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View Annual Report A modern mining company 18 February 2020 The Manager, Companies Australian Securities Exchange Companies Announcement Centre 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam, OZ Minerals 2019 Annual and Sustainability Report OZ Minerals today announced its results for the full year ended 31 December 2019. Attached is the Appendix 4E and 2019 Annual and Sustainability Report including: • Directors’ Report • Remuneration Overview and Report • FY19 Financial Report • Sustainability Report Sincerely, Michelle Pole Company Secretary and Senior Legal Counsel This announcement is authorised for market release by OZ Minerals' Managing Director and CEO, Andrew Cole. OZ Minerals Limited | ABN: 40 005 482 824 | 2 Hamra Drive, Adelaide Airport South Australia 5950 T: +61 8 8229 6600 | F: +61 8 8229 6601 | [email protected] | www.ozminerals.com A modern mining company RESULTS FOR ANNOUNCEMENT TO THE MARKET We have provided this results announcement to the market in accordance with Australian Securities Exchange (ASX) Listing Rule 4.2A and Appendix 4E for the Consolidated Entity (OZ Minerals) comprising OZ Minerals Limited (OZ Minerals Limited or the ‘Company’) and its controlled entities for the year ending 31 December 2019 (financial year) compared to the year ended 31 December 2018 (comparative period). Consolidated results, commentary on results and outlook 31 December 2019 31 December 2018 Movement Movement $m $m $m % Net Revenue 1,107.0 1,117.0 (10.0) (0.9) Profit after tax attributable to OZ 163.9 222.4 (58.5) (26.3) Minerals Limited equity holders The commentary on the consolidated results and outlook, including changes in the state of affairs and likely developments of the Consolidated Entity, is set out in pages 8 to 18 and within the financial review section of the Directors’ Report (page 24). Net tangible assets per share 31 December 2019 31 December 2018 $ per share $ per share Net tangible assets per share 8.66 9.03 In accordance with Chapter 19 of the ASX Listing Rules, net tangible assets per share represents the total assets less intangible assets, less liabilities ranking ahead of, or equally with, ordinary share capital and divided by the number of ordinary shares on issue at the end of the year. OZ Minerals Limited | ABN: 40 005 482 824 | 2 Hamra Drive, Adelaide Airport, South Australia 5950 T: +61 8 8229 6600 | F: +61 8 8229 6601 | [email protected] | www.ozminerals.com A modern mining company Dividends Since the end of the financial year, on 18 February 2020 the Board of Directors resolved to pay a fully-franked dividend of 15 cents per share. The record date for entitlement to this dividend is 12 March 2020. The financial impact of the dividend amounting to $48.6 million has not been recognised in the Consolidated Financial Statements for the year ended 31 December 2019 and will be recognised in subsequent consolidated financial statements. Dividends announced or paid since 1 January 2018 Record date Payment date Fully franked cents per Total dividends share $m 12 March 2020 26 March 2020 15 48.6 3 September 2019 17 September 2019 8 25.9 12 March 2019 26 March 2019 15 48.4 3 September 2018 17 September 2018 8 25.8 12 March 2018 26 March 2018 14 41.8 Independent auditor’s report The above announcement of the results to the market is based upon the Consolidated Financial Statements and we have included the Independent Auditor’s Report to OZ Minerals Limited members in the OZ Minerals’ 2019 Annual and Sustainability Report. OZ Minerals Limited | ABN: 40 005 482 824 | 2 Hamra Drive, Adelaide Airport, South Australia 5950 T: +61 8 8229 6600 | F: +61 8 8229 6601 | [email protected] | www.ozminerals.com OZMINERALS.COM A MODERN MINING COMPANY 2019 Annual and Sustainability Report FRONT COVER & INSIDE COVER: NEW CARRAPATEENA MINE Cautionary statement This report contains forward-looking statements that relate to our activities, plans and objectives. Actual results may significantly differ from these statements, depending on a variety of factors. The term ‘material topic’ is used for voluntary sustainability reporting to describe topics that could affect our sustainability performance. By their nature, forward-looking statements involve risk 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 and uncertainties, undue reliance should not be placed on forward looking statements. 