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A Modern Mining Company a Modern Mining Company ANNUAL REPORT 2013 OZ MINERALS LIMITED ABN 40 005 482 824 A MODERN MINING COMPANY A MODERN MINING COMPANY 2 2013 Snapshot 3 Chairman and CEO’s Review 4 Prominent Hill 6 Carrapateena 7 Sustainability 8 Resources and Reserves 12 Corporate Governance Statement 19 Results for Announcement to the Market 20 Directors’ Report 28 Operating and Financial Review 47 Remuneration Overview and Report 68 Consolidated Financial Statements 123 Shareholder Information IBC Contact Details/Annual General Meeting OZ Minerals is an Australian based modern mining company with a focus on copper. OZ Minerals owns the Prominent Hill copper-gold mine and Carrapateena copper-gold project, both situated in South Australia. OZ Minerals’ strategy is based on delivering superior shareholder returns built upon a foundation of Governance and Zero Harm, with the following five key elements: a focus on copper, maximising current assets, building a project pipeline, investing in exploration and exercising disciplined capital management. With an experienced team, a strong balance sheet and quality assets, OZ Minerals is well positioned for the future. 1 2013 SNAPSHOT › Prominent Hill production of 73,362 tonnes of copper and 128,045 ounces of gold. › 2014 production guidance of 75,000 to 80,000 tonnes of copper and 130,000 to 140,000 ounces of gold. Production outlook guidance announced until 2018. › Successful first full year of production from the Ankata Underground mine, with 1.2 million tonnes of ore mined. › Strong cash balance of $364 million at 31 December 2013 with undrawn debt facilities of US$200 million. › Board approval to proceed with the development of the Malu Underground mine, with first ore expected in late 2014, extending Prominent Hill mine life. › Improvement in safety performance, with the total recordable injury frequency rate reduced by 26 percent year-on-year. › Continued successful exploration results at the Khamsin prospect near Carrapateena, indicating the potential for a copper-gold mineralised district. › Total dividends in respect of 2013 of 20 cents per share ($60.6 million). Full year financial results summary 1. OZ Minerals financial results are reported Year ended 31 December (A$ million) 2013 2012 under International Financial Reporting Group revenue 644.0 985.7 Standards (‘IFRS’). This summary includes certain non-IFRS measures, including Underlying EBITDA1 115.8 353.9 Underlying EBITDA, Underlying EBIT Depreciation and amortisation (218.5) (174.7) and Underlying NPAT. These measures are presented to enable understanding of the Underlying EBIT1 (102.7) 179.2 underlying performance of the Consolidated Entity without the impact of non-trading Net financing income 7.0 19.9 items such as write-down of assets. Non-IFRS Income tax benefit/(expense) 33.2 (47.1) measures have not been subject to audit or review. Underlying EBITDA, Underlying EBIT 1 Underlying NPAT (62.5) 152.0 and Underlying NPAT are included in Note 3 Impairment of assets, net of tax (231.9) – Operating Segments, which form part of the Consolidated Financial Statements. Refer NPAT (294.4) 152.0 Note 3 Operating Segments to the Consolidated Financial Statements for further details. Dividends per share – unfranked (cents) 20 30 Copper price Gold price Foreign Exchange US$/lb A$/lb US$/oz A$/oz $/lb Source: Bloomberg $/oz Source: Bloomberg A$/US$ Source: Bloomberg 5.0 2,000 1.15 1.10 4.5 1,800 1.05 4.0 1,600 1.00 3.5 0.95 1,400 3.0 0.90 1,200 2.5 0.85 2.0 1,000 0.80 JAN 10 JAN 11 JAN 12 JAN 13 JAN 14 JAN 10 JAN 11 JAN 12 JAN 13 JAN 14 JAN 10 JAN 11 JAN 12 JAN 13 JAN 14 2 CHAIRMAN AND CEO’S REVIEW Neil Hamilton Terry Burgess Dear Shareholder, in the development of the project in We are also pleased to report that the future. We also continued to have there was a significant improvement 2013 was a year of investment at exploration success in the Carrapateena in our safety performance in 2013, the Prominent Hill mine, with record region. Significant drilling results received with a 26 percent improvement in waste movement in the Malu Open Pit, from our discovery Khamsin only ten the total recordable injury frequency a successful first full year of production kilometres from the Carrapateena deposit, rate over the year. from the Ankata Underground mine and indicate a potential for a large copper-gold work towards development of a third Finally, the Board announced its plans to system in the Carrapateena region. ore source, the Malu Underground mine, embark on a staged succession planning which is beneath the Malu Open Pit. In 2013, lower production and lower process for the role of Managing Director commodity prices resulted in an underlying and Chief Executive Officer. This process The