Quarterly Report

Transcrição

Quarterly Report

FOR THE THREE MONTHS
ENDING 30 SEPTEMBER 2008
HIGHLIGHTS:
OZMINERALS.COM
CONTAINED METAL PRODUCTION
COPPER PRODUCED AT SEPON
COPPER PRODUCED AT GOLDEN GROVE
ZINC PRODUCED AT CENTURY
17,546t
6,692t
129,241t
ZINC PRODUCED AT GOLDEN GROVE
23,778t
ZINC PRODUCED AT ROSEBERY
21,139t
GOLD PRODUCTION AT SEPON
GOLD PRODUCED AT GOLDEN GROVE
NICKEL PRODUCED AT AVEBURY
22,190oz
9,413oz
940t
AVERAGE LME CASH COPPER PRICE
US$3.48/lb
AVERAGE LME CASH ZINC PRICE
US$0.80/lb
AVERAGE COMEX GOLD PRICE
US$868/oz
SEPON COPPER OPERATION
• Ore treated and copper production highest on record.
SEPON GOLD OPERATION
• Both the Houay Yeng and Phavat North pits have been opened.
GOLDEN GROVE
• Electricity supply and pricing back to original contract rates.
PROMINENT HILL
• Crushing circuit commissioned during October.
MARTABE
• Construction activities commenced on site with development of the access road
and the awarding of bulk earthworks and civil concrete contractor.
CENTURY
• Strong zinc metal production for the quarter.
ROSEBERY
• Raisebore pilot hole drilling for Stage 1 of the Northern Downcast Shaft to 650m
completed.
AVEBURY
• Nickel concentrate production for the quarter of 4,796t.
Andrew Michelmore
Managing Director & Chief Executive Officer
OZ MINERALS LIMITED
ABN40 005 482 824
OZ MINERALS QUARTERLY ACTIVITIES TO
SEPTEMBER 30 2008
TABLE 2
QUARTERLY SEPON GOLD PRODUCTION & COST STATISTICS
SAFETY AND ENVIRONMENT
During the last quarter we suffered three tragic safety
incidents. Two of our people died at work and one sustained
serious head injuries.
PRODUCTION (GOLD* oz)
TOTAL CASH COSTS - US$/oz
SEP QTR '08
YEAR TO DATE
22,190
65,521
557
543
* PRODUCTION REPORTED IS GOLD POURED
An electrical superintendent at Sepon was killed as a result of
a lightning strike during preparatory works associated with
GOLDEN GROVE
installation of a new radio transmission tower.
Mining and milling at Golden Grove was mostly focused on
copper for the quarter. Consequently, zinc production was
A supervisor at the new Prominent Hill borefield was killed
down for the quarter at 23,778t while we posted strong
when the light vehicle in which he was the driver and sole
copper production of 6,692t.
occupant rolled on an unsealed road between the borefield
and the mine site.
Negotiations with electricity provider Alinta restored
electricity pricing to original contract rates, rather than
A boiler maker at the Century mine was seriously injured
higher spot rates, which had increased considerably due to
while working on a drill rig. Our thoughts are with the
the gas shortage that resulted from the Varanus Island
families of each of these members of the OZ team and we
pipeline explosion.
are providing as much support as possible.
Thorough investigations have been conducted into these
incidents to identify opportunities to improve our
management systems and practices across the company.
During the last quarter, there were four significant
environment incidents reported by the group. Of those
incidents, three resulted from discharges to water and one
was a spill. These included:
OZ Minerals announced that, in the current pricing
environment, it will reschedule production at Golden Grove,
reducing zinc production and increasing copper production
in 2009.
Zinc output will be reduced by between 35% - 40% of
planned production of 130,000 – 135,000t to 80,000 –
85,000t in 2009.
•
Water discharge concentrations of cadmium exceeded
license conditions on two occasions, and on one
occasion selenium, at Golden Grove, Western Australia.
OZ Minerals will simultaneously increase production of
copper in concentrate by approximately 14,000t to between
35,000 – 40,000t for 2009.
•
Water discharge concentrations of sulphate, nickel and
manganese exceeded license conditions at Avebury,
Tasmania.
TABLE 3
QUARTERLY GOLDEN GROVE PRODUCTION & COST STATISTICS
•
Lead concentrate was spilt when a road transport trailer
tipped over near Century, Queensland.
Actions were put in place to address the causes of these
incidents.
COPPER (TONNES)
SEPON COPPER
Although the volume of material mined for the September
quarter was lower due to heavy rainfalls impeding access to
the copper pit during the wet season, volumes of copper ore
treated and final copper production were the highest on
record, exceeding first quarter 2008’s record production by
400 tonnes.
