide market participants with a profile of the Merged Company and should not be seen to be as a definitive statement of actual performance. OZ Minerals pro forma balance sheet
| As at 30 June 2008 |
($A millions) |
|
| Current assets |
|
| Cash and cash equivalents |
1,233.8 |
| Other |
678.7 |
| Total current assets |
1,912.5 |
|
| Non-current assets |
|
| Property, plant and equipment |
4,279.0 |
| Other assets |
1,063.4 |
| Total non current assets |
5,342.4 |
| Total assets |
7,254.9 |
|
| Current liabilities |
|
| Interest-bearing liabilities |
392.6 |
| Other liabilities |
527.2 |
| Total current liabilities |
919.8 |
| Non-current liabilities |
|
| Interest-bearing liabilities |
524.7 |
| Other liabilities |
357.6 |
| Total non-current liabilities |
882.3 |
| Total liabilities |
1,802.1 |
Net assets/shareholders equity |
5,452.8 |
|
OZ Minerals pro forma historical cash flow Statement
| For the half-year ended 30 June 2008 |
($A millions) |
|
| Operating activities |
|
| Receipts from customers |
1,297.9 |
| Payments to suppliers and employees |
(1,037.8) |
| Exploration and evaluation payments |
(18.8) |
| Income taxes paid |
(212.1) |
| Financing costs and interest paid |
(17.2) |
| Interest received |
70.4 |
| Net cash flows from operating activities |
82.4 |
|
| Investing activities |
|
| Payments for mine property, property, plant and equipment |
(787.3) |
| Acquisition of subsidiary, net of cash acquired |
(844.9) |
| Proceeds from disposal of discontinued operations |
188.1 |
| Other |
(2.9) |
| Net cash flows from investing activities |
(1,447.0) |
|
| Financing activities |
|
| Proceeds from borrowings |
389.3 |
| Repayments from borrowings |
(10.4) |
| Other |
(8.2) |
| Dividends paid to shareholders |
(213.6) |
| Proceeds from issues of shares |
43.1 |
| Net cash (outflows) from financing activities |
200.2 |
| Net increase/(decrease) in cash held |
(1,164.4) |
| Cash at the beginning of the year |
2,474.1 |
| Effects of exchange rate changes |
(32.9) |
| Cash at the end of the year |
1,276.8 |
OZ Minerals pro forma profit and loss statement
| For the half-year ended 30 June 2008 |
($A millions) |
|
| Revenue from continuing operations |
1,003.3 |
| EBITDA |
332.5 |
| Depreciation and amortisation |
(183.8) |
| Net financing income/(costs) |
34.1 |
| Income tax benefit/(expense) |
(100.5) |
| Minority interests |
(11.4) |
| NPAT from continuing operations |
70.9 |
| Individually significant items: |
|
| - Write-down of mineral rights - Zinifex Canada |
(93.5) |
| - Write-down of goodwill - Zinifex Canada |
(69.5) |
| - Write-down of mineral rights - Avebury |
(439.0) |
| - Write-down of carrying value of Toro |
(60.0) |
| - Write-down of carrying value of other assets |
(5.0) |
| - Zinifex deferred tax liability reversal |
201.1 |
| - Merger expenses |
(37.4) |
| NPAT from continuing operations after individually significant items |
(432.4) |
Reserves and Resources
OZ Minerals Group Reserves as at 30 June 2008
|
| Zinc (Mt) |
5.1 |
| Copper (Mt) |
1.9 |
| Gold (Moz) |
4.2 |
| Silver (Moz) |
90.6 |
| Nickel (Mt) |
0.04 |
| Lead (Mt) |
0.6 |
|
|
OZ Minerals Group Resources as at 30 June 2008
|
| Zinc (Mt) |
18.2 |
| Copper (Mt) |
5.9 |
| Gold (Moz) |
19.0 |
| Silver (Moz) |
396.7 |
| Nickel (Mt) |
0.2 |
| Lead (Mt) |
2.6 |
| |
|
|
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