OZ MINERALS BUSINESS REVIEW 2009 OZ MINERALS LIMITED ABN 40 005 482 824 OZ 2 2009 snapshot 14 Exploration 4 Chairman’s review 16 Sustainability 6 Managing Director and CEO’s review 20 Board of Directors 8 Strategy IBC Senior Management 10 Prominent Hill BC Contact details

OZ Minerals is a revitalised mid-cap mining company with an experienced leadership team. In 2009, OZ Minerals’ sole operating asset, the Prominent OZHill operation in South , completed a very successful first year of production. The Company finished the year with a cash balance of $1.1 billion, minimal debt and a new growth strategy to build the Company. OZ MINERALS BUSINESS REVIEW 2009

1 2009› snapshot

OZ Minerals’ main asset is the Prominent Hill copper-gold operation in .

OZ Minerals has a preference for copper assets and plans to grow through building a pipeline of projects at various stages of development.

Prominent Hill completed a successful ramp-up in 2009, producing 96,310 tonnes of contained copper and 75,535 ounces of gold; this is forecast to increase in 2010.

Prominent Hill has an eight year mine life remaining, with feasibility studies underway to assess the viability of an underground mine augmenting production from the open-pit operation.

The top exploration priority for OZ Minerals is the large tenement holding surrounding Prominent Hill where the Company hopes to identify further Prominent Hill-style deposits.

OZ Minerals is also exploring in Cambodia, where it has an advanced gold exploration project.

OZ Minerals holds a number of strategic equity interests in smaller mining companies, including a 42.5% interest in Toro Energy Limited and a 13.0% holding in IMX Resources Limited.

The Company has a healthy balance sheet and low gearing.

OZ Minerals is run by a highly experienced and credentialled team of mining professionals.

Full year financial results summary Total Prominent Hill Continuing Discontinued $ million Mine Operations Operations Group Revenue 608.5 608.5 764.9 1,373.4 Costs (178.3) (209.3) (452.4) (661.7) Net foreign exchange gains/(losses) (24.6) (113.0) (17.3) (130.3) Other expenses, including exploration (24.7) (64.3) (38.9) (103.2) EBITDA 380.9 221.9 256.3 478.2 Depreciation and amortisation (80.2) (85.7) (156.9) (242.6) EBIT 300.7 136.2 99.4 235.6 Net financing expenses (0.7) (88.3) (5.7) (94.0) Income tax benefit/(expense) (97.4) (16.6) (30.6) (47.2) NPAT (before loss on sale of discontinued operations) 202.6 31.3 63.1 94.4 Loss on sale of discontinued operations after income tax n/a n/a (606.8) (606.8)

OZ MINERALS BUSINESS REVIEW 2009 NPAT 202.6 31.3 (543.7) (512.4)

2 All $ values in Australian dollars unless otherwise specified. 2009 COPPER PRODUCTION SHAREHOLDERS t By Geography 96,310t 40,000 OTHER 1% 35,000 Contained copper in concentrate ASIA 6% produced in Prominent Hill’s EUROPE 2% 30,000 first year of operation. NORTH AMERICA 9% 25,000

20,000 UK 12%

15,000

AUSTRALIA 70% 10,000

5,000 By Type 0 60% institutional shareholders 40% retail shareholders 1ST QUARTER 4TH QUARTER 3RD QUARTER 2ND QUARTER

COPPER GOLD US$/lb US$/oz

US$3.33/lb 3.5 1,300 The copper price regained 1,200 strength in 2009 reaching 3.0 US$3.33/lb on 31/12/2009. 1,100 2.5

1,000

2.0 900

1.5 800

1.0 700 JUL 09 JUL SEP 09 SEP JUL 09 JUL SEP 09 SEP JAN 10 JAN JAN 09 JAN JAN 10 JAN JAN 09 JAN NOV 09 NOV NOV 09 NOV MAY 09 MAY MAY 09 MAY MAR 10 MAR MAR 09 MAR MAR 10 MAR MAR 09 MAR

SHARE PRICE RELATIVE TO ASX 200

42% 250 OZ Minerals’ share price improved over 2009 – outperforming the 200 ASX 200 Index by 42%.

150

100

100 = FEB 2009 50

OZL Share Price ASX 200 0 JUL 09 JUL SEP 09 SEP FEB 10 FEB FEB 09 FEB JUN 09 JUN 10 JAN DEC 09 DEC APR 09 APR OCT 09 OCT AUG 09 AUG NOV 09 NOV MAY 09 MAY MAR 09 MAR OZ MINERALS BUSINESS REVIEW 2009

3 The Company achieved excellent results from Prominent Hill in its first year of operation in 2009, both in terms of the safe and rapid ramp-up of the mine and financial performance.

Barry Cusack, OZ Minerals Chairman since 2002, has announced his intention to retire on 13 April 2010, at which time it is proposed that Neil Hamilton become the new Chairman of OZ Minerals. Barry Cusack CHAIRMAN’S REVIEW