There is a scheduled 7-day mill re-line that will occur in the
fourth quarter but we anticipate meeting the full year
production guidance of 60,000 to 65,000 tonnes.
TABLE 1
QUARTERLY SEPON COPPER PRODUCTION & COST STATISTICS
SEP QTR ‘08 YEAR TO DATE
PRODUCTION (STRIPPED TONNES)
TOTAL CASH COSTS – US¢/LB
17,546
47,919
105.4
108.5
SEPON GOLD
Similarly to Sepon Copper, ore mined was adversely affected
by heavy rainfalls and minor pit flooding. Ore milling and
recovery rates were strong, enabling 22,190oz of gold to be
produced for the period.
Both the Houay Yeng and Phavat North mines have been
opened. Mining volumes are expected to meet forecast in
Q4 and production forecasts for the year remain at 85,000 to
95,000oz.
YEAR TO DATE
23,778
80,075
6,692
16,369
15.8
31.7
CONTAINED METAL IN CONCENTRATES
ZINC (TONNES)
OPERATIONS
SEP QTR '08
TOTAL CASH COSTS - US¢/LB
CENTURY
Zinc metal production for the quarter was strong due to
higher than planned zinc feed grade and above plan
production through the port dewatering facility. This was
despite lower zinc recovery resulting from high feed blend
variability. Resources will continue to focus on increasing
zinc recovery performance, utilising the newly commissioned
ball mill.
Lead metal production was similarly strong due to higher
than expected lead feed grade and above plan lead recovery.
The Century pit operated at record high material movement
levels and mining of ore from Stage 6 progressed to plan.
Total material moved for Q3 was 28mt against the
corresponding quarter the previous year of 29mt.
TABLE 4
QUARTERLY CENTURY PRODUCTION & COST STATISTICS
SEP QTR '08
YEAR TO DATE
ZINC (TONNES)
129,241
388,238
LEAD (TONNES)
17,846
37,523
61
-
2
OZ MINERALS LIMITED
ABN 40 005 482 824
Production guidance for 2009 remains at 110,000t to
120,000t of copper and 75,000oz to 85,000oz of gold.
ROSEBERY
While ore treated was 13% higher than for the comparative
quarter, zinc in concentrate production for the September
Quarter was down 5% on the previous quarter due to lower
ore grades.
SEPON COPPER EXPANSION
Detailed engineering continues and is 84% complete. The
flotation area thickener was commissioned and is online.
During the third quarter orders were placed for the final
electrical equipment and reticulation areas of the process
plant, along with bulk piping materials. Bulk earthworks are
complete and the main concrete contractor is making good
progress and is 81% complete.
Lead in concentrate production was 14% higher than the
previous quarter and 19% higher than for the same period
last year, reflecting higher ore treated and higher metal
grades. Copper production was lower reflecting the lower
metal grades.
Raisebore pilot hole drilling for Stage 1 of the Northern
Downcast Shaft to 650m was completed.
TABLE 5
QUARTERLY ROSEBERY PRODUCTION & COST STATISTICS
SEP QTR '08
YEAR TO DATE
ZINC (TONNES)
21,139
63,582
LEAD (TONNES)
7,557
20,720
30.3
-
TOTAL CONTAINED METAL
AVEBURY
Nickel concentrate production for the quarter was 4,796t and
was above budget by 26%. Mill throughput and mine
production were ahead of ramp-up schedule by 23% and
15% respectively.
Commissioning and production ramp-up is ahead of plan
with no major issues encountered. The site now has a full
management team in place and there is a strong focus on
improving internal controls particularly with contract
management and purchasing.
Diamond drilling is being accelerated to bring forward any
opportunity to increase resources and reserves.
Avebury is not yet operating at full production. Total cash
costs may be expected to decline when this operation
reaches full capacity.
TOTAL CASH COSTS – US$/LB
The second autoclave, which will improve the reliability and
throughput capability of the plant, progressed with
construction continuing with SMP works. The autoclave
vessel was shipped and arrived onsite at the end of August
as planned. Concrete works are 80% complete, all large
vessels are placed on foundations, structural steel erection is
75% complete and pipework fabrication continues. Brick
lining of the vessels commenced in September. The
autoclave is on schedule for the completion of construction
in the first quarter of 2009.
SEPON INFRASTRUCTURE
The new polishing plant (that treats excess water prior to
discharge) commissioning was completed at the end of
September as planned, and the plant is in operation.
