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2020 Annual and Sustainability Report

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2020 Annual and Sustainability Report 20 OZ MINERALS ANNUAL AND SUSTAINABILITY 20 REPORT Tjunguringanyi Tjunguringanyi (working together) is how the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation (AMYAC) and OZ Minerals Prominent Hill Mine work together. It is centred around our collectively agreed values of: ⁄ Nintiringanyi (Learn from each other) ⁄ Kunpun (Sustainability/Strong) ⁄ Ngapartji-Ngapartiji (Reciprocity) ⁄ Kulini (Listening) 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. CONTENTS 2020 SNAPSHOT 4 MESSAGE FROM THE CHAIRMAN AND CEO 6 OPERATING REVIEW COMPANY STRATEGY 8 PROMINENT HILL 12 CARRAPATEENA 14 WEST MUSGRAVE 16 CARAJÁS 18 GURUPI 20 EXPLORATION AND GROWTH 22 GOVERNANCE 24 DIRECTORS’ REPORT 28 FINANCIAL REVIEW 36 REMUNERATION OVERVIEW AND REPORT 50 SUSTAINABILITY REPORT 70 MINERAL RESOURCES AND ORE RESERVES 120 FINANCIAL REPORT 126 SHAREHOLDER INFORMATION 166 4 OZ MINERALS 2020 ANNUAL & SUSTAINABILITY REPORT 2020 Copper Pricing SNAPSHOT $/lb US$/oz A$/oz 5 4 3 2 1 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Gold Pricing $/lb US$/oz A$/oz 3,000 2,500 2,000 1,500 1,000 500 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Full Year Financial Results Summary 2020 2019 $m $m Group revenue 1,342.0 1,107.0 EBITDA 606.3 462.4 Net depreciation (283.4) (228.9) EBIT 322.9 233.5 Net finance expense (27.1) (4.9) Income tax (expense) (83.2) (64.7) NPAT 212.6 163.9 Dividends per share (cents) 25 23 5 Tonnes of copper produced: Ounces of gold produced: 97,620 257,987 All Assets Lannavaara and Painirova, Sweden Lawn Hill Gulf Three Ways Mount Skipper Gurupi Province Carajás Province Jericho Paraiso, Peru Antas Yarrie Breena Plains Pedra Branca Musgrave Province Eloise Santa Lúcia Pantera Carrapateena Province Clovis Operating mine Coompana Exploration Prominent Hill Province Study phase Mine in construction Prominent Hill Musgrave Province Lannavaara Painirova ⁄ Underground operations ⁄ West Musgrave ⁄ With private explorer ⁄ With Mineral ⁄ Copper concentrate copper–nickel project in Mineral Prospektering Prospektering i Sverige (containing gold and silver) advanced study phase i Sverige in the Norrbotten in northern Sweden ⁄ Shaft Expansion Study ⁄ Acquired JV partner, district of northern Sweden underway Cassini Resources Limited, Paraiso in October 2020 Red Metal multi-site ⁄ With Peruvian company Carrapateena Province exploration alliance Inversiones Mineras ⁄ Ramp up to 4.25 Mtpa Gurupi Province ⁄ Yarrie for copper–gold La Chalina S.A.C. run rate completed in ⁄ CentroGold project to in Western Australia ⁄ Targeting iron–oxide– December 2020 become Gurupi Hub ⁄ Gulf for copper–gold copper–gold (IOCG) deposits ⁄ Copper concentrate in Queensland in the Arequipa district (containing gold and silver) Coompana ⁄ Lawn Hill for zinc–lead of southern coastal Peru ⁄ Carrapateena Block Cave ⁄ With Mithril Resources Limited –silver in Queensland Expansion approved ⁄ Targeting copper–nickel ⁄ Three Ways for zinc–lead magmatic sulphide –silver in Queensland Carajás Province mineralisation ⁄ Mount Skipper for zinc–lead ⁄ Hub and spoke approach –silver–copper in Queensland using established Antas Eloise mine processing facilities ⁄ Exploration joint venture ⁄ New satellite underground with Minotaur Exploration mine, Pedra Branca, in Queensland in construction ⁄ Potential satellites in Jericho Clovis and Santa Lúcia ⁄ Exploration joint venture ⁄ Potential additional hub with Minotaur Exploration at Pantera in Queensland Breena Plains ⁄ Exploration join venture with Minotaur Exploration in Queensland 6 OZ MINERALS 2020 ANNUAL & SUSTAINABILITY REPORT DEAR SHAREHOLDERS, We acquired our project joint venture MESSAGE 2020 was a year that has impacted all partner, Cassini Resources, which provides us of us in different ways. At OZ Minerals, with flexibility regarding future development FROM THE we applied ourselves to challenges that and funding options. emerged, to protect our people, deliver Exploration activities around the world were CHAIRMAN our plans, and harness disruption to on hold for most of the year but resumed in AND CEO accelerate our strategic aspirations. the latter months within a COVID-19-safe Our culture enabled us to quickly adapt to framework. remote working and a volatile environment. The Brazil team continued to operate while Our devolved operating model meant our managing a much higher concentration mine sites were able to rapidly respond to of COVID-19 