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View Annual Report ANNUAL REPORT OZ MINERALS ANNUAL REP MINERALSOZ ANNUAL 2012 OZ MINERALS LIMITED ABN 40 005 482 824 O RT 2012 RT A MODERN MINING COMPANY CONTENTS 1 Results for Announcement to the Market 3 Chairman and Managing Director & CEO’s Letter 4 Corporate Governance Statement 10 Directors’ Report 23 Remuneration Overview 27 Remuneration Report 45 Auditor’s Independence Declaration 46 Consolidated Income Statement 47 Consolidated Statement of Comprehensive Income 48 Consolidated Statement of Changes in Equity 49 Consolidated Balance Sheet 50 Consolidated Statement of Cash Flows 51 Notes to the Consolidated Financial Statements 92 Directors’ Declaration 93 Independent Auditor’s Report 95 Shareholder Information IBC Contact Details Computer generated wire frame Front cover: Front model of the Prominent Hill underground development. RESULTS FOR ANNOUNCEMENT TO THE MARKET Provided below are the results for announcement to the market in accordance with Australian Securities Exchange (‘ASX’) Listing Rule 4.2A and Appendix 4E for the Consolidated Entity (‘OZ Minerals’ or the ‘Consolidated Entity’) comprising OZ Minerals Limited (‘OZ Minerals Limited’ or the ‘Company’) and its controlled entities for the year ended 31 December 2012 (the ‘financial year’) compared with the year ended 31 December 2011 ('comparative year'). Highlights • Safety programs continue to drive improved safety performance at Prominent Hill • A solid operational performance for the year with OZ Minerals’: o Revenue of $985.7 million; 1 o Underlying EBITDA of $334.1 million; and o Net profit after tax of $152.0 million • Net cash inflows from operating activities of $318.8 million with a cash balance at 31 December 2012 of $659.0 million • Significant work underway to extend the life of mining operations at Prominent Hill o Ankata underground mine commenced operating at full capacity in 2012 with the Reserve now increased by 2.9Mt extending Ankata mine life by approximately two years o Mine development of Malu Underground commenced with Phase 1 of the decline complete, with the mine expected to be in production in 2014 • Drilling program at Carrapateena conducted during 2012 o Increased Resource by 43 percent to 292Mt (at 0.7% Cu cut-off) o New Khamsin prospect represents an exciting regional discovery ten kilometres from Carrapateena • Exploration decline at Carrapateena being fast tracked, using a Tunnel Boring Machine starting in 2013 • Unfranked dividend of 10 cents per share paid in September 2012 • A further unfranked dividend of 20 cents per share declared in February 2013 • On-market share buyback of $200 million completed, with $100.1 million of shares bought in 2012 Consolidated results 31 December 2012 31 December 2011 Movement Movement $m $m $m percent Revenue 985.7 1,115.9 (130.2) (11.7) Profit after tax attributable to equity holders of OZ Minerals Limited 152.0 274.5 (122.5) (44.6) Net tangible assets per share $8.35 $8.08 The Ankata mine at Prominent Hill operations was commissioned in August 2012, with development costs capitalised until July 2012. The current year results include five months of Ankata mine operation. 1. OZ Minerals financial results are reported under International Financial Reporting Standards (‘IFRS’). This Financial Report and Results for Announcement to the Market include 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. 1 RESULTS FOR ANNOUNCEMENT TO THE MARKET – CONTINUED In accordance with Chapter 19 of the ASX listing rules, net tangible assets per share represent total assets less intangible assets less liabilities ranking ahead of, or equally with, ordinary share capital, divided by the number of ordinary shares on issue at end of the year. The commentary on the consolidated results and outlook is set out in the Review of results and operations, changes in state of affairs, and likely developments section of the Directors’ Report. Dividends Since the end of the financial year, the Board of Directors has resolved to pay an unfranked dividend of 20 cents per share, to be paid on 12 March 2013. The record date for entitlement to this dividend is 26 February 2013. The financial impact of this dividend amounting to $60.7 million has not been recognised in the Financial Statements for the year ended 31 December 2012 and will be recognised in subsequent Financial Statements. The details in relation to dividends announced or paid since 1 January 2011 are set out below: Record date Date of payment Cents per share Total dividends $m 26 February 2013 12 March 2013 20 60.7 11 September 2012 25 September 2012 10 30.3 24 February 2012 9 March 2012 30 94.3 29 August 2011 16 September 2011 30 97.2 23 February 2011 9 March 2011 40 129.5 For Australian income tax purposes, all dividends were unfranked and were declared to be conduit foreign income. The dividend of 40 cents per share paid on 9 March 2011 in the above table reflects the dividend amount per share after the one for ten share consolidation in June 2011. The Company’s Dividend Reinvestment Plan was suspended in 2010 and remains suspended. Independent auditor's report The Financial Statements upon which this Appendix 4E is based have been audited and the Independent Auditor's Report to the members of OZ Minerals Limited is included in the attached Annual Financial Report. 