The design and construction of a second 115kV powerline to
the Sepon mine site (includes upgrades of associated
substations) continues, and is overall 21% complete. Line
survey is complete, all long lead equipment has been
ordered and tower steelwork is being delivered to site in
preparation for erection in the dry season. Staged
completion of sections of the transmission line are planned,
with the project on schedule for completion in the third
quarter of 2009.
MARTABE
Engineering activities continued to ramp up at the design
office in Brisbane.
TABLE 6
QUARTERLY AVEBURY PRODUCTION & COST STATISTICS
NICKEL (TONNES)
The field erect tanks contractor is mobilised and erection of
the seven new thickeners is in progress. The Steel
Mechanical Piping (SMP) contractor commenced steelwork
erection in the thickener and Electrowinning areas. The
expansion is on schedule for completion in the fourth
quarter of 2009.
SEP QTR ‘08
YEAR TO DATE
940
940
10.97
10.97
DEVELOPMENT
PROMINENT HILL
Construction continues at a steady rate and commissioning
of a number of systems has commenced. As at 10 October,
overall construction progress was 88% complete and the
plant is on track for commissioning of ore in the final
quarter.
Load commissioning of the crusher was completed on the
18th October. Mains power from the newly constructed
transmission line to Olympic Dam is on and development of
the permanent water borefield and commissioning is
underway.
Key civil infrastructure, including the tailings dam and haul
road to the rail siding, are essentially complete. The ball mill
installation is complete with the SAG mill motors installed
and lining of the shell is in progress.
Construction of the access road through to the plant site
area commenced in mid-July and reached the plant site area
at the end of September. Upgrading will continue during the
current quarter.
The tender for bulk earthworks and civil concrete was
awarded. Contract execution with the prime contractor,
Ausenco, was completed during the quarter. The mills, which
were ordered in August 2007, remain on schedule for
delivery later in 2009.
DUGALD RIVER
Feasibility Study work is on target for completion as planned
by the end of this year. Drilling of the deposit for the
Feasibility Study was completed during the quarter at a total
of 47,200m and primary metallurgical test work is now
completed.
The resource model was updated and confirms our
understanding of the Dugald River resource with discussions
with potential customers progressing well. Environmental
studies for the EIS are now complete.
CANADA
A substantial field work program to support the Izok Lake
pre-feasibility study was completed during the summer field
season in the Arctic. This included detailed mine, processing
plant, road and port layout plans, flora and fauna mapping,
engineering, tailings, water and other environment studies.
3
OZ MINERALS LIMITED
ABN 40 005 482 824
Recent drilling in both areas has outlined several strike and
depth extensions to mineralisation. These require further
follow up drilling, and highlight the large tonnage, open pit
potential of the Thengkham near mine deposits.
The pre-feasibility study is on track for completion by the
end of 2008.
REGIONAL EXPLORATION
OZ Minerals intends to continue growing its business
through a focussed and well resourced exploration effort. In
order to ensure close alignment with company growth
objectives, the OZ exploration group has recently completed
a strategic review of its global portfolio and a number of
projects and programs have been terminated while others
have been added or strengthened.
Priorities are on expanding the search for copper and nickel,
maintaining a solid portfolio of zinc opportunities and
establishing niche positions in bulk commodities and energy
where OZ Minerals can add value through existing operating
experience.
Key objectives of the exploration programs are to maximise
the intrinsic value held within our large land holdings around
existing operations and to discover new resources capable of
making a material difference to the OZ business. OZ will be
targeting high quality projects on district scale land holdings
within its key geographical focus areas of Australia, Asia and
Canada.
MINE DISTRICT EXPLORATION
Sepon Copper
Sepon Gold
Numerous broad, high-grade results returned from resource
definition drilling at the Houay Yeng oxide gold deposit
confirmed a robust resource model. Better intersections
include 26m at 23.6g/t Au from 62m and 37m at 13.1g/t Au
from 60m.
Recent exploration drilling at the Houay Bang primary gold
target, 7km east of the Sepon mine returned several
encouraging intersections over 250m of strike, including
20m at 3.6g/t g/t Au from 80m and 13m at 15.9g/t Au from
47m. The zone of interest remains open to the north-west
and at depth and additional drilling is required to determine
resource potential.
At the Dao Leuk prospect, immediately west of Discovery
Main pit, primary gold mineralisation was extended to over
600m of strike with better results including 8.2m at 8.0g/t Au
from 193.4m, 20m at 3.6g/t g/t Au from 80m and 13m at
15.9g/t Au from 47m. An economic evaluation of the
mineralisation is being completed prior to further drilling.