cases than had occurred in the changing COVID-19 restrictions, and Australia. Their robust processes limited the commitment of our people helped us cases on site to low numbers at any one deliver ahead of initial operational targets time and their test, trace and isolate regimes and to advance our strong pipeline of prevented widespread infection. The Carajás growth opportunities. Hub is now taking shape with Pedra Branca We improved our overall safety performance ore being trucked to the Carajás East with a Total Recordable Injury Frequency processing hub. In the Gurupi Province, Rate (TRIFR) of 5.29 compared with 6.27 we made progress, though not as much in 2019 and lifted our focus on, and as we would have liked, towards removing commitment to, mental health. the injunction on the CentroGold Project. Our strong operational and financial The Total Recordable Injury Frequency (TRIF) performance allowed for continued reporting methodology was updated in investment in growth activities, $74.6 million August 2020 and all data reported from in dividends paid to shareholders, and we 1 January 2020 was retrospectively adjusted ended the year with a net cash balance to align with the updated methodology. The of $31.7 million. The Board has declared change (see page 83) takes into consideration a total, fully franked dividend for 2020 of our move to more flexible work. 25 cents per share, made up of a half year payment of 8 cents per share and an GROWTH ENABLED BY CULTURE end-of-year payment of 17 cents. 2020 In the Prominent Hill Province, the earnings per share totalled 65.2 cents. Prominent Hill mine cemented its position Culturally and strategically, we advanced as a low-cost reliable operation while our Strategic Aspirations including: demonstrating the potential to increase underground production and extend ⁄ Flexible work with work life plans mine life by accessing deeper ore with a that allowed our people to organise shaft haulage system. With sustainable their work around their life. annualised rates at or above 4 million tonnes ⁄ Zero Scope 1 emissions, zero net per annum (Mtpa) during the year, future waste and minimising water use. decline development spend was brought ⁄ Being Agile by implementing The OZWay forward to increase mining rates to between of operating, ensuring we can adapt 4 Mtpa and 5 Mtpa from 2022. Accelerating quickly to future changes. the decline development to the bottom of the known resource will enable us to ⁄ Making innovation easier where our mine simultaneously from the current people are encouraged to develop ideas and deeper levels. and collaborate with others outside the industry and with the crowd. In the Carrapateena Province, the Being data driven, where we gather new Carrapateena mine ramped up to its ⁄ and use data and create insights into 4.25 Mtpa run rate and the sub-level cave our business for faster, better, and more is performing to plan. The Carrapateena creative decision making, and to reduce Expansion progressed to the next study manual processes. phase, following the release of a study update showing the potential value uplift STAKEHOLDER VALUE CREATION of converting the bottom half of the sub- We further hardwired value creation for level cave to a block cave, forming the basis our Stakeholders into our governance of a multi-generational mining province. framework and developed a set of metrics In early 2021, the Board approved the which will have the dual purpose of being a block cave expansion and early works performance assessment tool and focusing are scheduled to begin in Q4 2021. our work and behaviour. The Stakeholder In the Musgrave Province, the West Value Creation Metrics support the Musgrave Project increased in value over achievement of our Purpose, ‘Going beyond the course of the year. A pre-feasibility what’s possible to make lives better’. The study (PFS) update released in December Metrics are published in the Strategy section 2020 presents a larger 12 Mtpa mine of this report (page 8) and are referenced (previously 10 Mtpa) while maintaining the frequently in the Sustainability section. same 26-year mine life and powered by 70–80 per cent renewable energy. MESSAGE FROM THE CHAIRMAN AND CEO 7 Our Strategy is centred on value creation The focus is on safe operational delivery for our five Stakeholder groups – employees, at our assets, on advancing the project communities, governments, suppliers studies at Prominent Hill, Carrapateena and shareholders – and stakeholder value and West Musgrave, and developing out creation
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