Neil Hamilton OZ MINERALS BUSINESS REVIEW 2009

4 BARRY CUSAcK NEIL HAMILTON Dear Shareholder Dear Shareholder Copper is the focus for the Company. 2009 was a rebirth year for OZ Minerals, I am delighted to have joined the We consider its outlook to be superior with the sale of assets to China Minmetals OZ Minerals Board at such a promising to any of the other base or precious and China Sci-Tech. Following the asset time for the Company. As Barry said in metals. Although stockpiles of copper sales and the repayment of all the his letter, it is proposed that I be elected in warehouses increased throughout Company’s bank loans, OZ Minerals Chairman on his retirement on 13 April 2009, this supply remained at less than retained the new Prominent Hill and as such I have taken this opportunity two weeks of current global consumption. operation in South Australia, exploration to write to you as Chairman-elect. Supply disruptions from, for example, tenements around Prominent Hill and technical issues or labour disputes My background is in law and in the continue to be experienced and new in Cambodia, as well as certain other investment and funds management assets and around $1 billion in cash. supply is slow to materialise. Demand industry, and I have been a professional from China and also India continues The Company achieved excellent results company director for the last 10 years. to grow and in the medium term the from Prominent Hill in its first year of I also have experience in banking, outlook for the market looks very strong. operation in 2009, both in terms of the insurance, retail and wholesale and in safe and rapid ramp-up of the mine resources. I have had a long association One of the pillars of the Company’s and financial performance. When with the resources sector through service strategy is disciplined capital management. considering the mine’s performance companies, providers and as a director This Board supports the principle of as a stand-alone entity, the net profit after on the boards of other resource companies. returning funds to shareholders that are in excess of the requirements and tax of $202.6 million generated for the OZ Minerals is a company which has a year was an outstanding maiden result. investment opportunities of the business. long history of exploration, development With no profits or retained earnings at The overall loss of $(512.4) million for and operation of mines. In its newly the Group was largely as a result of the 31 December, there was no capacity to restructured form, the Company boasts pay dividends in respect of 2009; however, $(606.8) million loss recorded on the an outstanding asset in Prominent Hill sale of assets in 2009. the Board will review the position in mid and a robust cash balance, but it 2010 and consider future dividend policy. As foreshadowed at the last AGM, the importantly retains a team of people Any dividend that may be declared in the Board has been refreshed over the year. who are highly skilled and experienced. future will be unfranked and will remain Three new directors have been appointed It also has a new CEO in Terry Burgess, so until the Company uses its accumulated who will each stand for re-election at who has been in the mining industry tax losses. the 2010 AGM. We have recruited a new for over 35 years. Terry has been CEO Chairman in Neil Hamilton who joined I appreciate the confidence shown for eight months and leads a team well by my Board colleagues in selecting the Board as a Director in February 2010, equipped to meet the challenges and and it is proposed that Neil will assume me as Chairman and I look forward opportunities facing OZ Minerals. Terry to the opportunity of working with the role of Chairman on my retirement and his team have set a clear and well on 13 April 2010. Neil is an experienced the Board and management of the considered strategy for the Company Company to maximise the significant company director and has broad industry and it is one which I, and the other experience relevant to OZ Minerals. opportunities that sit before us as Board members, fully endorse. we embark on what is a new chapter Also newly elected to the Board was With Prominent Hill now up and in the life of the Company. Paul Dowd (in July 2009), who is a running and with plans to add efficiency mining professional with more than improvements in 2010, the outlook for 40 years experience, including as the year is positive. The strong focus Neil Hamilton Managing Director of Newmont on exploration at Prominent Hill and Chairman-elect Australia Limited, and Charles Lenegan the proposed joint venture with IMX 31 March 2010 (in February 2010), a former Managing Resources gives significant potential Director of Australia. for mineral discovery in the region. These new directors together with Terry Our investment here, both financial Burgess, Brian Jamieson, Michael Eager and through our people, is reflective and Dean Pritchard will form the Board of our view of the prospectivity in the upon the retirement of Peter Mansell Prominent Hill district tenements – and myself. In accordance with the terms all of which are within ‘truckable’ of the Constitution, Brian Jamieson will distance of the processing plant. stand for re-election at the 2010 AGM. South Australia is an excellent jurisdiction This is a Board that has an extremely for exploration and mining. The foresight well suited set of skills and experience of the South Australia Government with for this Company. regard to exploration over a number It has been my pleasure and privilege of decades has been continued in recent to have served as Chairman of OZ years with projects like PACE, in which Minerals and its predecessor Oxiana the government funds exploration over the last eight years, during which drilling. The recent approval of the the market capitalisation has grown Mining and Rehabilitation Plan for the from around $200 million to $3.6 billion. underground development at Prominent The potential for further growth of this Hill is indicative of the support that Company is outstanding and I wish Neil, we have had from the Department Terry, the Board and employees of of Primary Industries and Resources OZ Minerals and OZ Minerals’ shareholders SA and the prompt and professional a successful and prosperous future. approach it has shown in all of our dealings.

Barry Cusack Chairman 31 March 2010 OZ MINERALS BUSINESS REVIEW 2009

5 When I commenced with the Company, my first priority was to focus on getting to know Prominent Hill intimately. I am pleased to say that it surpassed my expectations in terms of quality and potential. Managing Director and CEO’s review

Terry Burgess OZ MINERALS BUSINESS REVIEW 2009

6 Strategy Dear Shareholder After commencing production in A major event for the Company during I feel very fortunate to be the Managing February 2009, Prominent Hill had a very 2009 was the development and release Director and Chief Executive Officer successful ramp-up year. The first year of a new strategy for the new OZ Minerals. of a company that is so well positioned. of a mining operation is its most risky as We talk in more detail about our The Company has a first-class asset all the design, planning and construction strategy on pages 8 and 9, and have in Prominent Hill, it has excellent is tested in real time and at real scale. indicated in a diagram at the start exploration potential, a very healthy Overall, the operation performed well. of each section which parts of the cash balance and an experienced and We had a period in the third quarter strategy are being referred to. skilled team, who have a desire to when issues in the plant and the pit We reaffirmed that we have a strong perform, improve and grow. As a affected production, but these issues focus on copper. It is the fundamentals shareholder, it is my intention to realise were overcome and the operation value for all OZ Minerals’ shareholders. ended 2009 producing of 96,310 tonnes of copper we think that give the best of copper and 75,535 ounces of gold, outlook of any of the commodities. In 2009, OZ Minerals sold its operating, which was in excess of guidance. development and exploration assets, Maximising the potential from our apart from the Prominent Hill operation The outlook for Prominent Hill in 2010 current assets, particularly from in South Australia, exploration ground is also positive, with confidence in the Prominent Hill, is our first priority. around Prominent Hill, an advanced operation from its good performance This includes possible underground exploration project in Cambodia and in 2009 and plans to further refine development and exploration success. some equity interests in exploration the operation. With such a strong cash balance, companies. The proceeds from the asset Approximately 82% of our workforce a question I commonly get asked is, sale allowed the Company to repay at Prominent Hill is from South Australia. ‘What are you intending to do with all of its bank loans – leaving it largely Of these, 18% are from Coober Pedy and the funds?’. debt free (apart from a US$105 million the Upper Spencer Gulf – the region in convertible bond) and with a cash balance We stated at our strategy presentation the State’s north in which our operation that we would look at potential in excess of $1 billion. This was the new is located – and 14% are indigenous start of OZ Minerals. acquisitions applying strict criteria, people. This high local employment rate including commodity, geography, This major restructuring of the Company is a direct result of a deliberate effort production potential and, most meant that our financial results were a to ensure benefits are shared with importantly, returns. story of two halves. During the first half, local communities and also to endeavour the Century, Golden Grove, Rosebery to develop a loyal and steady workforce It is a competitive market for copper and Sepon mines contributed to earnings for our operation. acquisitions due to its favourable outlook and should we not identify along with Prominent Hill, which Our highly successful pre-employment commenced production in February. an asset that we consider to be of value, training program, which enables we shall re-evaluate how to best deploy In the second half, revenue was from local people with no previous mining Prominent Hill alone. 2009 revenue surplus capital, be it through capital experience to gain the skills required management initiatives or in continued from Prominent Hill was $608.5 million to gain a job at Prominent Hill, is delivering an NPAT from the mine of pursuit of potential merger and something we are extremely proud acquisition opportunities. $202.6 million. NPAT of the continuing of and will continue to invest in. business, including corporate and In 2009, OZ Minerals embraced the exploration, was $31.3 million. When In 2009, the pre-employment training new philosophy of Zero Harm by taking into account now discontinued program was held specifically for members Choice, which is driven by a desire to operations, the overall business of the Antakarinja local community and make safety, heath, environmental and recorded earnings before interest another will be held for people from the community concerns foremost in every taxes depreciation and amortisation Anangu Pitjantjatjara Yakunytjatara (APY) decision we make. In 2009, improving of $478.2 million, leading to net loss lands in 2010. safety performance at Prominent Hill after tax of $(512.4) million – largely due The exploration potential around in its first year of operations was to the loss recorded on the sale of assets Prominent Hill is undoubtedly one a key consideration. Pleasingly, safety to China Minmetals in June. At year end, of our greatest assets. We have a large performance improved over the year, the cash balance stood at $1,076 million. 4,000km2 tenement holding in our but in the final quarter of the year, own right and the soon to be concluded we suffered two lost time injuries. Prominent Hill exploration joint venture with IMX This poor result continued into 2010, Resources Limited in a further 3,000km2. with six lost time injuries in the first quarter. We are determined to improve Before I joined OZ Minerals, I was Exploration in this large area our safety performance and everyone quite familiar with the Prominent Hill recommenced in earnest in July 2009, at OZ Minerals is working towards operation, but with an outsider’s and we have seen some early signs of the goal of Zero Harm. perspective. The quality of the operation encouragement with Prominent Hill-style is well recognised within the industry mineralisation intersected. This will Thank you for your ongoing support and I too had a positive view of it. When continue to be a major focus for the for OZ Minerals. I commenced with the Company, my first team and me in 2010. priority was to focus on getting to know Prominent Hill intimately. I am pleased We also have an advanced exploration Terry Burgess to say that it surpassed my expectations project in Cambodia, for which Managing Director and in terms of quality and potential. we announced an initial resource Chief Executive Officer in mid-March 2010. This foundation The plant is a very robust one, which resource at the Okvau project has given 31 March 2010 has been built to outlive the currently us encouragement to continue exploration known mine-life and will be able in the area, which we believe could be a to support expansions. The team at new gold district. Through our next phase Prominent Hill has worked very hard in the first year of production to of exploration, we hope to achieve a clear get the mine and the plant performing indication for the potential for resources better than expectations. of greater than two million ounces. OZ MINERALS BUSINESS REVIEW 2009

