OZ CORPORATE UPDATE September 2009

OZMINERALS.COM 2 OZ MINERALS: CURRENT STATUS

• Transaction with Minmetals Operation MARKET STATISTICS and sale of Martabe ASX-listed (OZL, S&P/ASX 100). Exploration completed. 3,121m issued shares. Average turnover; 30m shares/day. • Prominent Hill production Share price; A$1.05 Cambodia Market capitalisation; A$3.5 billion. nearing full capacity.

• Feasibility study on Prominent Hill underground expansion at copper-gold SHAREHOLDER BASE Prominent Hill underway. operation As ia Other Europe 5% 4% • Exploration accelerated at 2% Prominent Hill and in N America 9% Cambodia. AUSTRALIA

UK • A$1 billion cash at 30 June 12% Headquarters 2009. Australia 68% • US$105m convertible note– only debt. Institutions: 60%. Retail: 40% 3 INCOME STATEMENT – SUMMARY OF 6 MONTHS TO JUNE 2009

Prominent Total Total Group Hill Continuing Discontinued (A$m) Mine Operations Operations*

Revenue 89.6 89.6 764.9 854.5 Cost of goods sold (26.6) (60.4) (436.7) (497.1) Net foreign exchange gains/losses (16.9) (20.7) (17.3) (38.0) Other (5.9) (29.9) (54.6) (84.5) EBITDA 40.2 (21.4) 256.3 234.9

Depreciation and amortisation (20.8) (21.9) (156.9) (178.8) EBIT 19.4 (43.3) 99.4 56.1

Net financing income/(costs) (90.0) (5.7) (95.7) Income tax benefit/(expense) 43.4 (30.6) 12.8 NPAT (Before loss on sale of discontinued operations) (89.9) 63.1 (26.8)

Loss on sale of discontinued operations after income tax - (553.9) (553.9) NPAT (89.9) (490.8) (580.7)

Attributable to: Equity holders of the parent (585.6) Minority interest 4.9 (580.7) * includes minority interests 4 COPPER: STRONG OUTLOOK

> Chinese and Indian demand for copper has a long way to go. > Supply will be a challenge. COPPER SUPPLY/DEMAND FORECAST – LONG TERM COPPER INTENSITY OF USE 25 Sth Korea China Germany India 22 20 Japan China F'cast

15 18 Copper (Mt)

kg/capita 10

14 5 Forecast Refined production Consumption demand

0 2006 2004 2008 1998 2002 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2000 2018e 2020e 2014e 2016e 2012e 2010e

GDP/Capita Source: ICSG; Brook Hunt; Citi Source: World Bank, CRU

> Production continually lower than predicted. LME INVENTORIES, DAYS OF SUPPLY AND COPPER PRICE

1200.0 COPPER MINE PRODUCTION LOSSES FROM PLAN Price 25.0 400 Total LME Supply 218 253 276 237 days of supply 200 196 1000.0 32 20.0 0 -36 800.0 -200 -139 -185 15.0 -400 -329 -349 600.0

-457 Days -600 '000t 10.0 -800 400.0 -1000 -901 -995 -1079 '000 tSupply / Cu Price, US c/lb 5.0 -1200 200.0 -1400 -1446 -1600 0.0 0.0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Jan-90 Dec-91 Nov-93 Oct-95 Sep-97 Aug-99 Jul-01 Jun-03 May-05 Apr-07 Mar-09 Source: Brook Hunt, Macquarie Research, June 2009 5 COPPER: CORPORATE OPPORTUNITIES

> Number of discoveries declining despite increased expenditure. > Copper price thresholds for ROI are increasing. > At US$2.50/lb copper only 60% of major new projects deliver a 15% or EXPLORATION EXPENDITURES & AMOUNT OF METAL FOUND 25% greater ROI. Primary copper deposits >300kt found in Western World: 1950-2009 $4 NEXT GENERATION COPPER PROJECTS 120Mt Cu Exploration Expenditures (2008 US$B) Exploration Expenditures US$2Project /lb Cu at US$2/lb Cu Western World Discoveries 20% $3 US$2.5Project /lb Cu at US$2.5/lb Cu 90

