OZ Minerals is a significant producer of copper and gold from the Prominent Hill open cut mine located in South Australia. The mine commenced production in the first quarter of 2009, with annual life of mine average production of around 100,000 tonnes copper and 100,000 ounces gold.
The company has a substantial cash balance and very little debt. OZ Minerals was formed in 2008 through the merger of Oxiana and Zinifex and in mid 2009 sold a number of assets to China Minmetals.
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 15 July 2010
- 3121,339,800 ordinary shares
- 6,160,796 unlisted options
- US$105,000,000 of convertible bonds outstanding which represents 114,379,085 shares to be issued.
Minmetals Scheme Implementation Agreement
In mid June 2009, OZ Minerals shareholders approved the sale of a number of OZ Minerals assets to China Minmetals for US$1,354m in cash.
For more information on the Offer please see the Minmetals Offer page .
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: $2.5624.(1 July 2008)
For more information please refer to ASX Release announcement: Market value of Oxiana shares for Zinifex shareholders – 4 July 2008
Primary Activities
- Prominent Hill copper-gold mine in South Australia which began first production in February 2009.
- A range of equity investments in listed resource companies, the main one of which is Sandfire Resources.
- An early stage exploration program in Cambodia focussed on gold.
Production
Production for 2010 is planned to be 100,000 tonnes to 110,000 tonnes of copper and 140,000 ounces to 150,000 ounces of gold contained in concentrates.
|
JUN YTD'10 |
| Prominent Hill |
| Copper |
60,145t |
| Gold |
90,821oz |
| Silver |
361,767oz |
|
|
* Production numbers are for contained metal.
View recent production results
Reserves and Resources
OZ Minerals released the Prominent Hill Western Copper Mineral Resources and Ore Reserves Statement as at 3 May 2010. Read a copy of this announcement . (PDF 465kb)
Financial information
Financial summary
Six months to 30 June 2010 |
($A millions) |
|
| Prominent Hill Revenue |
589.9 |
| Prominent Hill EBITDA |
391.2 |
Underlying net profit
(excl, reversal of impairment & discontinued operations) |
230.5 |
|
|
| Reversal of Impairment (less tax impact) |
141.1 |
| Discontinued operations after tax |
34.1 |
| Group NPAT |
405.7 |
| Dividend (unfranked) |
3 cps |
|
|
OZ Minerals balance sheet
Six months to 30 June 2010 ($A millions)
|
Consolidated
Jun '10 |
Consolidated
Dec '09 |
Assets |
|
|
Cash |
1,432.5 |
1,076.2 |
Receivables |
169.7 |
137.2 |
Inventories |
186.4 |
206.0 |
Others |
78.1 |
174.5 |
|
Property plant & equipment |
1,354.3 |
1,203.3 |
Total Assets |
3,221.0 |
2,797.2 |
Liabilities |
|
|
Creditors |
59.6 |
107.2 |
Interest bearing liabilities |
118.2 |
110.8 |
| Net deferred tax liability |
63.7 |
- |
|
Provisions |
11.2 |
14.5 |
Total Liabilities |
252.7 |
232.5 |
Net Assets |
2,968.3 |
2,564.7 |
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