7 Restructuring OZ Minerals’ business in 2009 included renewing the Company’s strategy.

SUPERIOR TOTAL SHAREHOLDER RETURNS

ZERO HARM FOCUS ON COPPER MAXIMISE ASSETS PROJECT PIPELINE EXPLORATION MANAGEMENT CAPITAL

BUILT ON GOVERNANCE

STRATEGY To view the strategy day presentations delivered by OZ Minerals’ senior management, visit www.ozminerals.com. OZ MINERALS BUSINESS REVIEW 2009

8 Focus on Copper exploration With the restructuring of OZ Minerals’ A focus on copper is key to much of One of OZ Minerals’ competitive business in June 2009 came the opportunity the strategy. We believe copper is the strengths is also its exploration capability. to reassess the Company’s strategy. commodity with the best outlook of Exploration is given great priority within all the base metals in terms of supply/ OZ Minerals as it is an outstanding way OZ Minerals had become a significantly demand fundamentals. It is also a to add value to the business. Our first different business, retaining the high commodity in which we are experienced exploration priority is the region around quality Prominent Hill operation in South explorers, developers and operators. Prominent Hill, where OZ Minerals has Australia, advanced exploration assets Importantly, when considering copper a large tenement holding. The area in Cambodia, a strong cash balance, very projects worldwide, we believe there is relatively underexplored, yet is highly minimal debt and a skilled, experienced is a reasonable number of acquisition prospective for the discovery of Prominent workforce and management. opportunities of a scale that would make Hill-style deposits that could be treated The Company considered three key a material difference to OZ Minerals’ through the existing plant. The factors in determining its strategy: earnings. Projects that produce, or proposed exploration joint venture – its assets – one high quality copper have the potential to produce, 50,000t/a with IMX Resources Limited on tenements mine, exploration potential, a strong to 150,000t/a of copper have been adjacent to OZ Minerals’ tenements cash balance; identified as OZ Minerals’ ‘window enhances the potential for discovery. of opportunity’. Exploration in Cambodia is also underway, – its competitive advantages – a team with a resource recently announced and experienced in finding, building OZ Minerals having extensive experience and operating base metals and gold Maximise Potential operating in Asia. projects in Asia and Australia and an availability of funds; OZ Minerals has a high quality operation – the markets – for commodities, in Prominent Hill, which is still in the CAPITAL MANAGEMENT for equities and for acquisition early stages of its life. Ensuring we opportunities. extract the maximum amount of value To maximise Total Shareholder Returns, from Prominent Hill is paramount – it will also be the Company’s approach The strategy that emerged was one be this through cost reduction, mining to distribute cash flows from operations designed to enable the business and plant improvement projects, capital that are surplus to the immediate needs to achieve superior returns (measured investment or exploration. of the business through disciplined by Total Shareholder Return) in the capital management initiatives. resources sector when measured against a group of comparator companies. Project Pipeline GOVERNANCE Building a project pipeline to enable Zero Harm delivery of sustainable returns over An important part of OZ Minerals’ time is also part of the strategy. This approach is maintaining high standards Zero Harm is an important part may be through organic development of governance in all areas of the business of the strategy. It is a philosophy projects like underground development and enacting the Company’s core values whereby OZ Minerals chooses practices at Prominent Hill, acquiring development of Respect, Integrity, Action and Results. and behaviours that aim to ensure stage projects or identifying and no harm comes to employees or Management regularly reviews the advancing exploration projects. Company’s policies and practices the environment and to ensure that The Company will use its balance communities close to our operations to ensure that the Company maintains sheet strength and technical expertise and improves governance standards. benefit from our presence. to realise these opportunities. The identification and management of risk is also an essential aspect of the Company’s approach to generating shareholder value. We apply risk management strategies to our business systems, mining operations and exploration activities.

HIGH-RISK MINING JURISDICTION MEDIUM-RISK MINING JURISDICTION LOW-RISK MINING JURISDICTION

When looking at potential acquisition opportunities, OZ Minerals will focus on jurisdictions it considers to be low or medium risk, depending on the quality of the project. The map shows OZ Minerals’ country rankings across the globe. OZ MINERALS BUSINESS REVIEW 2009

9 Prominent Hill had a very successful first year of production in 2009. The performance of the mining and processing operations were both pleasing as was the continued strong relationships with the operation’s stakeholders.