$2 15% 60 IRR, % IRR,

$1 30 10%

0 500 1,000 1,500 2,000 $0 0 1950 1960 1970 1980 1990 2000 2010 5%

Caution: Chart excludes deposits missing from the database, or deposits smaller than 300 kt Cu Cumulative Annual Copper, kt Source: OZ Minerals research Source: MinEx Consulting July 09, MEG > Smaller companies have more opportunities which make a material > Threshold for large companies mean fewer projects are of interest to them. difference to their business. 2000 2000 COPPER OPERATION TYPE

COPPER OPERATION TYPE VHMS copper operation 1800 1800 Number of copper operations which deliver VHMS copper operation Number of copper operations >US$100million EBITDA Skarn copper operation 1600 Skarn copper operation 1600 Sediment-hosted copper which deliver >US$500million operationSediment-hosted Sediment-hosted copper 1400 EBITDA operation 1400 Porphyry copper operation Porphyry copper operation Other copper operation 1200 1200 Other

illions) Other copper operation IOCGIOCG copper operation 1000 IOCGIOCG copper operation 1000

800 800

600 600 Millions) USD (2008 EBITDA EBITDA (2008 M USD

400 400

200 200 0 100 200 300 400 500 600 0 0 Mine Production 2008 (kt Cu) 0 100 200 300 400 500 600

Mine Production 2008 (kt Cu)

Source: OZ Minerals research Source: OZ Minerals research 6 PROMINENT HILL – NOW IN PRODUCTION

Location: South Australia, Australia. Ownership: 100%. First production: Late February 2009, completing ramp up. Reserves: 72.4Mt @ 1.3% Cu, 0.6g/t Au, 3.2g/t Ag. (0.95Mt Cu, 1.4Moz Au, 7.5Moz Ag) Resources: 289Mt @ 0.9% Cu, 0.8g/t Au, 2.5g/t Ag, (2.6Mt copper, 7.6Moz gold, 23Moz silver). Mine: Open pit, contractor Thiess Product: High grade (+50% Cu), high quality, copper concentrate

Estimated mine 9 years for Stage 1 open pit. Potential life: underground or additional open pit capable of supporting mine life and throughput expansion. Plant: 8Mtpa crush, grind, flotation. Production: 85,000t to 100,000t contained copper, 2009E 60,000oz to 70,000oz gold.

C1 costs 2009E: US$0.65 – US$0.75/lb 7 PROMINENT HILL SITE

VILLAGE WESTERN NORTHERN WASTE COPPER ZONE DUMP AREA ROM PAD

PROCESSING PLANT PIT SOUTHERN WASTE DUMP

TAILINGS DAM 8 PROMINENT HILL: RAMPING UP ON SCHEDULE

Prominent Hill Jun Qtr 09* H1 09

Ore Mined 2.54Mt 4.63Mt

Ore Milled 1.82Mt 2.51Mt

Cu recovery 78% 71.2%

Au Recovery 59% 57%

Cu Produced 27,159t 31,497t Au Produced 18,351oz 23,918oz

Average concentrate grade 56% Cu 55% Cu

C1 Cash Cost US69c/lb US77.2c/lb

Chalcocite * These figures are during the ramp-up and are not necessarily representative of the second half expectation Bornite Chalcopyrite Gold

Large ROM stocks provide good blending flexibility and assist in achieving steady supply to plant 9 CONCENTRATE: HIGH GRADE

> Currently highest grade copper concentrate traded on the open market – 55% copper. > Ideal for blending with lower grade concentrates. > Grade will vary depending on ore type – 45% Cu LOM. > Gold content is high but variable. 19g/tAu LOM. > Low impurities – controlled by latest technology in fine grinding – Isa , .

