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A Modern Mining Company A modern mining company 22 February 2018 The Manager, Companies Australian Securities Exchange Companies Announcement Centre 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam, OZ Minerals 2017 Annual and Sustainability Report OZ Minerals today announced its results for the full year ended 31 December 2017. Attached is the 2017 Annual and Sustainability Report including: • Directors’ Report • Remuneration Overview and Report • FY17 Financial Report • Sustainability Report Sincerely, Michelle Pole Company Secretary and Senior Legal Counsel OZ Minerals Limited | ABN: 40 005 482 824 | Level 1, 162 Greenhill Road, Parkside South Australia 5063 T: +61 8 8229 6600 | F: +61 8 8229 6601 | [email protected] | www.ozminerals.com 2017 Annual and Sustainability Report OZ Minerals Limited ABN 40 005 482 824 Limited OZ Minerals 2017 Annual and Sustainability Report CONTENTS 01 Contents 2017 Snapshot 02 Message from the Chairman and CEO 05 Operating review 06 Company Strategy 06 Prominent Hill 08 Carrapateena 10 West Musgrave 12 Exploration and Growth 13 Governance 14 Directors’ Report 19 Financial Review 29 Remuneration Overview and Report 37 Cautionary statement The sustainability section of this report contains forward-looking statements that relate to our activities, Sustainability Report 57 plans and objectives. Actual results may significantly differ from these statements, depending on a variety of factors. The term ‘material topic’ is used for Mineral Resources and Ore Reserves 81 voluntary sustainability reporting to describe topics that could affect our sustainability performance. By their nature, forward-looking statements involve risk Financial Report 91 and uncertainty because they relate to events and circumstances that will occur in the future and may be outside OZ Minerals' control. Given these risks Shareholder Information 131 and uncertainties, undue reliance should not be placed on forward looking statements. 02 ANNUAL AND SUSTAINABILITY REPORT 2017 112,008 tonnes of copper produced 126,713 ounces of gold produced COPPER PRICE SNAPSHOT $/lb US$/lb A$/lb 4.5 / Copper guidance achieved for third consecutive year and gold guidance exceeded 3.5 / Cost performance at the bottom of the annual guidance range / Cash balance lifted to $729 million after investment 2.5 into Carrapateena and ore inventory / Prominent Hill mine life further extended to 2029. 1.5 18 per cent increase in underground Ore Reserve Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 provides for expected underground production rate of 3.5–4 Mtpa from 2019 through to 2029 / Carrapateena construction progressing on schedule GOLD PRICE and budget $/oz US$/oz A$/oz / West Musgrave in pre-feasibility with a parallel 2,000 exploration program looking at district potential / Two new international earn-in agreements and one 1,600 new Australian agreement established, taking pipeline of potential growth opportunities to seven 1,200 / Port Augusta selected as preferred location for progressing Concentrate Treatment Plant studies. 800 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 2017 SNAPSHOT 03 $1,023m revenue ALL ASSETS Operating Mine Mine in construction Prominent Hill Study Phase Exploration / Open pit and underground operations / Copper concentrate (containing gold and silver) Eloise Carrapateena NT / Project in construction / Commissioning in Q4 2019 WA OLD / Copper concentrate (containing gold and silver) West Musgrave West Musgrave Mount Woods Prominent Hill / With Cassini Resources Limited Coompana SA / Pre-feasibility study underway Carrapateena Punt Hill NSW / Commercialisation of copper/nickel magmatic sulphide mineralisation ACT Eloise VIC / With Minotaur Exploration Limited Punt Hill / Targeting Cannington style lead/zinc/silver / With Red Metal Limited mineralisation and high grade copper/gold / Targeting IOCG mineralisation 50km mineralisation south of Carrapateena project TAS Mount Woods Oaxaca / With Minotaur Exploration Limited / With Acapulco Gold Corp MEXICO / Targeting brownfield copper resources / Targeting copper/zinc VHMS around Prominent Hill systems in southern Mexico Coompana Alvito / With Mithril Resources Ltd / With Avrupa Minerals Ltd / Targeting copper/nickel magmatic / Targeting shallow IOCG mineralisation sulphide mineralisation in southern Portugal Oaxaca FULL YEAR FINANCIAL RESULTS SUMMARY PORTUGAL 2017 2016 $m $m Group revenue 1,023.1 822.9 Underlying EBITDA 539.4 373.8 Net depreciation and amortisation (218.7) (208.7) Underlying EBIT 320.7 165.1 Alvito Net financing income 8.7 9.0 Income tax expense (98.3) (39.8) Underlying NPAT 231.1 134.3 Non-underlying items net of tax – (26.5) NPAT 231.1 107.8 Dividends per share (cents) 20 20 Photo: Carrapateena access decline progress // November 2017 04 ANNUAL AND