Golden Grove
Resource definition drilling recently completed at Phabang,
Khanong and Thengkham North reported some outstanding
results. At the Pha Bing deposit, an additional high-grade
lode was also identified. Better intersections include:
Exploration continued on the southern leases during Q3 with
two separate intersections of high grade zinc estimated
visually. Dolerite intrusions have removed the target
horizons in some holes. Ground magnetic surveys were
completed over the Felix Prospect with data awaited.
DEPOSIT
Prominent Hill
PHA BING
KHANONG
THENGKHAM
NORTH
FROM (M) INTERVAL (M)
CU (%)
AU (PPM)
21.6
50.6
4.7
0.4
32
13.8
16.2
0.4
16
34.7
5.8
0.1
22.0
19.1
5.6
0.1
Updated resource estimates reported significant year on year
increases in the JORC-compliant resources for the Prominent
Hill deposit (refer ASX release of 24 September 2008). The
contained copper inventory increased by 35% to 2.5 million
tonnes, the gold inventory by 100% to 7.4 million ounces
and the silver inventory by 43% to 22.6 million ounces.
Further outstanding drill results returned from drilling on the
Western Copper-Gold Zone, approximately one kilometre
west of the open pit, include 51m at 3.5% Cu, 0.3g/t Au from
306m and 64.9m at 2.5% Cu, 0.7g/t Au from 409m on
section 4200E. These results are not included in the recent
resource estimate. This recently discovered deposit remains
open in several directions and further drilling is required to
define the full extent and geometry of the mineralisation.
17.0
43
4.6
0.1
8
11.8
12.6
0.2
12
7.5
16.3
0.3
45.0
28
3.3
0.1
8.0
29
0.6
4.0
29.5
20.5
6.1
0.2
33.6
13.4
4.2
0.1
65
14
4.6
0.4
Immediately east of the open pit, broad zones of lower
grade copper extended previously intersected mineralisation.
Better results include 71.5m at 0.7% Cu, 0.3g/t Au from 242m
including 25m at 1.2% Cu and 0.7g/t Au.
3
14
4.2
0.6
Martabe
Exploration drilling activities decreased with the onset of the
wet season, although surface sampling programmes
continued to generate new drill targets and advance existing
prospects.
Excellent primary copper-gold results continued to be
returned from drilling at Thengkham East including 149.7m
at 1.0% Cu, 0.5g/t Au and 312 ppm Mo from 66.3m and
72.3m at 1.3% Cu, 0.3g/t Au and 203ppm Mo from 57m.
Mineralisation remains open in all directions and further
drilling is required prior to the preparation of an initial
resource estimate.
Several new zones of primary copper mineralisation were
also identified at the nearby Thengkham South deposit,
with recent intersections including 42.5m at 1.3% Cu from
80.5m. Thick intervals of overlying chalcocite mineralisation
have also been intersected in several holes including 63m at
1.6% Cu and 0.3g/t Au from 7 metres.
Exploration work continued on two porphyry copper-gold
targets within the Kapur Gambir district, 30 km SE of the
Martabe project. Geological mapping at the Aek Gotting
prospect reported extensive alteration with rock samples
returning up to 19.3% Cu, 3.1g/t Au and 65g/t Ag. An IP
geophysical survey commenced at the Tani Hill prospect to
help define drill targets.
Drilling activities focused on further resource definition of
the northern end of Barani deposit, and targeting extensions
of the Purnama deposit to the north and at depth. Better
results from Purnama include 7.5 m @ 4.3 g/t Au and 48.5
Ag.
Century
Further high grade zinc mineralisation was intersected at the
Watson's Lode prospect, 10km south of Century. A high
grade zone containing around 10m of visual high grade zinc
mineralisation within a broader 27 metre-wide mineralised
interval was encountered. This suggests that the continuous
strike length of the Watsons Lode vein style mineralisation is
4
OZ MINERALS LIMITED
ABN 40 005 482 824
now over 800 metres and significantly upgrades tonnage
potential.
portfolio of four porphyry and one nickel laterite target to
drill status
Rosebery
Americas
Follow up drilling to determine the potential associated with
mineralisation recently reported at the Jupiter prospect,
5km south of the Rosebery Mine returned 6.3m at 2.4% Zn,
0.1% Pb, 6g/t Ag and 0.1g/t Au indicating continuity with
mineralisation previously reported up dip. Deep drilling
failed to intersect the mineralised horizon, but the system is
open to the north and south.
Drilling was completed at the La Corazonada property in
Mexico with eight holes drilled on the most accessible
targets. While several mineralized zones were intersected the
assay results received to date are disappointing.
Avebury
Drilling continued at the East Avebury and Viking
Extended near mine targets, encountering extensions of the
host ultramafic sequence and some sulphide mineralisation.