First concentrate loaded into the storage shed. 10 PROMINENT HILL HANDLING CONCENTRATE

Logistics – Competitive delivery times > 48 hours from mine to port > Storage capacity at port > Darwin, 8-10 days sailing time to customers > Two shipments per month

Marketing > Total sales ~200,000 dmt concentrate in a full calendar year > Shipping to smelters internationally with some small domestic tonnages > H1 2009 sales in line with plan > Spot TC’s down significantly during 2009 > 2009 H2 TC’s are mostly at term 2009 contract rates with some deliveries at lower spot rates 11 PROMINENT HILL: INFRASTRUCTURE – WATER & POWER

Water • Sourced from Arckaringa basin. Independent of the Great Artesian Basin Aries Borefield • Well field 65km from site •16 wells • 16ML per day average • up to 400m deep 132KV power line

Power Line • Length of line - 180km. • Line capacity - 65MW. • Steady state draw - 35MW. • Potential underground operation would not require a new line. 12 H2 2009 EXPLORATION BUDGET: A$25 MILLION

Australian project Asia project generation generation 2% 1%

Cambodia 17%

Prominent Hill near- mine 53%

Prominent Hill regional 27% 13 PROMINENT HILL: UNDERGROUND UPDATE

Western Au Eastern Cu Inferred Resource Inferred Resource 1.6Mt @ 6.2g/t Au 3.7Mt @ 1.4%Cu, 0.6g/t Au Western Cu Inferred Resource 14.5Mt @ 1.7%Cu, 0.28g/t Au ScopingFeasibility Studies studies Ongoing ongoing Potential 1.0Mtpa SLOS “Main” Underground Feasibility Studies Ongoing Potential 1.0 - 2.0Mtpa SLOS

Main Cu - Au Inferred & Indicated Resource 95.8Mt @ 1.2%Cu, 0.62g/t Au

INFILL AND EXTENSION DRILLING 14 PROMINENT HILL – RESOURCE UPSIDE

Western Copper Zone – Long Section PH08D429 59m at 3.9% Cu, 0.3g/t Au

PH08D429 34m at 2.0% Cu, 0.8g/t Au

PH08D434 99m at 0.8% Cu

PH08D430 PH08D434 129.3m at 2.6% Cu, 0.6g/t Au 23m at 2.4% Cu, 0.7g/t Au

Western Copper inferred resource is 14.5mt @ 1.7% Cu, 0.28 g/t Au containing 245kt copper 15 DISTRICT EXPLORATION: HIGH POTENTIAL FOR A NEW REGIONAL DISCOVERY OF COPPER & GOLD

EL 4162 EL 4025 • Large under-explored OZ Minerals Limited tenement holding, Mount Woods Tenements Gravity survey highly prospective for IOCG deposits. Drill Targets • Two drill rigs currently drilling 17 targets. • Several IOCG alteration systems encountered

Peculiar Knob North • All targets within

Europa / Callisto trucking distance of Kennedy’s Dam White Hill North current plant.

Zeus

Taurus EL 3229 EL 4283 Prominent Hill Hallifax Hill $ Larissa

Hathorn Bluff Triton Danae Hill Mount Hawker Nichol Well Pluto

Prominent Hill South EL 3795 16 CAMBODIA – NEW FRONTIER, EARLY MOVER ADVANTAGE

CAMBODIA •Focus on intrusion-related gold mineralisation. • Two rigs currently on site. • Resource potential. 17 OZ MINERALS SUMMARY

> Corporate financing issues resolved. > Prominent Hill ramping up successfully. > Prominent Hill expansion studies recommenced. > Priority regional exploration targets being tested at Prominent Hill. > Drilling in Cambodia recommenced. > Strong balance sheet.

