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 20 January 2010
- 3121,339,800 ordinary shares
- 9,760,796 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: $2.5624.(1 July 2008)
For more information please refer to ASX Release announcement: Market value of Oxiana shares for Zinifex shareholders – 4 July 2008
Primary Activities
- Prominent Hill copper-gold mine in South Australia which began first production in February 2009.
- A range of equity investments in listed resource companies, the main one of which is Toro Energy.
- An early stage exploration program in Cambodia focussed on gold.
Production
Commissioning of Prominent Hill was completed in 2nd quarter 2009 and the ramp-up phase was successfully completed in 4th quarter 2009.
Production for 2010 is planned to be 100,000 tonnes to 110,000 tonnes of copper and 80,000 ounces to 90,000 ounces of gold contained in concentrates.
|
2009 |
| Prominent Hill |
| Copper |
96,310t |
| Gold |
75,535oz |
| Silver |
700,177oz |
|
|
* Production numbers are for contained metal.
View recent production results
Financial information
Financial summary
Six months to 30 June 2009 |
($A millions) |
|
| Revenue from Prominent Hill |
89.6 |
| Revenue from discontinued operations |
764.9 |
| Total revenue |
854.5 |
| EBIT |
|
Prominent Hill |
19.4 |
Exploration and corporate expenses |
(62.7) |
Discontinued operations sold |
99.4 |
|
| Total EBIT |
56.1
|
| Net financial expenses |
(95.7) |
| Income tax benefit |
12.8 |
| Net loss on sale of assets |
(553.9) |
| NPAT |
(580.7) |
| Cash balance at 30 June |
1,004.5 |
| Convertible note face value |
US$105 million |
OZ Minerals balance sheet
As at 30 June 2009
($A millions) |
Consolidated
June 2009 |
|
| Assets |
|
| Cash |
1,004.5 |
| Receivables |
129.8 |
| Inventory |
175.6 |
| Tax Assets |
188.7 |
| Other |
44.3 |
| Property plant & equipment |
1,287.2 |
| Total assets |
2,830.1 |
|
| Liabilities |
|
| Creditors |
164.0 |
| Interest bearing liabilities |
121.0 |
| Tax liabilities |
25.2 |
| Provisions |
22.1 |
| Total liabilities |
332.3 |
| Net assets |
2,497.8 |
|
|
OZ Minerals income statement - summary*
Six months to 30 June 2009
($A millions)
|
Total continuing operations |
Group |
Revenue |
89.6 |
854.5 |
Cost of goods sold |
(60.4) |
(497.1) |
Net foreign exchange gains/losses |
(20.7)
|
(38.0)
|
Other |
(29.9) |
(84.5) |
EBITDA |
(21.4) |
234.9 |
|
Depreciation and amortisation |
(21.9) |
(178.8) |
EBIT |
(43.3) |
56.1 |
Net financing income/(costs) |
(90.0) |
(95.7) |
Income tax benefits/(expense) |
43.4 |
12.8 |
NPAT (Before loss on sale of discontinued operations) |
(89.9)
|
(26.8)
|
| Loss on sale of discontinued operations after income tax |
-
|
(553.9)
|
|
NPAT |
(89.9) |
(580.7) |
Attributable to: |
|
|
Equity holders of the parent |
|
(585.6) |
Minority interest |
|
4.9 |
(Loss)/profit for the year |
|
(580.7) |
|
*The income statement table above is only a summary.
View a more detailed version of the income statement - summary. (PDF 50kb)
Reserves and Resources
OZ Minerals released the Prominent Hill Mineral Resources and Ore Reserves statement as at 30 June 2009 on Monday 30 November.
Read a copy of this announcement. (PDF, 832.35kb)
Explanatory notes
Download the OZ Minerals Limited Mineral Resources and Ore Reserves Explanatory Notes as at 30 June 2009. (PDF, 1.44Mb)
Related Information