All assays are pending.
At the Melba Flats prospect, located northeast of the
underground mine, drilling was ongoing.
Canada - Nunavut
An IP geophysical survey completed southwest of the Izok
deposit outlined three priority targets for drill testing
however no significant mineralisation was intersected.
Two holes were completed on regional geophysical targets,
one of which intersected trace chalcopyrite (copper
sulphide). Assays are pending.
Follow up ground EM geophysical surveys completed to
follow up anomalies delineated by airborne survey,
confirmed numerous high potential massive sulphide drill
targets. These will be tested in the next field season.
Rock samples collected from the Canoe Lake and North
Cairo areas returned up to 11.2% Zn, 1.0% Pb and 4.0% Cu.
Field mapping and surface sampling was completed at
several prospect areas. Two claims were staked to the east
of High Lake in areas identified to be prospective for
intrusion-related mineralisation. Initial reconnaissance of the
claim area has identified magnetite skarn rocks containing
high grade copper-molybdenum mineralisation. Results are
pending
NEW DISCOVERY PROGRAM
Thailand
Nine of thirteen high priority tenement applications for iron
ore in SE Thailand were granted. An additional four
applications are still being processed at provincial level.
Extensive ground magnetic and gravity surveys are in
progress to delineate drill targets for testing in the coming
quarter.
Cambodia
Recent studies indicate excellent potential for the discovery
of a significant gold resource in the Okvau district and a
number of additional properties are being evaluated and
progressed as potential joint ventures. Initial sighter
metallurgical test work confirms the mineralisation responds
reasonably well to conventional processing with average
recoveries of 65% reported from bottle roll tests completed
on 187 samples.
Exploration also continued on the Ou Anlong sedimentary
copper project (88% OZ minerals) were field reconnaissance
and soil sampling has identified three priority areas for drill
testing. Seven interpreted mineralised zones, possibly 1-2m
thick and potentially up 3km long have been delineated and
three new areas requiring initial reconnaissance have also
been defined.
Under the Newgenco alliance for nickel in North America,
thirteen areas were field checked to validate geology and
confirm the presence of mineralisation. Within three areas
evaluated, prospective mafic-ultramafic intrusions with
disseminated or trace nickel and copper sulphides have been
identified. Data from the field season is currently being
compiled to determine which projects warrant further work.
China
Exploration focused the Xiaosongshan nickel sulphide
project in Inner Mongolia Province. (Aoning joint venture OZL 80%) An integrated IP-EM-MT ground geophysical
survey outlined six high priority anomalies and rock samples
collected from old pits and shafts have assayed above 1% Ni.
A thorough environmental baseline survey has been
completed and the project is ready for drill testing in the
early 2009 field season.
A second joint venture for nickel sulphides (OZL earning
80%) is being progressed with a State Government Bureau
over the Chajianliang project in Jilin province where nickel is
currently being mined from sheared parts of a larger
intrusion and is adjacent to a large (250Kt contained nickel)
deposit and lies within 20 kilometres of a major smelter.
Further nickel JVs are in negotiation.
MARKETING
Base metal prices fell during the last month of the quarter
due to the growing negative sentiment resulting from
deteriorating global financial markets.
The LME cash copper price averaged US$3.48/lb for the
quarter, 9% lower than the previous quarter, and 0.4% [1c/lb]
higher than the third quarter of 2007. Copper mine supply
continued to fall below forecast, offsetting slower demand
and supporting price levels.
LME zinc prices fell 16% for the quarter, although LME stocks
remained at historically low 155,000t, less then one week’s
global consumption. The gold price averaged $868/Oz for
the quarter, down 3.1% from the previous record quarterly
average.
PROVISIONAL PRICING
As at the end of the third quarter, Oz Minerals had
provisionally priced the following payable metal.
TABLE 7
PROVISIONAL PRICING
TONNES
US$/T
276,745
1,890
COPPER
10,963
7,955
LEAD
27,106
1,920
ZINC
Indonesia
An additional two exploration permits were granted for
porphyry Cu-Au targets in Sulawesi. Surface exploration
work will commence shortly to rapidly advance the current
5
OZ MINERALS LIMITED
ABN 40 005 482 824
CORPORATE
WITHDRAWAL FROM
EXPLORATION JOINT VENTURES
During the quarter, OZ Minerals announced that it was
withdrawing from two exploration joint ventures. The first of
these was the JV with Trafford Resources Limited for
exploration for lead, zinc and silver at the Wilcherry Hill
Project in South Australia.