Now one of the best positioned companies in the sector. APPENDICES

Investor contact: Richard Hedstrom Group Manager, Investor Relations [email protected] 19 PROMINENT HILL: MINING SCHEDULE – 30% OF WASTE ALREADY MOVED

Average 20060708091011 Total 12 to 18 Ore (Mt) 5107 8 8 85 Overburden (Mt) 10 67 52 11 24 26 5 225 Fresh Waste (Mt) 13 26 32 28 26 279 Total (Mt) 10 67 70 47 63 62 39 589

Stage 1 Cover Sequence May 2009 Survey Overburden

Stage 2 Stage 3

Mesoproterozoic Basement Fresh Waste

Stage 4

Chalcocite Chalcocite Bornite Chalcopyrite Gold Bornite Only 20 PROMINENT HILL: PROCESS FLOW DIAGRAM 21 PROMINENT HILL: PROCESSING PLANT – ISAMILL AND JAMESON CELL

JAMESON CELL • The IsaMill/Jameson cell is an innovative combination of technologies. • The IsaMill is a high energy efficiency fine grinding mill required to liberate fluorine and uranium. • In the Jameson cell, the high intensity and froth washing reduce entrainment with the fast floating particles. • This produces a lower volume of slower floating particles to be cleaned in the conventional cleaner circuit.

ISA MILL 22 GEOLOGICAL SETTING: WORLD CLASS IOCG CU-AU-(U) PROVINCE

> Proven geological setting for large-scale IOCG systems > Very under explored due to widespread barren cover rocks > High potential for further discovery > Competitive and expanding knowledge base

TOP TEN IOCG DEPOSITS BY TONNAGE Deposit Country - Province Mt Cu (%) Au (g/t) Olympic Dam Australia - Gawler 8330 0.8 0.76 Salobo Brazil - Carajas 986 0.8 0.49 Candelaria Chile - Central 600 1.0 0.20 Crystalino Brazil - Carajas 500 1.0 0.25 Carrapateena Australia - Gawler >500? 0.9? 0.8? Mt Elliot Australia - Mt Isa 475 0.5 0.30 Sossego-Sequerinho Brazil - Carajas 355 1.1 0.28 Prominent Hill Australia - Gawler >289 0.9 0.80 Alemao-Igarape Bahia Brazil - Carajas 195 1.5 0.55 Ernest Henry Australia - Mt Isa 122 1.2 0.55 23 RESOURCES 30 JUNE 2008 * 2009 RESOURCES TO BE ANNOUNCED LATE 2009

Prominent Hill Mineral Resources COPPER Contained (0.5% Cu cut-off grade) Metal Coppe r Gold Silver GOLD-Dominant grade grade grade Copper Gold Silve r (0.5g/t Au cut-off grade below 0.5% Cu) Tonnes (Mt) (% Cu) (g/t Au) (g/t Ag) ('000 t) (Moz) (Moz) Prominent Hill Copper Measured 44.20 1.71 0.5 4 755.8 0.8 5.7 Indicated 62.70 1.29 0.5 3 808.8 1.1 6.0 Inferred 67.20 1.29 0.6 4 866.9 1.3 7.6 Total 174.10 1.40 0.6 3 2,431.5 3.2 19.3 Prominent Hill Gold Measured 0.40 0.38 0.9 2 1.5 0.0 0.0 Indicated 37.50 0.08 1.1 1 30.0 1.3 1.4 Inferred 71.20 0.09 1.3 1 64.1 2.9 1.8 Total 109.10 0.09 1.2 1 95.6 4.3 3.3 Total Resources 2,527.1 7.4 22.6 Significant figures do not imply precision. Figures are rounded according to JORC Code guidelines.