peak of our waste ore removal is EBITDA of $115.8 million and underlying will take place over the remainder of now behind us, enabling the Company NPAT loss of $62.5 million, from revenue the year in order to facilitate an orderly to forecast lower overall expenditure and of $644 million. In June 2013, asset leadership change. improving production going forward. write-downs of $231.9 million (net of tax) Prominent Hill is expected to produce We encourage you to read the were recognised in relation to Prominent each year for 2015 to 2018 in excess of Operating and Financial Review on Hill assets, leading to an overall NPAT 105,000 tonnes of copper and 105,000 page 28 of this report, which includes loss of $294.4 million for the full year. ounces of gold in 2015, increasing detailed information on our operation to in excess of 120,000 ounces of At the end of 2013, OZ Minerals had a cash and financial results for 2013. gold from 2016 to 2018. This includes balance of $364 million and an undrawn 10 ,000–20,000 tonnes of copper bank debt facility of US$200 million. and 25,000–35,000 ounces of gold During 2013, 73,362 tonnes of copper and from the Malu Underground mine 128,045 ounces of gold were produced Resources per annum. (Refer to from Prominent Hill. Early in the year, disclaimer on page 5.) the Prominent Hill open pit operations In December 2013, the decision to were impacted by an overburden slip Neil Hamilton proceed with the Malu Underground at the top of the south wall, which Chairman mine was made to selectively target led to production challenges in stage higher grade resources under the open three of the pit for most of the year. 31 March 2014 pit. We are currently finalising an ore Full open pit access resumed in July. reserve evaluation for the new mine, In 2013, we continued our focus on which should be published by the end a number of business improvement of the first half of 2014 and we expect initiatives aimed at increasing productivity to commence commissioning in late 2014. and reducing costs across the Company. At Carrapateena, we commenced work In respect of the financial year ended on a pre-feasibility study to determine 31 December 2013, the Company has paid Terry Burgess a single option for full feasibility and Managing Director and dividends totalling 20 cents per share. project development. In early 2014, Chief Executive Officer The dividends were paid outside of OZ Minerals commenced discussions with OZ Minerals’ stated dividend policy, but 31 March 2014 a number of parties that have shown reflects the Board’s future confidence interest in the project and may participate in the Company and is supported by the Company’s strong cash position and balance sheet. 3 PROMINENT HILL OPERATIONAL SUMMARY 2013 was a year of investment in the future of Prominent Hill, achieving a record amount of material moved in the Malu Open Pit mine and a focus on efficiencies across the operation. SOUTH AUSTRALIA ADELAIDE PROMINENT HILL LOCATION In 2013, the Prominent Hill operation Future production outlook 650 kilometres north-west of Adelaide, produced 73,362 tonnes of copper and In December 2013, OZ Minerals announced 130 kilometres south-east of the town 128,045 ounces of gold. 2013 saw the its future production outlook for the of Coober Pedy in South Australia. peak of waste movement for the Malu Prominent Hill operation. PRODUCT Open Pit mine, which was in line with Production in 2014 is expected to be Copper concentrate (containing gold and silver). the mine plan. Planned waste movement 75,000 to 80,000 tonnes of copper and will be progressively lower over the MINING METHOD 130,000 to 140,000 ounces of gold as Open pit and underground mine. remaining pit life. mining moves progressively back towards PROCESSING METHOD The Ankata Underground mine the core of the orebody**. This includes Conventional crushing, grinding and flotation. successfully completed its first full approximately 4,000 tonnes of copper 2013 PRODUCTION year of production, and the Board and 3,500 ounces of gold from the 73,362 tonnes contained copper; approved the future development Malu Underground mine, which is 128,045 ounces contained gold. of the Malu Underground mine, expected to commence commissioning potentially extending the life of the in late 2014**. 2014 PRODUCTION GUIDANCE Prominent Hill mine. 75,000 tonnes to 80,000 tonnes copper Copper production from the Malu and 130,000 ounces to 140,000 ounces gold. Following an overburden slip in the Open Pit mine and Ankata Underground RESOURCES Malu Open Pit mine, the affected area mine for 2015 to 2018 is expected to be 186Mt @ 1.1% copper, 0.7 g/t gold was remediated and focus was placed at least 95,000 tonnes per annum, based (2.0Mt copper, 3.9Moz gold)*.
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