The second was with Terramin Australia Limited to dispose
of its 76% interest in the Menninnie Dam Exploration Joint
Venture, also in South Australia.
Media enquires contact
Sally Cox
Communications Advisor
Direct telephone: +61 (3) 9288 0215
Email: [email protected]
OZ MINERALS LIMITED
WITHIN THIS STATEMENT REFERENCES TO RESOURCES AND EXPLORATION RESULTS HAVE
BEEN APPROVED FOR RELEASE BY MR A MANINI BSC (HONS), FAUSIMM WHO IS A
COMPETENT PERSON AS DEFINED BY THE JORC CODE (2004). HE HAS CONSENTED TO THE
INCLUSION OF THE MATERIAL IN THE FORM AND CONTEXT IN WHICH IT APPEARS.
OZMINERALS.COM
TORO ENERGY LIMITED
RENOUNCEABLE RIGHTS ISSUE
At the beginning of October Toro Energy Limited advised
the market that it was undertaking a 1 for 3.8 renounceable
pro rata Rights issue to raise up to $26 million through the
issue of approximately 130.2 million new fully paid ordinary
shares at an issue price of 20 cents per ordinary share.
OZ Minerals, as a substantial shareholder accounting for 46%
of Toro’s shares on issue, undertook to subscribe to its full
entitlement, representing approximately $12 million of the
Rights Issue.
RESERVE/RESOURCES
The company is updating company wide resources and
reserves and an updated statement is expected later this
year.
SHARE REGISTRY
Link Market Services
Level 9, 333 Collins Street, Melbourne, Victoria, Australia
3000
Telephone Australia 1300 55 44 74
Telephone International +61 2 8280 7111
Facsimile +61 2 9287 0303
[email protected]
CORPORATE INFORMATION
ISSUED SHARE CAPITAL AT OCTOBER 16, 2008
ORDINARY SHARES
3,121,339,800
UNLISTED OPTIONS
23,292,175
US$105,000,000 of convertible bonds outstanding, which
represents 111,111,111 shares to be issued.
SHARE PRICE ACTIVITY FOR THE SEPTEMBER QUARTER
HIGH $2.64
LOW $1.27
LAST $1.24 (16 OCTOBER 2008)
AVERAGE DAILY VOLUME 33.366
MILLION SHARES
REGISTERED & PRINCIPAL OFFICE
Level 29 Freshwater Place
2 Southbank Boulevard Southbank VIC 3006
GPO Box 1291K Melbourne VIC 3001
T 61 3 9288 0333
F 61 3 9288 0406
Investor enquires contact
Richard Hedstrom
Group Manager, Investor Relations
Direct telephone: +61 3 9288 0376
Email: [email protected]
6
OZ MINERALS LIMITED
ABN40 005 482 824
APPENDICES
AVEBURY PRODUCTION STATISTICS
SEPON COPPER PRODUCTION STATISTICS
ORE MINED (TONNES)
GRADE
- COPPER (%)
STRIP RATIO (WASTE/ORE)
ORE MILLED (TONNES)
SEP QTR 08
YTD
172,699
1,211,231
4.3
4.9
9.8
2.9
364,143
984,285
GRADE
- COPPER (%)
5.4
5.5
RECOVERY
- COPPER (%)
91.0
91.0
PRODUCTION (STRIPPED TONNES)
17,546
47,919
CATHODE SOLD (TONNES)
17,823
48,104
ORE MINED (TONNES)
GRADE
- NICKEL (%)
ORE TREATED (TONNES)
GRADE
- NICKEL (%)
RECOVERY
- NICKEL (%)
NICKEL CONCENTRATE (TONNES)
GRADE
- NICKEL (%)
TOTAL CONTAINED METAL IN CONCENTRATES
NICKEL (TONNES)