Competent Persons: Patrick Say (Member of AusIMM, employee of OZ Minerals) Jared Broome (Fellow of AusIMM and Member of AIG, employee of OZ Minerals)

Excludes recent Western Copper Zone update 24 CASH FLOW FIRST HALF 2009

(A$'m) CASH FLOW FOR THE HALF YEAR ENDED 30th JUNE 2009

1,500

1,000

500

0

(500)

(1,000)

(1,500)

(2,000)

(2,500) 119 (886) (724) (285) (103) 5 844 2,036 1,005

Opening Net Repmnt Pmnts to Property Financing/ Other Receipts from Proceeds Clos ing Cas h borrow ings suppliers plant and Borrow ing Customers from Cas h and finance and equipment costs and asset lease employees net interest disposals paid 25 CASH/DEBT SUMMARY AT 30 JUNE 2009

>Cash position A$ 1,004.5 million >Cash held largely in US$ at 30 June (attracting US LIBOR rates). >Convertible bond terms >Face value US$ 105 million >Interest - 5.25% p.a. payable semi-annually in arrears. >Maturity Date – 15th April 2012 (Unless redeemed or converted earlier). >Classified as `Current Liability’ due to 1 day option by bond holders on 15th April 2010. 26 SENSITIVITY – EFFECT ON H2 2009 NPAT*

Price (A$m)

10 % Increase Copper 27

Gold 3

10 % Decrease AUD : USD 20

* Based on previous production and cost guidance and assuming flat spot prices at 30 June - Copper US$2.32/lb, Gold US$941.00/oz, A$:US$ 0.8074 27 BALANCE SHEET - DETAILED

Consolidated (A$m) 30 Jun '09 Current assets Cash and cash equivalents 1,004.5 Trade and other receivables 129.8 Inventories 175.6 Prepayments 3.0 Total current assets 1,312.9 Non-current assets Investments accounted for us ing the equity method 27.1 Property, plant and equipment 1,287.2 Deferred tax assets 188.7 Other financial assets 14.2 Total non-current assets 1,517.2 Total assets 2,830.1 Current liabilities Trade and other payables 164.0 Interest-bearing liabilities 121.0 Current tax payable 25.2 Provisions 6.6 Total current liabilities 316.8 Non-current liabilities Provisions 15.5 Total non-current liabilities 15.5 Total liabilities 332.3 Net assets 2,497.8 Equity Issued capital 5,107.1 Reserves 124.1 Retained earnings (2,733.4) Total equity attributable to equity holders of the parent 2,497.8 Minority interest 0 Total equity 2,497.8 28 CASH FLOW STATEMENT - DETAILED

Consolidated (A$m) 30 Jun '09 Cash flows from operating activities Receipts from customers 843.5 Payments to suppliers and employees (724.4) Income taxes refund received/(paid) 20.5 Financing costs and interest paid (88.9) Interest received 0.9 Net cash inflows/(outflows) from operating activities 51.6 Cash flows from in vesting activities Payments for property, plant and equipment (285.0) Proceeds from disposal of assets to Minmetals 1,731.3 Proceeds from disposal of Martabe projects 268.6 Proceeds from disposal of investment in Nyrstar 33.7 Proceeds from disposal of other investments 1.9 Payments for capitalised borrowing costs (15.0) Net cash inflows/(outflows) from investing activities 1,735.5 Cash flows from financing activities Proceeds from borrowings 121.5 Repayments of borrowings (987.0) Repayment of finance lease liabilities (20.0) Payments for shares purchased on-market (0.1) Net cash inflows/(outflows) from financing activities (885.6) Net increase/(decrease) in cash held 901.5 Cash and cash equivalents at 1 January 118.8 Effects of exchange rate changes on foreign currency denominated cash (15.8) Cash and cash equivalents at the end of the financial period 1,004.5 29 TAX STATUS

> Tax losses booked – The net deferred tax asset (DTA) of A$188.7 million includes DTA of A$231.4 million (in respect of tax losses of A$771.3 million) netted against deferred tax liabilities. > These A$771.3 million in tax losses will eliminate future cash tax payments on taxable income in the cash flow statement. > No franking credits currently available and no franking credits generated until these tax losses are exhausted. > Tax expense at the full corporate tax rate (30%) will continue to be accounted in the income statement. > No booking of DTA in respect of tax losses introduced into the consolidated group by acquired entities. 30 DEPRECIATION