Crushed ore ready for grinding. PROMINENT HILL Prominent Hill is located in central South The operation made its first sale of Australia, 650km north-west of concentrates in February 2009. Prominent and 130km south-east of the town Hill concentrates are transported via of Coober Pedy. The operation comprises the Adelaide to Darwin railway, which an open pit, grinding and flotation plant, is approximately 120km from the mine a village to accommodate more than site. The concentrates are shipped 1,000 people, an airstrip and a borefield. from the Port of Darwin, with a very The Prominent Hill mining operation competitive shipping time of around began its start-up in early 2009 and the two weeks to most major Asian ports. plant moved into first production After a strong start to the year, in February. While commissioning and production in the third quarter, although ramp-up periods can be testing times higher than in the second quarter, was for mining operations, Prominent Hill has lower than expected. This was mainly performed extremely well in its first year. due to an electrical system failure In the first quarter, the operation in the milling system that saw the plant reached 80% of its copper production on stand-by for an extended period. rate, which was according to plan. In the pit, access to mining areas was impeded by sloughing in some parts Prominent Hill concentrates are high of the pit wall and there were some quality, with copper grades in 2009 problems with blasting. higher than 50% and impurities within normal contract specifications. Once these issues were resolved, the fourth quarter started particularly well. This provided confidence to undertake ‘blending trials’ on the different ore types at Prominent Hill. OZ MINERALS BUSINESS REVIEW 2009

10 P ROMINENT

* (0.05Mt Cu,3.4MozAu) 78.8Mt @ 0.06% Cu, 1.4g/t Au Gold only (2.5Mt Cu,2.9MozAu) 189.7Mt @ 1.32% Cu, 0.5g/t Au Copper gold (0.9Mt Cu,1.4MozAu) 75.7Mt @ 1.19% Cu, 0.59 g/t Au (including staff and contractors) Approximately 600 WORKFORCE also transportedbyroadtolocalcustomers ship toAsiaandEurope.Concentrates are railway to the Port of Darwin and then via customers via the Adelaide to Darwin Prominent Hill concentrates travel to SALES RESERVES* RESOURCES* 80,000 –90,000ouncesgold 100,000 –110,000tonnescopper PRODUCTION FORECAST–2010–2012 75,535 ouncesgold 96,310 tonnes contained copper 2009 PRODUCTION Conventional crushing,grindingandflotation PROCESSING METHOD Open pit MINING METHOD Copper concentrate(containinggoldandsilver) PRODUCT statement ofMineral ResourcesandOreReserves.) As at 30 June 2009. (See OZ Minerals’ website for full

(refer topage13)

(refer topage13)

TRANS-AUSTRALIAN RAILWAY TO RAIL SIDING RAIL TO ROAD HAUL KILOMETRES 0 TRANSMISSION LINE TRANSMISSION ELECTRICITY AUSTRALIA N PROMINENT HILL CRATON GAWLER SOUTH 1 00 ADELAIDE 200 HILL

CHALLENGER MINE CHALLENGER

WIRRIDA RAIL SIDING RAIL WIRRIDA

DARWIN RAILWAY DARWIN ADELAIDE TO TO ADELAIDE

TARCOOLA EYRE HWY EYRE PEDY COOBER GAWLER CRATON

OODNADATTA STUART HWY STUART

PORTAUGUSTA OODNADATTA TRACK OODNADATTA LINCOLN PORT HILL PROMINENT WHYALLA

BUILT ONGOVERNANCE FOCUS ON COPPER DAM MINE DAM OLYMPIC

MAXIMISE ASSETS ZERO HARM

PIRIE PORT PROJECT PIPELINE MAREE BIRDSVILLE TRACK ADELAIDE EXPLORATION

CAPITAL MANAGEMENT 11 OZ MINERALS BUSINESS REVIEW 2009 PROMINENT HILL CONTINUED

Prominent Hill copper concentrates are the highest grade traded on the open market.

Aerial view of Prominent Hill open pit and tailings storage facility.

There are four main ore types The success of the ore blending trials at Prominent Hill: chalcocite, bornite, at Prominent Hill has increased confidence chalcopyrite dominant and gold-only ore. that all ore types can be successfully The chalcocite dominant ore type was the processed together, an important factor main ore type processed during the year. for operation of the plant over its life. Two other ore types, bornite dominant Production guidance averaging 100,000 and gold-only ore, were tested during to 110,000 tonnes of copper and 80,000 the final quarter and processing of these to 90,000 ounces of gold average per ores was highly successful, with good annum has been given for the three recoveries from both. At the end of years from 2010. the year, a blend of chalcocite, bornite Continuing to improve the efficiency and gold-only ore was being treated. of the operation is now the priority The operation produced 96,310 tonnes at Prominent Hill. Margin improvement of copper and 75,535 ounces of gold Watching delivery of ore to the projects to increase recovery of copper Gyratory crusher. contained in concentrate for the year. and gold, reduce costs and increase Prominent Hill copper concentrates ore throughput. are the highest grade traded on the The average ‘C1’ cash cost of production open market. In 2009, the average for the year of US70.7c/lb was very concentrate grade was 54% copper. competitive, placing the operation This makes Prominent Hill concentrates in the second quartile of copper attractive to smelters as they can be producers worldwide. Mining and blended with lower grade concentrates production costs were largely as planned, to improve their overall feed grades. with the negative impact of the stronger Australian dollar offset by the positive impact of the higher gold price on by-product credits. OZ MINERALS BUSINESS REVIEW 2009

12 Prominent Hill Mineral Resources RESOURCES* and Ore Reserves as at 30 June 2009 Summary Copper-gold Mineral Resource Summary** Tonnes Contained Contained Contained The information set out in this table that relates to Category (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Mineral Resources is a summary of the information relating to Mineral Resources set out in the ‘Mineral Measured 36.6 1.65 0.5 3.6 604 0.6 4.2 Resources and Ore Reserves Explanatory Notes Indicated 70.2 1.30 0.5 3.2 910 1.2 7.1 as at 30 June 2009’ that was summarised in the announcement released to the ASX on 30 November Inferred 83.0 1.18 0.4 2.9 982 1.1 7.6 2009 (and available at www.ozminerals.com/Operations/ Total 189.7 1.32 0.5 3.1 2,496 2.9 19.0 Resources--Reserves), which was based on information compiled by Mr Jim Hodgkison MAusIMM, who is a full-time employee of OZ Minerals. Mr Hodgkison has sufficient experience which is relevant Gold Only Mineral Resource Summary*** to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking Tonnes Contained Contained Contained to qualify as a Competent Person as defined in the ‘Australian Code for Reporting of Exploration Results, Category (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Mineral Resources and Ore Reserves’ (the JORC Code Measured 8.4 0.10 1.1 1.8 8 0.3 0.5 2004 Edition). Mr Hodgkison consented to the inclusion in the ‘Mineral Resources and Ore Reserves Explanatory Indicated 19.0 0.06 1.3 1.1 11 0.8 0.7 Notes as at 30 June 2009’ of the matters based on his information in the form and context in which Inferred 51.4 0.06 1.4 0.7 31 2.4 1.2 it appears in that statement. Total 78.8 0.06 1.4 0.9 51 3.4 2.4

