News Column

OZ Minerals 2014 Half-Year Financial Results

August 14, 2014

ENP Newswire - 14 August 2014

Release date- 13082014 - OZ Minerals' Managing Director and CEO, Terry Burgess said, 'a strong half year of operations, particularly from the Malu Open Pit, has driven higher revenue and lower operating costs.'

Production for the first half was 40,363 tonnes of copper and 64,528 ounces of gold.

Over the past year open pit operations have delivered significant productivity improvements resulting in high material movements, at a lower unit cost. Gross operational costs have also reduced with the demobilisation of equipment and lower employee costs.

In July copper production guidance for the year was raised to 85,000 to 90,000 tonnes, due to the increased production and accelerated access to higher grade ore achieved in the first half. Gold guidance of 130,000 to 140,000 ounces was maintained. The new Malu Underground operation at Prominent Hill is on track to commence production in the last quarter of this year.

In recognition of the company's current operational performance and future prospects the Board resolved to pay an unfranked dividend of 10 cents per share.

A detailed analysis of the first half operating and financial performance is provided in the Review of Operations section of the 2014 Half Year Financial Report released to the market today.


Positive safety performance maintained.

Production of 40,363 tonnes of copper and 64,528 ounces of gold for the period, compared to production of 37,853 tonnes of copper and 62,808 ounces of gold for the corresponding period in 2013.

Higher production, productivity improvements and increased Australian dollar commodity prices contributed to:

Revenue of $351.0 million for the half year.

Underlying EBITDA of $122.3 million. o Underlying Net loss after tax of $14.3 million.

Net loss after tax of $7.4 million.

Cash at the end of the half year was $154.9 million and the company has an undrawn debt facility of US$200 million.

Dividend of 10 cents per share (unfranked) for the half year to 30 June 2014.

Updated Mineral Resource and initial Ore Reserve estimates released for Malu Underground on 30 June 2014. An initial Mineral Resource estimate for Khamsin announced on 26 May.

The Carrapateena pre-feasibility study summary will be released in the coming weeks.


Natalie Worley

Tel: +61 (3) 9288 0345

Mobile: 0409 210 462


Rachel Eaves

Tel: +61 (3) 9288 0252

Mobile: 0419 852 045


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Source: ENP Newswire

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