> Carrying value of Prominent Hill $A 1,267m > Current Life of Mine 9 Years >Depreciation method > Mine Property & Mine Development UOP (Units of Production ie ore mined) Amortisation is based on Proven and Probable Reserves. Includes pre strip and capitalised exploration. > Fixed Processing Plant & Equipment Straight-line depreciation using the shorter of the individual assets estimated useful life or the Life of Mine (9 years). We are revisiting the depreciation basis going forward; to be advised. > Other Long Term Assets - LOM (Life of Mine) straight-line depreciation method over the life of the entire operation (9 years). > Deferred waste expense > Stripping costs while in production, are deferred to “deferred mining assets” on the balance sheet when the actual stripping ratio exceeds average LOM stripping ratio. This is charged to the income statement as an operating cost when the ratio is below the life of mine average. 31 PROMINENT HILL FUNCTIONAL CURRENCY IMPLICATIONS

> At 30 June 09 Prominent Hill construction was AUD costs fluctuate with FX movements. E.g.: Impairment recognised substantially complete, resulting in total capitalised AUD FX rate costs (including inventory) of approximately $1.5 AUD costs billion (US$1.2 billion). USD costs: fixed (excluding depreciation) > As Prominent Hill is a USD functional currency entity, all AUD spend on the project is translated to Capitalisation of costs Project commissioned USD at the exchange rate at the date on which the during development expenditure is recognised.(1) > As OZ Minerals presents its financial statements in AUD, the Prominent Hill USD ledger is re- translated into AUD for group consolidation purposes.(2) The resulting impact from these exchange rate translations are recorded in the Foreign Currency Translation Reserve (FCTR). > The impact of presenting in AUD is that the project costs carried as an asset (property, plant and Dec 06 Jun 07 Dec 07 Jun 08 Dec 08 Jun 09 equipment) and inventory in the financial statements will fluctuate depending on the A$ presentation US$ Assets AUD:USD FX rate AUD:USD exchange rate movements. This is demonstrated by the chart to the right: (1) Monthly exchange rates used to approximate the exchange rate on the date of transaction. (2) Balance sheet translated at spot rate and income statement at average rate for the period. 32 IMPORTANT NOTICE

This presentation has been prepared by OZ Minerals Limited (“OZ Minerals”) and consists of written materials/slides for a presentation concerning OZ Minerals. By reviewing/attending this presentation, you agree to be bound by the following conditions.

No representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information, contained in the presentation or of the views, opinions and conclusions contained in this material. To the maximum extent permitted by law, OZ Minerals and its related bodies corporate and affiliates, and its respective directors, officers, employees, agents and advisers disclaim any liability (including, without limitation any liability arising from fault or negligence) for any loss or damage arising from any use of this material or its contents, including any error or omission there from, or otherwise arising in connection with it.

Some statements in this presentation are forward-looking statements within the meaning of the US securities laws. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside OZ Mineral’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation.

Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of the presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, OZ Minerals does not undertake any obligation to publicly release any updates or revisions to any forward looking statements contained in this presentation, whether as a result of any change in OZ Minerals expectations in relation to them, or any change in events, conditions or circumstances on which any such statement is based.

Certain statistical and other information included in this presentation is sourced from publicly available third party sources and has not been independently verified.

Cautionary Note Regarding the Financial Information Included in the Presentation

The merger of Oxiana Limited and Zinifex Limited to form OZ Minerals Limited became effective from 1 July 2008. All historical financial information in this presentation is that of Oxiana Limited and Zinifex Limited. No audited historical financial information is available for OZ Minerals Limited as a stand-alone entity.

The pro forma financial information for OZ Minerals is based on the assumption that Oxiana and Zinifex had been merged for the whole of the six month period to 30 June 2008. This pro forma information is unaudited and is provided solely for the purposes of providing recipients with a profile of the merged company. It is not necessarily indicative of the consolidated results of operations or financial position that OZ Minerals would have actually obtained during the period presented and is not necessarily representative of the consolidated results of operations or financial position that the company expects in future periods.

All figures are expressed in US$ unless stated otherwise.