NICKEL CONCENTRATE SOLD (TONNES)
Sep QTR 08
104,450
0.9
135,006
1.0
62.5
4,796
17.0
YTD
104,450
0.9
135,006
1.0
62.5
4,796
17.0
940
3,149
940
3,149
SEPON GOLD PRODUCTION STATISTICS
ORE MINED (TONNES)
GRADE
- GOLD (G/T)
SEP QTR 08
YTD
205,925
1,172,872
2.9
1.9
ORE MILLED (TONNES)
GRADE
- GOLD (G/T)
PRODUCTION
SOLD
YTD
192,324
571,351
208,652
612,829
- ZINC (%)
11.0
11.1
- LEAD (%)
3.9
3.7
2.9
1.5
1,712,401
1.5
1.6
- COPPER (%)
0.3
0.3
111.0
120.9
3.9
4.8
- SILVER (G/T)
79.0
70.0
- GOLD (G/T)
- SILVER (%)
17.6
17.1
- GOLD (OZ)
22,190
- SILVER (OZ)
11,266
- GOLD (OZ)
18,891
60,360
- SILVER (OZ)
8,485
41,841
1.5
1.4
- ZINC (%)
87.3
88.8
65,521
- LEAD (%)
80.2
78.5
45,548
- COPPER (%)
56.3
54.5
RECOVERY
- GOLD (%)
ZINC CONCENTRATE (TONNES)
GRADE
GOLDEN GROVE PRODUCTION STATISTICS
- ZINC ORE (TONNES)
- COPPER ORE (TONNES)
GRADE
- ZINC (%)
- COPPER (%)
MILLED
- ZINC ORE (TONNES)
GRADE
- ZINC (%)
RECOVERY
- ZINC (%)
MILLED
- COPPER ORE (TONNES)
GRADE
- COPPER (%)
RECOVERY
- COPPER (%)
GRADE
- ZINC (%)
COPPER CONCENTRATE (TONNES)
GRADE
- COPPER (%)
HPM CONCENTRATE (TONNES)
GRADE
- COPPER (%)
- LEAD (%)
- GOLD (G/T)
- SILVER (G/T)
ZINC (TONNES)
COPPER (TONNES)
GOLD (OZ)
SILVER (OZ)
LEAD (TONNES)
TOTAL CONCENTRATE SOLD (TONNES)
ZINC
COPPER
HPM
PAYABLE METAL IN CONCENTRATES SOLD
ZINC (TONNES)
COPPER (TONNES)
GOLD (OZ)
SILVER (OZ)
LEAD (TONNES)
Sep QTR 08
567,929
* PRODUCTION REPORTED IS GOLD POURED
MINED
GRADE
- GOLD (%)
- SILVER (G/T)
RECOVERY
ORE MINED (TONNES)
- SILVER (G/T)
STRIP RATIO (WASTE/ORE)
ROSEBERY PRODUCTION STATISTICS
SEP QTR 08
276,009
228,318
12.1
3.7
196,608
13.2
91.4
219,643
3.5
86.2
47,112
50.5
31,373
21.3
6,296
7.6
32.6
39.1
2,226.1
YTD
721,774
617,328
12.9
3.6
641,548
13.6
91.7
553,430
3.6
83.2
155,826
51.4
77,774
21.1
20,592
6.2
37.2
44.6
2,248.3
CONTAINING
- ZINC (%)
56.1
55.3
79.2
84.9
- GOLD (G/T)
0.6
0.6
- ZINC (TONNES)
20,088
60,518
- SILVER (OZ)
91,166
298,707
LEAD CONCENTRATE (TONNES)
- LEAD (%)
- SILVER (G/T)
CONTAINING
80,075
16,369
33,108
2,041,539
7,668
159,047
70,140
2,420
21,073
4,232
848
41,825
0
68,644
14,456
6,457
371,084
853
65.1
1,205.0
6.2
9.2
- LEAD (TONNES)
6,547
17,679
- ZINC (TONNES)
872
2,559
344,094
1,051,621
1,549
5,444
1,599
5,231
- COPPER (%)
20.1
19.0
- SILVER (G/T)
5,413.8
5,400.6
- GOLD (G/T)
57.8
49.9
- COPPER (TONNES)
322
992
278,287
908,194
- SILVER (OZ)
- GOLD (OZ)
2,969
8,341
4,508
11,589
- GOLD (OZ)
2,893
7,196
- SILVER (OZ)
1,450
3,925
21,139
63,582
TOTAL CONTAINED METAL
ZINC (TONNES)
COPPER (TONNES)
GOLD (OZ)
49,788
20,217
0
66.8
1,091.3
8.9
- GOLD (OZ)
CONTAINING
27,143
4.9
GOLD DORE (OZ)
23,778
6,692
9,413
643,061
2,050
2,278
9,807
- ZINC (%)
COPPER CONCENTRATE (TONNES)
CONTAINING
723
- GOLD (G/T)
- SILVER (OZ)
GRADE
26.0
109,446
- SILVER (G/T)
- GOLD (OZ)
GRADE