2 CHAIRMAN AND MANAGING DIRECTOR & CEO’S LETTER Dear Shareholder, In 2012, we had another solid year of production from Prominent Hill. We extended the life of the new Ankata underground mine, further increased our options for mine life extension and made great progress at Carrapateena. Most pleasingly, we continued to progress our safety strategy, resulting in improved safety performance. Pursuing value for our shareholders remains our overall business objective. For 2012, we resolved to pay a total unfranked dividend of 30 cents per share, equating to a payout ratio of 60 percent of normal operating profits. During the year, we reaffirmed our strategy after taking into consideration changes in market conditions and the outlook for our preferred commodities of copper and gold. Our strategy remains to focus on copper, maximise the potential of our assets, build a project pipeline, invest in exploration and disciplined evaluation of value adding acquisition opportunities. We have detailed our vision for the future as part of our ‘Conceptual Growth Vision’ for OZ Minerals. Our vision includes mining from the open pit, Ankata underground and development, and subsequent mining of the Malu underground at Prominent Hill. We are also accelerating the exploration phase of the Carrapateena project. Although the timeline is conceptual and is by necessity subject to many variables, including regulatory and community approvals, suitable technical and cost outcomes, and favourable economic and market conditions, we are indicating potential for mining beyond 2020 at Prominent Hill from underground operations. With the combined open pit and underground operation, revenue for the year was just below $1 billion. The average London Metals Exchange (LME) average copper price during 2012 was US$3.61 per pound, which is still a very good price historically and only slightly below the all-time record (LME) average copper price achieved in 2011 of US$4.00 per pound. The outlook for copper remains very strong, with emerging economies providing the demand level that exceeds forecast mine supply. As we move into Prominent Hill’s fifth year of operations, we are able to reflect on an asset that has consistently achieved very good production. In 2012, we met our market guidance, with 101,737 tonnes of copper and 140,746 ounces of gold produced at Prominent Hill. Many significant milestones were achieved in 2012, setting ourselves up for future growth. Our new Ankata underground mine at Prominent Hill was officially opened during the year by the Premier of South Australia, the Hon Jay Weatherill. The mine reached its full production rates by the end of 2012 and Ore Reserves were increased. Our confidence in Carrapateena has grown following a drilling program, which led to a 43 percent increase in Mineral Resources. We have purchased a Tunnel Boring Machine (TBM) to accelerate the development of an exploration decline and allow further geotechnical testing of the deposit. It is anticipated that the TBM will be commissioned before the end of 2013. We also announced a regional discovery at the Khamsin prospect, approximately 10 kilometres north west of the Carrapateena deposit. Our investment in our local communities was strengthened in 2012. We completed our eighth Pre-Employment Training Program, which continues to have success in enabling local people without prior experience to enter our workforce. We currently have around 170 Aboriginal people working at Prominent Hill – one of the highest Aboriginal representations within Australian mining workforces. In an industry with traditionally lower representation of women than men, OZ Minerals has a clear vision for improving diversity within our company, with measurable targets incorporated into company-wide key performance indicators. At present, women constitute 24 percent of OZ Minerals employees. We have always seen 2012–2013 as transitional years for Prominent Hill as we move underground and mine significant volumes of waste. This will build a foundation for future production from Prominent Hill. From 2014 onwards, we will have access to ore in later stages of the open pit, obtaining the benefit from the investment in our 2013 waste movement campaign.
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