OZ Minerals is an Australian based mining company with a focus on copper. The Company owns and operates the high quality Prominent Hill copper-gold mine and the Carrapateena advanced exploration copper-gold project, both situated in South Australia.
The company has a substantial cash balance and is debt free.
Why invest in OZ Minerals?
- Copper focus.
- Achieving consistent excellence in performance.
- Building a project pipeline.
- Investment in exploration.
- Capital management discipline.
Summary
Headquarters – Melbourne, Australia
Primary Stock Exchange Listing / Indices
- Australia (stock code: OZL)
- S&P ASX 100 Index
- MSCI World Index within the Australian Standard Index
Issued share capital
As at 19 April 2013
- 303,470,022 ordinary shares
Primary Activities
OZ Minerals' Strategy
OZ Minerals’ strategy is designed to achieve superior shareholder returns based upon a foundation built on Governance and Zero Harm by Choice with the following five key elements.
- Focus on copper.
- Maximise potential of assets.
- Build a project pipeline.
- Invest in exploration.
- Exercise disciplined capital management.
Production
A continued consistent performance from the Prominent Hill operation during 2012 delivered full year copper and gold production within the company's stated annual guidance.
In 2013, production guidance for the year is between 82,000 tonnes to 88,000 tonnes of copper and between 130,000 ounces and 150,000 ounces of gold contained in concentrates.
| |
2010 |
2011 |
2012 |
2013 |
| Prominent Hill |
| Copper |
112,171t |
107,744t |
101,737t |
20,474t |
| Gold |
196,400oz |
160,007oz |
140,746oz |
31,790oz |
| Silver |
615,835oz |
612,903oz |
721,998oz |
180,983oz |
* 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
| A$m |
Full year
31 Dec 2012 |
Full year
31 Dec 2011 |
Full year
31 Dec 2010 |
| Total revenue |
985.7 |
1,115.9 |
1,128.4 |
| Underlying EBITDA1 |
334.1 |
585.6 |
585.5 |
| Depreciation and amortisation |
(154.9) |
(164.2) |
(152.6) |
| Underlying EBIT1 |
179.2 |
421.4 |
432.9 |
| Net financing income |
19.9 |
34.1 |
27.6 |
| Income tax expense on underlying profit before tax |
(47.1) |
(132.8) |
(62.3) |
| Underlying NPAT1 |
152.0 |
322.7 |
398.2 |
| Litigation settlement expense, net of tax |
- |
(42.2) |
- |
| (Impairment of assets)/reversal, net of tax |
- |
(15.2) |
141.1 |
| NPAT (for continuing operations) |
152.0 |
265.3 |
539.3 |
| Gain on discontinued operations, net of tax |
- |
9.2 |
47.6 |
| NPAT |
152.0 |
274.5 |
586.9 |
| Dividends per share - unfranked (cents) |
30 |
60 |
70 |
Non-IFRS measures
OZ Minerals financial results are reported under International Financial Reporting Standards (IFRS). This ASX Release includes certain non-IFRS measures including Underlying EBITDA, Underlying EBIT, Underlying EBT and Underlying NPAT. These measures are presented to enable understanding of the underlying performance of the Company without the impact of non-trading items such as litigation settlement expense and impairment of assets (which were incurred in the comparative year). Non-IFRS measures have not been subject to audit or review. Underlying EBITDA, Underlying EBIT, Underlying EBT and Underlying NPAT are included in Note 3 Operating Segments, which form part of the Financial Report. Refer Note 3 Operating Segments to the Financial Report for further details.
1The following explain the non-IFRS measures used in the table above.
| Underlying EBITDA |
Profit before net financing income and income tax from continuing operations before depreciation and amortisation, impairment/impairment reversal, and litigation settlement expense. |
| Underlying EBIT |
Profit before net financing income and income tax from continuing operations before impairment/impairment reversal, and litigation settlement expense. |
| Underlying NPAT |
Profit from continuing operations before impairment/impairment reversal, and litigation settlement expense. |
OZ Minerals balance sheet - summary
| A$M Consolidated |
2012 |
2011 |
2010 |
| Assets |
| Cash |
659.0 |
886.1 |
1,334.2 |
| Receivables |
171.7 |
86.8 |
180.9 |
| Inventories |
258.5 |
297.1 |
259.5 |
| Other |
11.0 |
7.1 |
8.0 |
| Investments & exploration assets |
568.2 |
502.0 |
316.2 |
| PP&E and leased equipment |
1,417.2 |
1,243.4 |
1,288.1 |
| Total Assets |
3,085.6 |
3,022.5 |
3,386.9 |
| Liabilities |
| Creditors |
108.3 |
90.5 |
64.6 |
| Current tax liability |
- |
16.2 |
- |
| Net deferred tax liability |
162.1 |
100.2 |
14.8 |
| Provisions |
29.3 |
21.4 |
16.5 |
| Total Liabilities |
299.7 |
228.3 |
95.9 |
| Net Assets |
2,785.9 |
2,794.2 |
3,291.0 |
Capital management program
OZ Minerals completed a $389 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.
OZ Minerals completed a $200 million on-market share buy-back program from 17 August 2011 to 27 June 2012. The company has bought back 20,407,492 shares at an average price of $9.80 per share. Following the cancellation of the shares bought back the Company now has 303,470,022 ordinary shares on issue.
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