01 OZ MINERALS 2019 ANNUAL & SUSTAINABILITY REPORT Contents 2019 Snapshot 02 Message from the Chairman and CEO 04 Operating Review 06 Company Strategy 06 Prominent Hill 08 Carrapateena 10 Musgrave 13 Carajás 14 Gurupi 16 Exploration and Growth 17 Governance 19 Directors’ Report 23 Financial Review 33 Remuneration Overview and Report 49 Sustainability Report 70 Mineral Resources and Ore Reserves 105 Financial Report 111 Shareholder Information 158 02 OZ MINERALS 2019 SNAPSHOT Copper Pricing $/lb US$/lb A$/lb 4.5 3.5 2.5 1.5 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Gold Pricing $/oz US$/oz A$/oz 2,400 2,000 1,600 1,200 800 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Full year Financial Results Summary 2019 2018 $m $m Group revenue 1,107.0 1,117.0 EBITDA 462.4 540.4 Net depreciation (228.9) (228.5) EBIT 233.5 311.9 Net finance income (expense) (4.9) 6.9 Income tax (expense) (64.7) (90.5) Underlying NPAT 163.9 228.3 Non-underlying expenses 0.0 (5.9) NPAT 163.9 222.4 Dividends per share (cents) 23 23 2019 Snapshot 03 OZ MINERALS 2019 ANNUAL & SUSTAINABILITY REPORT Tonnes of copper produced: Ounces of gold produced: 109,289 128,874 All Assets Lannavaara and Painirova, Sweden Eloise Lawn Hill Gulf Three Ways Oaxaca, Mexico Mount Skipper Gurupi Province Carajás Province Paraiso, Peru Yarrie Musgrave Province Jericho Nullarbor Prominent Hill Carrapateena Operating mine Coompana Study phase Maslins Exploration Prominent Hill Gurupi Province Lannavaara Oaxaca / Underground operations / CentroGold project to / With private explorer / With Acapulco Gold Corp / Copper concentrate become Gurupi Hub Mineral Prospektering / Targeting copper/zinc VHMS (containing gold and silver) Coompana i Sverige in the Norrbotten systems in southern Mexico district of northern Sweden / Exited JV in Q4 2019 Carrapateena / With Mithril / First saleable concentrate Resources Limited Maslins Painirova in December 2019 / Targeting copper/nickel / IOCG exploration project / With Mineral / Copper concentrate magmatic sulphide with Investigator Resources Prospektering i Sverige (containing gold and silver) mineralisation Limited in SA in northern Sweden Carajás Province Eloise Red Metal multi-site Paraiso / Antas operation to / Exploration joint venture exploration alliance / With Peruvian company become Carajás Hub with Minotaur Exploration / Yarrie for copper–gold in Inversiones Mineras / Pedra Branca underground in QLD WA La Chalina S.A.C. mine in construction Jericho / Nullarbor for copper–gold / Targeting IOCG deposits and copper–nickel in WA in the Arequipa district of Musgrave Province / Exploration joint venture / Gulf for copper–gold in QLD southern coastal Peru / West Musgrave with with Minotaur Exploration / Lawn Hill for zinc–lead– Cassini Resources Limited in QLD / Pre-feasibility study silver in QLD completed Q1 2020 / Three Ways for zinc–lead– silver in QLD / Mount Skipper for zinc– lead–silver–copper in QLD 04 OZ MINERALS MESSAGE FROM THE CHAIRMAN & CEO Dear shareholders, Message We are pleased to present OZ Minerals’ Building a strong foundation from the Annual and Sustainability Report for 2019. for future growth As with previous years, we have provided an Our devolved organisational structure overview of our financial and non-financial has enabled: Chairman performance to holistically look at value creation / continued focus on sustained reliable for our stakeholders – employees, communities, performance at the Prominent Hill mine, and CEO governments, shareholders and suppliers – which has ongoing life extensions anticipated over the past year and looking ahead to 2020. and a significant existing resource to support expansion studies This report will provide insight into our strategy, governance, performance and prospects, as we / construction of the Carrapateena mine, with a move from being a single mine, Australian-based shorter, 12-month ramp up to full production business, to a global Modern Mining Company rates now being targeted following first with three operating assets and a strong pipeline concentrate production in December 2019 of growth options. / development of the Carajás Hub strategy in Brazil with construction having started Going beyond what’s possible in December 2019 on the Pedra Branca to make lives better underground mine which will become the Over the past three years we have progressed first spoke in the Carajás Hub our growth strategy, more than doubling the / development of a series of strategic number of operating mines, our share price and agreements with Vale to advance our low our workforce. During this period many people, risk, modest capital Carajás Hub strategy including Board members and employees, joined / the consolidation of and embedding of OZ Minerals because they identified with our our culture and governance processes. culture, how we do things and what we stand for. We furthered the breadth and depth of With this insight into what makes OZ Minerals experience of the Board as we welcomed distinctive, we jointly created our Purpose – Richard Seville as a new Non-executive Director. Going beyond what’s possible to make lives Richard’s suite of skills includes extensive mining better. experience, much of it in South America, as More than a tagline, it shows how we intend well as executive management experience and to evolve, transform and be a part of something entrepreneurial and commercial skills. 2019 Financial and greater than ourselves. It brings meaning and We also appointed an in-country Advisory Operational Highlights direction to our work, as we use it to test Board in Brazil, comprised of several high calibre ourselves at every level of what we do.
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