The information set out in this table that relates to Ore Reserves is a summary of the information relating RESERVES**** to Ore Reserves set out in the ‘Mineral Resources and Ore Reserves Explanatory Notes as at 30 June 2009’ that was summarised in the announcement released to the ASX on 30 November 2009 (and available at Prominent Hill Ore Reserves Summary www.ozminerals.com/Operations/Resources--Reserves), which was based on information compiled by Tonnes Cu Au Ag Contained Contained Contained Mr David Goodchild MAusIMM, who is a full-time Classification (Mt) (%) (g/t) (g/t) Cu (kt) Au (koz) Ag (koz) employee of OZ Minerals. Mr Goodchild has sufficient experience which is relevant Proved 46.1 1.29 0.57 3.11 597 845 4,613 to the styles of mineralisation and types of deposits under Probable 29.6 1.04 0.61 2.85 307 581 2,714 consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the Total 75.7 1.19 0.59 3.01 904 1,426 7,327 ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2004 Edition). Mr Goodchild consented to the inclusion in the ‘Mineral Resources and Ore Reserves Explanatory * Resources are inclusive of Reserves. Notes as at 30 June 2009’ of the matters based ** Cut off grade is 0.3% Cu above 9730m RL and 0.8% Cu below 9730m RL. on his information in the form and context in which *** Cut off grade is 0.5g/t Au above 9730m RL and 1.0g/t Au below 9730m RL (exclusive of copper-gold Mineral Resource). it appears in that statement. **** Based on US$2.10/lb Cu, US$800/oz Au, US$12.50/oz Ag and FX rate of A$1.00:US$0.78.

Following resolution of the Company’s Underground Mining Studies refinancing difficulties in June, Part of OZ Minerals’ strategy is to work resumed on the Prominent Hill maximise the potential value of its assets underground feasibility studies. As part and also to build its project pipeline. of these studies, a 23,500 metre infill Current studies are underway at drilling program was undertaken Prominent Hill to investigate the viability on the Western Copper deposit aimed of mining underground in addition at converting the Mineral Resources from to the current open pit operations. Inferred status to Indicated and to test for extensions to the deposit to the Mineral Resources additional to those east, west and at depth. currently included in the open pit mine plan have been defined. In addition These studies have indicated that the Western Copper deposit will Geologist examining a core sample. to those underneath the pit – known as the ‘Main’ underground area – be a major driver in the underground Resources have also been defined mining strategy. When complete, the immediately to the east and west of infill drilling program results will be the pit, as well as at the ‘Western Copper’ incorporated into an updated resource area, a separate deposit located 800 model and fed into the studies. metres to the west of the pit. Study results are expected to be Mining assessments have ascertained presented to the Board for consideration that these deposits would be best mined in mid 2010. This will potentially allow using underground mining methods. a commitment to the project in the third Metallurgical test work undertaken quarter of 2010, leading to possible first on this material has indicated similar underground production in 2013. performance and product quality to that At the end of 2009, a separate program achieved with ore from the open pit. of step-out drilling commenced, aimed at extending the known Resources close to the open pit at depth and along strike to the west and east. OZ MINERALS BUSINESS REVIEW 2009

13 Discovery of a new deposit near Prominent Hill could add significant value to OZ Minerals. A discovery within the Prominent Hill tenement package has the potential for ore to be trucked to the existing processing plant and as such could potentially be a low cost addition to production.

Regional exploration program drilling. EXPLORATION This technique has allowed exploration Prominent Hill REGION geologists to refine the location The Prominent Hill deposit sits of the targets generated by the other within a large tenement holding geophysical techniques prior to drilling. of approximately 4,000km2. Given In June 2009, drilling on the regional SOUTH knowledge gained from bringing exploration program commenced. AUSTRALIA Prominent Hill into production, together Encouraging results, including Prominent with the existence of other iron-oxide- Hill-style mineralisation, were returned copper-gold deposits in the Gawler at several targets. Craton, the area is considered highly PROMINENT HILL For example, at Triton, a low grade prospective for the discovery of more ADELAIDE but wide intersection of copper Prominent Hill-style orebodies. This is mineralisation – 185 metres at 0.25% OZ Minerals’ highest exploration priority. copper – demonstrated that targeting The area immediately around methods were successful. Prominent Hill is covered by up to In November 2009, the Company 100 metres of sedimentary rocks, which OZL and IMX Tenements announced a Heads of Agreement overlie the bedrock that hosts Prominent with IMX Resources Limited (‘IMX’) for Hill. With no outcropping rocks to map a proposed joint venture to explore or sample, geophysical remote sensing for copper-gold projects on IMX’s techniques are necessary for exploration. tenements, which adjoin OZ Minerals’ Magnetics and gravity data are the main tenements to the west, north and south. techniques used. Using this geophysical When added to OZ Minerals’ tenement information, along with information holding, this agreement will allow the now known about the deposit, a number Company access to more than 7,000km2 of targets have been identified. of highly prospective exploration acreage. Recent work has included ground OZ Minerals plans to spend $20 million geophysical surveys using the Induced on regional exploration at Prominent Hill Polarisation technique. Induced in 2010, including work on the IMX joint Polarisation involves measuring venture tenements. 0 25 50 ‘chargeability’ of rocks beneath the surface to try to detect sulphides, KILOMETRES including copper sulphides.

PROMINENT HILL MINE OZL EXPLORATION LICENCES

OZ MINERALS BUSINESS REVIEW 2009 IMX EXPLORATION LICENCES

14 Discovery of a new deposit near ZERO HARM Prominent Hill could add significant value to OZ Minerals. A discovery within the Prominent Hill tenement package has the potential for ore FOCUS ON COPPER MAXIMISE ASSETS PROJECT PIPELINE EXPLORATION MANAGEMENT CAPITAL to be trucked to the existing processing BUILT ON GOVERNANCE plant and as such could potentially be a low cost addition to production.

EXPLORATION An initial JORC (Joint Ore Reserves Cambodia Committee) compliant Inferred Resource OZ Minerals’ strategy includes of 8.1 million tonnes at 2.3g/t gold for exploration as a key pillar of growth. 605,000oz of contained gold (at a 0.5g/t In addition to regional exploration cut-off) was recently announced for the around Prominent Hill, the Company Okvau area. This Resource, in conjunction currently has four exploration projects with other nearby targets within a 3km in Cambodia. The most advanced radius of Okvau, will be the focus of EXPLORATION of these is the Okvau project. further exploratory studies throughout SITES April and May of 2010. Following on MEKONG RIVER OZ Minerals has been exploring from this work, OZ Minerals will then PHNOM PENH in Cambodia since 2005 when it first test a number of nearby targets at Oput, identified the Okvau area. Granite Hill, Area 6 and Okhlek Khlok Okvau is a promising area that as part of the stated regional strategy OZ Minerals believes has the potential to identify at least the potential for to be part of a gold district. Exploration, a plus two million ounce Resource in the Okvau is a promising area that including mapping, surface sampling broader Okvau district. OZ Minerals believes has the potential and drilling, over the past four years OZ Minerals is also working to identify to be part of a gold district. has identified a gold mineralised system new projects globally that have the that exists over approximately 400 metres potential to meet its project criteria. by 500 metres.