SUSTAINABILITY REPORT 2017 2017 FINANCIAL AND OPERATIONAL HIGHLIGHTS / $1,023m revenue achieved / Phase 1 construction of Carrapateena commenced / $231.1m statutory net profit after tax / West Musgrave advanced to pre-feasibility / $729m cash balance with no debt study as project indicates economic viability / Earnings per share: 77.4 cents / Expanding portfolio of exploration projects / Total dividends for 2017: 20 cents per share, with two international earn-in joint ventures, fully franked in Mexico and Portugal, added to our pipeline and a further earn-in established near the / Third consecutive year copper production Carrapateena project. and cost guidance met at Prominent Hill / Carrapateena Native Title Mining Agreement signed with the Kokatha Aboriginal Corporation MEssagE FROM THE CHAIRMAN AND CEO 05 Message from the Chairman and CEO Dear Shareholders, Board renewal program Looking ahead, we will continue to deliver value for shareholders, enable growth and 2017 was a positive year for OZ Minerals, This phase of the Board renewal program is position ourselves well to capitalise on the achieving or exceeding our production drawing to a close. In 2017, Neil Hamilton encouraging macroeconomic sentiment and cost guidance, advancing our growth stepped down as Chairman after seven years through: strategy and growing our cash balance on the Board. Paul Dowd also stepped down to $729 million. This positions us strongly after eight years of service. Charles Lenegan / strengthening our reputation through to support our growth strategy whilst is to retire at the Annual General Meeting the reliable delivery of the Prominent Hill rewarding our shareholders with a 14 cents in April 2018 after eight years’ service. mine plan final dividend. These achievements were We thank Neil, Paul and Charles for their / on-budget and on-schedule construction supported by our lean and agile approach valuable support and guidance. of Carrapateena to delivery, our focus on building a culture Rebecca McGrath, who has been a director / completing the West Musgrave of innovation, and our capacity to work of OZ Minerals since 2010, was appointed pre-feasibility study together with our stakeholders to create Chairman. Three new non-executive directors / continuing to strengthen our approach value for all. – Tonianne Dwyer, Peter Tomsett and Peter to safe work Wasow – were appointed during the year, Growing the company / enhancing organisational culture by and together they bring a depth of technical, and delivering to strategy leveraging agility, lean operations and operational and senior management an innovative mindset Prominent Hill demonstrated its ability to experience from the resources sector and deliver reliable and predictable results as other industries. / maintaining our future growth pipeline it achieved annual production and cost by increasing the number of exploration guidance for the third consecutive year. Shareholder returns and study opportunities, and seeking Its mine life was further extended to 2029 The Board’s current policy is to target a acquisitions that provide foot-holds as a result of an 18 per cent increase in minimum dividend payment of 20 per cent into priority mineralised belts underground ore reserves, underlining its of net cash generation, while maintaining a / drilling of the Khamsin and Fremantle pedigree as a long life asset. strong balance sheet for investments such as Doctor mineralised systems and developing A financially robust Carrapateena copper– Carrapateena, buyback or other investment a Carrapateena ‘phase two’ expansion plan gold project progressed to construction and opportunities. As a result of another strong / simplifying our governance systems year, the Board declared a total, fully-franked the West Musgrave copper–nickel project / maintaining our focus on fostering dividend for 2017 of 20 cents per share, advanced to pre-feasibility. innovation and collaboration through made up of a half year payment of six cents the business. These developments and the broader per share and an end-year payment of execution of our growth strategy will 14 cents. 2017 earnings per share totaled Finally, we would like to close by thanking see OZ Minerals become a multi-mine 77.4 cents. our employees, community and contract company within the next five years and partners, and other stakeholders for their allow us to leverage a more robust 2018 priorities contribution in the past year. Their effort, foundation to grow shareholder value. The outlook for copper is optimistic with support and interest are vital to the success demand coming from traditional uses for of your company. Thank you. Innovation, safety and community copper such as infrastructure and transport. This year we pursued innovation to drive results. We took inspiration
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