Okvau Gold Mineral Resource SUMMARY Reporting Mineral Resource Category Lower Cut Tonnes Au Contained (JORC 2004) (Au ppm) (Mt) (ppm) Ounces Inferred 0.5 8.1 2.3 605,000 Inferred 1.0 6.5 2.7 570,000

The information set out in the table and description above Mr Hackman has sufficient experience relevant to the style that relates to Inferred Mineral Resources is a summary of mineralisation and type of deposit under consideration of the information relating to Inferred Mineral Resources and to the activity undertaken to qualify as a Competent set out in the ‘Okvau Resource Statement March 2010’ that Person as defined in the ‘Australian Code for Reporting was summarised in the announcement released to the ASX of Exploration Results, Mineral Resources and Ore Reserves’ on 18 March 2010 (and available at www.ozminerals.com/ (the JORC Code 2004 Edition). Mr Hackman consented Operations/Resources--Reserves), which was based on to the Inferred Mineral Resource figures released in the information compiled by Mr Duncan Hackman of Hackman ‘Okvau Resource Statement March 2010’ of the matters & Associates Pty. Ltd, who is a member of the Australian based on his information in the form and context in which Institute of Geoscientists. it appears in that statement. OZ MINERALS BUSINESS REVIEW 2009

15 OZ Minerals has a deliberate strategy to promote a diverse workforce and has been successful in achieving a growing representation from local indigenous groups and local community.

Train line at Wirrida Siding. SUSTAINABILITY OZ Minerals Lost Time and OZ Minerals is committed to achieving Total Recordable Injury Frequency Rate Zero Harm by Choice, which requires Our People 12 Month Moving Average*^ us to embed a culture that ensures We have recently emerged from the management of safety, health, a very challenging year for both our 18 environment and community comes business and our people. During 2009, naturally to our workforce and is a 16 OZ Minerals sold a significant part of foremost consideration in every decision the business and this impacted on many 14 we make. Zero Harm by Choice requires of our employees. However, most of OZ Minerals to adopt targets of zero our former employees, particularly those 12 for health, safety and environmental based at operational sites, were able and community incidents. While these 10 to continue on under the respective may be difficult targets, it is not practical new owners of those assets. to have any others if we wish to achieve 8 the cultural shift required. At the close of 2009, OZ Minerals had 331 employees and 476 contractors. 6 Our sustainability policy has been Most of our workforce is now Australian updated to reflect our goal of Zero 4 based, with 608 employees and contractors Harm by Choice as well as incorporating based at our Prominent Hill operation. 2 the OZ Minerals’ values of Respect, Outside of Australia, we have 122 Integrity, Action and Results. employees and contractors primarily 0 working for our exploration division on projects in Cambodia. JUL 09 JUL SEP 09 SEP FEB 09 FEB JUN 09 JUN JAN 09 JAN DEC 09 DEC APR 09 APR OCT 09 OCT AUG 09 AUG NOV 09 NOV MAY 09 MAY MAR 09 MAR OZ Minerals has a deliberate strategy to promote a diverse workforce and has OZ MINERALS TRIFR been successful in achieving a growing OZ MINERALS LTIFR representation from local indigenous groups and local community. OZ Minerals * Injuries per million man hours. also has one of the highest female ^ Continuing operations only. representation levels within the industry. Approximately 82% of our workforce at Prominent Hill is from South Australia. This includes 18% from the region in which our operation is located and 14% indigenous people. OZ MINERALS BUSINESS REVIEW 2009

16 ZERO HARM FOCUS ON COPPER MAXIMISE ASSETS PROJECT PIPELINE EXPLORATION MANAGEMENT CAPITAL

BUILT ON GOVERNANCE

SUSTAINABILITY Prominent Hill Employees This high local employment rate and Contractors is a direct result of a directed effort Safety and Health By Region to ensure benefits are shared with It is our objective to protect the health, local communities. safety and wellbeing of our employees REGIONAL AND LOCAL and contractors and never to compromise SOUTH AUSTRALIA 18% Cross-cultural training has taken place regularly during the reporting period. on health and safety. This constitutes a two-day program, At the close of 2009, our Total Recordable which is mandatory for all Prominent Hill Injury Frequency Rate (TRIFR) per one employees and long-standing contractors. INTERNATIONAL 1% million hours worked was 12.36; this was A coaching and mentoring program was an improvement on a TRIFR of 15.10 in also implemented aimed specifically at 2008. Our 2009 Lost Time Injury Frequency supporting indigenous employees, their rate (LTIFR) was 0.95 lost time injuries per OTHER families and their supervisors. million hours worked, which was slightly AUSTRALIA 17% OZ Minerals promotes and encourages lower than 2008’s result of 1.10. learning and development. This includes In the reporting year, we recorded self-paced learning modules as well as 30 significant safety incidents. These OTHER compulsory training programs in areas incidents are those with actual or potential SOUTH AUSTRALIA 64% of induction training and safety. consequences classified as Level 4 and above on our internal consequence We continue to focus on attracting severity matrix. The majority of these skilled employees who are committed incidents resulted in no injury. to working in a high performance culture. A range of engagement strategies have All significant safety incidents were been developed to enhance workforce investigated using the Incident Cause satisfaction, including remuneration, Analysis Method (ICAM) and lessons performance related bonuses, flexible learnt from these incidents were roster patterns and family site visits. recorded and communicated across the organisation. These investigations were also used to identify opportunities to improve our management systems and practices across the Company. Zero Harm by Choice requires us to move from a compliance based approach to one where our culture ensures that safety comes naturally. To support this, there has been a focus on developing leading indicators as a way of measuring safety

and health performance. OZ MINERALS BUSINESS REVIEW 2009

17 SUSTAINABILITY CONTINUED

It is our objective to ensure that the communities in which we operate receive real benefit from our activities.

Emus at Prominent Hill.

The fifth Prominent Hill Pre-employment Community Training Program, completed in September As outlined in our sustainability policy, 2009, was specifically organised for it is our objective to ensure that the members of the Antakarinja community. communities in which we operate receive Seven trainees successfully completed the real benefit from our activities. We strive program and have been placed in various to build trusting relationships by engaging roles at the Prominent Hill operation, clearly, openly and honestly with our host including in the environment, exploration, communities and other key stakeholders. geology and training departments. Before operations commenced at The OZ Minerals community investment Prominent Hill, baseline social and program is primarily focused on areas environmental assessments were in which we operate. Therefore most of our efforts have been focused on the Dust monitoring at Prominent Hill. completed. Regular monitoring through engagement with local community communities close to Prominent Hill. representatives has occurred since then. In 2009, we contributed $25,000 During the reporting year, there has been to supporting local community rodeos extensive engagement with the local and gymkhanas and we continued indigenous Antakarinja community, who our sponsorship of local football team, are the traditional owners of the land the Coober Pedy Saints, with a $10,000 where the mine is located, mostly relating donation. In Coober Pedy, we also to participation in our pre-employment donated $6,000 towards improved training program. We are particularly kitchen facilities at the Umoona Aged proud of this program, which allows local Care facility and we engaged the indigenous and non-indigenous people Umoona Community Council to create an opportunity to gain an understanding a community garden at the Prominent of, and attain skills suitable for a job in, Hill village at a cost of $15,000. the mining industry. OZ Minerals continued to support Since the launch of the program in 2006, the Royal Flying Doctor Service (RFDS), five groups of trainees comprising donating $80,000 in 2009, as an ongoing 42 graduates have completed the program partnership with the RFDS worth and taken up roles at Prominent Hill. $280,000 over four years from 2007. We also have a program of assisting local businesses to gain work at Prominent Hill, with four local contractors commencing work in 2009. OZ MINERALS BUSINESS REVIEW 2009

18 OZ Minerals continues to participate in the Australian Government Energy Efficiency Opportunities program and the global Carbon Disclosure Project.

Dust monitoring station.

Our most significant environmental Water for our Prominent Hill operations Environment incident was at Prominent Hill, where comes from the Arkaringa Basin, which A range of environmental improvement a spill of approximately 60 tonnes is separate from the Great Artesian Basin. programs and initiatives was of concentrate resulted when a trailer We conduct an ongoing bore monitoring implemented during the reporting on a road-train, transporting concentrate program to understand our impacts. period, primarily at our Prominent Hill, to the Wirrida siding, left the road and In 2009, we used 5,243 megalitres of operation. As this is a new operation, overturned. The spilled concentrate was water for operations at Prominent Hill. subsequently recovered and the area there was a focus on understanding the Over the reporting period, operations remediated. The incident was reported site’s resource usage and environmental produced 35 million tonnes of waste rock to the regulator and no further action data to set baselines for future reference. and 6.5 million tonnes of tailings. The was required. There were no environmental waste rock generated was placed in rock non-compliances at our operations in During the year, OZ Minerals completed dumps within the mining areas or used the reporting year. We had one incident its first report under the National for mine infrastructure and the tailings rated at level four by our internal Greenhouse and Energy Reporting Act impounded in a tailings storage facility. 2007 (NGERS). Prior to the submission of incident severity matrix. Incidents are At the end of 2009, OZ Minerals’ the report, a comprehensive independent rated from one to five, and none of exploration and mining tenements readiness assessment was conducted these incidents were rated as causing, covered approximately 5,500km2, or having the potential to cause, major on the processes that OZ Minerals had of which approximately 19km2 have environmental impact. developed to meet the requirements been disturbed for mining and of the NGERS Act. OZ Minerals continues processing related activities. Land will to participate in the Australian Government be progressively rehabilitated when it Energy Efficiency Opportunities program is no longer being used for operations and the Global Carbon Disclosure Project. or further resource investigation. Our energy consumption in 2009 For more information about OZ Minerals’ was 2.06 petajoules, which primarily sustainability performance, see our related to our Prominent Hill operation. Sustainability Report website at Our greenhouse gas emissions were www.ozminerals.com. equivalent to 263,000 tonnes of carbon dioxide, most of which was produced at our main operation, Prominent Hill. OZ MINERALS BUSINESS REVIEW 2009

19 BOARD OF DIRECTORS

Barry Cusack* Neil Hamilton Terry Burgess BE(Hons), M.Eng.Sci., FTSE, FAusIMM, FAIM, MAICD LLB BSc, FAusIMM, FIMM, ACMA, CEng Chairman Chairman-elect Managing Director and Chief Executive Officer Barry was the Managing Director of Rio Tinto Neil was appointed a Director of OZ Minerals Terry Burgess joined OZ Minerals as Managing Australia (1997–2001) and is currently a in February 2010 and is expected to be appointed Director and Chief Executive Officer in August non-executive director of Toll Holdings Limited as Chairman of the Board in April 2010. Neil is an 2009. Terry was most recently the Head of Business and MacMahon Holdings Limited. Barry also experienced professional company director and Development for AngloBase, the base metals held the position of chairman of Coal and Allied chairman. He has more than 26 years in the legal business of Anglo American plc, where he was Limited (1997–2001), Limited profession and in business, with substantial responsible for growing Anglo’s base metals (1997–2003) and ERA Limited (2000–2002), experience in a number of industries, including business. Prior to this, he was the Global Head was a director of Smorgon Steel Group Limited investment/funds management, insurance, banking of Metals and Mining at ABN AMRO. (2002–2007) and is a former president of the and resources. He is currently the chairman Terry was also formerly the Managing Director and Minerals Council of Australia (2001–2003). Barry is an of Mount Gibson Iron Limited, Miclyn Express CEO of Australian listed mid-cap mining company Honorary Life Member of the Chamber of Minerals Offshore Limited and a director of Metcash Limited. Delta Gold and its successor, AurionGold, between and Energy of Inc. Upon Barry’s He has in recent months announced his pending 1997 and 2002. retirement on 13 April 2010, it is expected that retirement in May 2010 as chairman of Iress Market Neil Hamilton will take over the role of Chairman. Technology Limited and Northern Iron Limited.

Paul Dowd Michael Eager Brian Jamieson BSc (Eng) BE (Mining), FAusIMM FCA Independent Non-executive Director Independent Non-executive Director Independent Non-executive Director Paul is a mining engineer with a career spanning Michael is a mining engineer with more than Brian was Chief Executive of Minter Ellison more than 40 years, primarily in the private sector, 40 years experience covering a wide range Melbourne between 2002–2005. Prior to joining but also served in the public sector as head of the of mining operations, and exploration and Minter Ellison, he was with KPMG and its Victorian Mines and Petroleum Departments. Until development activity. He retired from the position antecedent firms for over 30 years. During his time 2006, Paul was Managing Director of Newmont of Managing Director of Aberfoyle Limited in at KPMG, Brian held the position of Chief Executive Australia Limited and Vice President Australia and 1998, as director of MIM Holdings and Austminex Officer Australia between 1998–2000, Managing New Zealand Operations for Newmont Mining NL in 2003, and as a director of the Australasian Partner of KPMG Melbourne and southern regions Corporation. Prior to this, Paul was Group Institute of Mining and Metallurgy (AusIMM) between 1993–1998 and chairman of KPMG Executive – Operations for Normandy Mining in 2004. In 2008, Mr Eager concluded his term as Melbourne between 2001–2002. He was also Limited. He is currently chairman of Adelaide a director and deputy chairman of the Australian chairman of Mesoblast Limited (since November Resources Limited, Managing Director of Phoenix Nuclear Science Technology Organisation (ANSTO), 2007), non-executive director of Sigma Copper Limited and a non-executive director positions he held since 2002. Pharmaceuticals Limited (since 2005) and Tatts of Northgate Minerals Corp (Canada). Group Limited (since 2003). Brian is a fellow of The Institute of Chartered Accountants in Australia.

Charles Lenegan Peter Mansell* Dean Pritchard BSc(Econ), AICA (UK) BCom, LLB, FAICD BE, FIE Aust, CP Eng, FAICD Independent Non-executive Director Non-executive Director Independent Non-executive Director Charles was appointed as a Director of OZ Minerals Peter has broad experience in the management, Dean is a civil engineer with over 30 years in February 2010. Charles was a former Managing direction, development and governance of listed experience in the engineering and construction Director of Rio Tinto Australia. Charles had a entities. He was a corporate and resources partner in industry. He was Chief Executive Officer of distinguished 27 year career with Rio Tinto where the law firm Freehills from 1988 until 2004. Peter was Baulderstone Hornibrook from 1991 to 1997. he held various senior management positions previously the non-executive chairman of Zinifex He was chairman of ICS Global Limited from across a range of commodities and geographies. Limited and was a non-executive director of Hardman 1999 to 2007. Dean is currently a non-executive He is also a former chairman of the Minerals Resources Limited, Tethyan Copper Company Limited, director of Spotless Group Limited and OneSteel Council of Australia, director of Energy Resources Foodland Associated Limited and non-executive Ltd. He is also the chairman of Steel & Tube of Australia Limited and director of Coal & Allied chairman of JDV Limited. Peter is currently Holdings Limited, which is a New Zealand Industries Limited. non-executive chairman of Electricity Networks subsidiary of OneSteel Ltd. Corporation (Western Power) and a non-executive director of Nyrstar SA, a company listed on the

OZ MINERALS BUSINESS REVIEW 2009 Eurolist of Euronext Brussels Stock Exchange.

20 *Barry Cusack and Peter Mansell have indicated their intent to retire from the OZ MInerals Board in April 2010. SENIOR MANAGEMENT

Terry Burgess Andrew Coles Richard Hedstrom BSc, FAusIMM, FIMM, ACMA, CEng B.Ec, MBA B.Comm, ASIA Managing Director and Chief Executive Officer Chief Financial Officer Head of Business Development Terry Burgess joined OZ Minerals as Managing Andrew has over 29 years experience in the Richard was appointed Head of Business Director and Chief Executive Officer in August resources industry, including CRA Ltd and Esso Development in September 2009. 2009. Terry was most recently the Head of Business Australia. In 2003, Andrew joined in Richard was Head of Investor Relations for Development for AngloBase, the base metals administration as Group Treasurer, then held this OZ Minerals and Oxiana from 2003 to 2009. business of Anglo American plc, where he was role in Zinifex following the 2004 float. From 2007, Prior to joining Oxiana, Richard worked at responsible for growing Anglo’s base metals Andrew worked primarily in M&A, including the Goldman Sachs JBWere in New York for seven business. Prior to this, he was the Global Head Nyrstar IPO and the Oxiana merger. Andrew was years as an equity analyst covering North of Metals and Mining at ABN AMRO. appointed Chief Financial Officer of OZ Minerals and South American base, precious and bulk Terry was also formerly the Managing Director and in June 2009. Andrew is a non-executive director commodity equities. CEO of Australian listed mid-cap mining company of Toro Energy Limited. Delta Gold and its successor, AurionGold, between 1997 and 2002.

Anthony Houston Francesca Lee John Nitschke BSc BCom, LLB (Hons), LLM, Grad. Dip. CSP, ACIS BEng (Hons), MSc, DIC, FAusIMM, GAICD Head of Exploration Company Secretary and General Counsel Executive General Manager – Anthony is a geologist with over 26 years Francesca was a Group Counsel at BHP Billiton Projects & Technical Services in mineral exploration and evaluation, having and has also held a number of senior positions John is a mining engineer with over 35 years worked extensively in Australia and Asia, along at Rio Tinto Limited, including General Manager experience in the resources industry. He was with considerable exposure to South America Internal Audit and Group Counsel, and was formerly EGM – Australian Operations at Oxiana. and Eastern Europe. Prior to joining OZ Minerals vice president of Structured Finance at Citibank His experience includes project and operations in 2006, he worked as a consultant throughout Asia Limited. Francesca is a board member of the management of surface and underground mines, and spent 12 years working with MIM Exploration Metropolitan Waste Management Group, both in Australia and overseas, for major mining in a variety of technical and management roles. a Victorian statutory authority and is a member companies. John was appointed Executive General Anthony was appointed Head of Exploration in of the Takeovers Panel. Francesca was appointed Manager – Projects and Technical Services in September 2009. His previous role at OZ Minerals to the position of General Counsel and Company July 2008. John is a non-executive director of was Manager Exploration – Asia. Secretary of Zinifex in March 2004 and OZ Minerals Toro Energy Limited and IMX Resources Limited. in July 2008.

Mick Wilkes NATALIE WORLEY BEng(Hons), MBA, MAusIMM BSc(Hons), Grad. Dip. Comm Executive General Manager Operations Head of Investor & External Relations Mick is a mining engineer with 25 years experience Natalie is a mining industry professional with in operations and project development. Prior to 13 years experience. She is a geologist and has joining OZ Minerals’ predecessor, Oxiana, in 2001, postgraduate qualifications in communications. he spent 17 years with MIM working in Mt Isa, Natalie worked as an exploration geologist for Great Britain and Papua New Guinea in various Normandy Mining Limited and had a period as technical and management positions. Mick was a resource journalist before joining OZ Minerals’ the General Manager Operations at OZ Minerals’ predecessor Oxiana in 2003 where she has held Sepon Mine and more recently the General external relations roles. Natalie was appointed Manager of Prominent Hill. Mick was appointed Head of Investor and External Relations Executive General Manager Operations in September 2009. in June 2009. OZ Minerals Limited ABN 40 005 482 824

Head Office Level 10, 31 Queen Street Melbourne Victoria 3000 Australia Telephone: (61 3) 9288 0333 Facsimile: (61 3) 9288 0300 [email protected]

Share Registry Link Market Services Limited Level 1, 333 Collins Street Melbourne Victoria 3000 Australia Telephone: 1300 306 089 International: (61 2) 8280 7763 Facsimile: (61 2) 9287 0303 www.linkmarketservices.com.au

Investor and media enquiries Natalie Worley Head of Investor and External Relations Telephone: (61 3) 9288 0333 [email protected]

Product sales enquiries Russell Griffin General Manager – Marketing and Sales Telephone: (61 3) 9288 0333 [email protected]

Sustainability Tim Berry Group Sustainability Manager Telephone: (61 3) 9288 0333 [email protected]

Careers at OZ Minerals [email protected]

Annual General Meeting 2.00pm (Adelaide time) Wednesday 19 May 2010 Level 1, The Playford Ballroom The Sebel Playford Adelaide 120 North Terrace Adelaide SA 5000