29.1
35,805
SILVER (OZ)
LEAD (TONNES)
489
1,553
8,156
23,229
714,997
2,262,447
7,557
20,720
ZINC CONCENTRATE SOLD (TONNES)
38,602
107,223
LEAD CONCENTRATE SOLD (TONNES)
9,418
28,818
7
OZ MINERALS LIMITED
ABN 40 005 482 824
GOLDEN GROVE (US CENTS PER LB)
CENTURY PRODUCTION STATISTICS
SEP QTR 08
YTD
1,371,341
3,769,905
- ZINC (%)
13.5
13.6
- LEAD (%)
2.0
1.5
72.8
43.3
30,740,841
83,603,834
1,419,956
4,155,139
11.4
11.8
ORE MINED (TONNES)
GRADE
- SILVER (G/T)
WASTE MINED (TONNES)
GRADE
- ZINC (%)
40.1
41.3
-124.7
-113.3
NET BY-PRODUCT CREDIT (INCL
PROCESSING/TC/RC/TRANSPORT)
OTHER DIRECT CASH COSTS
2.7
7.1
TOTAL C1 COSTS
3.4
19.1
7.1
1.3
ROYALTIES
5.9
OTHER INDIRECT COSTS
6.4
5.5
- ZINC (%)
78.5
79.2
TOTAL CASH COSTS
15.8
31.7
DD&A
37.4
30.7
OTHER NON CASH COSTS
-4.3
-2.3
TOTAL COSTS
48.8
60.1
- ZINC (%)
66.6
63.4
224,780
680,493
56.9
56.7
117.7
93.0
- ZINC (TONNES)
127,928
385,619
- SILVER (OZ)
850,515
2,034,626
21,694
42,106
65.8
64.8
190.1
178.4
LEAD CONCENTRATE (TONNES)
- LEAD (%)
- SILVER (G/T)
CONTAINING
20.4
ZINC TC AND TRANSPORT
25.6
- SILVER (G/T)
GRADE
21.9
1.6
- LEAD (%)
CONTAINING
63.6
TOTAL SITE PROCESSING COSTS
31.6
GRADE
YTD
63.3
- SILVER (G/T)
- LEAD (%)
RECOVERY
SEP QTR '08
MINING COSTS
- LEAD (TONNES)
- SILVER (OZ)
14,277
27,277
132,557
241,516
129,241
388,238
SILVER (OZ)
983,073
2,276,143
17,846
37,523
ZINC CONCENTRATE SOLD (TONNES)
246,934
666,370
LEAD CONCENTRATE SOLD (TONNES)
14,362
38,305
SEP QTR '08
8.9
9.2
36.1
4.9
5.8
32.1
31.7
TOTAL C1 COSTS
82.5
82.9
COPPER ROYALTY
15.2
15.7
7.8
10.0
105.4
108.5
16.5
15.7
0.6
0.7
122.6
125.0
MARKETING AND TRANSPORT COSTS
OTHER INDIRECT CASH COSTS
TOTAL CASH COSTS
DD&A
TOTAL COSTS
30.9
(71.6)
TOTAL C1 COSTS
27.5
2.8
-
TOTAL CASH COSTS
30.3
DD&A
29.4
0.1
TOTAL COSTS
59.8
SEP QTR '08
YTD
36.6
MINE SITE PROCESSING COSTS
68.2
CENTURY (US CENTS PER LB)
SEPON COPPER (US CENTS PER LB)
MINING COSTS
SEP QTR '08
OPERATING
ROYALTIES
ZINC (TONNES)
LEAD (TONNES)
ROSEBERY (US CENTS PER LB)
OPERATING
33.4
33.5
(8.5)
TOTAL C1 COSTS
58.4
ROYALTIES
2.6
-
TOTAL CASH COSTS
61.0
DD&A
26.0
-
TOTAL COSTS
87.0
ACCELERATED PRE STRIP COSTS*
SEPON GOLD (USD PER OZ)
SEP QTR '08
YTD
MINING COSTS
103
128
MINE SITE PROCESSING COSTS
162
165
NET BY PRODUCT CREDIT (INCL. RC AND
TRANSPORT)
-4
-9
TRANSPORT, REFINING AND MARKETING COSTS
3
2
*$78.4M WAS SPENT IN THE QUARTER ON ACCELERATED PRE STRIPPING OF 28MT OF WASTE
(JUNE QUARTER WAS 29.4MT)
AVEBURY (USD PER LB)
SEP QTR '08
OPERATING
(0.25)
10.80
33
37
259
220
TOTAL C1 COSTS
TOTAL CASH COSTS
557
543
ROYALTIES
DD&A
133
127
CAPITALISED MINE DEVELOPMENT/DEFERRED
WASTE STRIPPING
93
94
18
39
800
804
TOTAL COSTS
0.30
ROYALTIES
10.75
NICKEL TC AND TRANSPORT
TOTAL CASH COSTS
DD&A
TOTAL COSTS
0.17
10.97
3.84
14.81
Note: All costs are on a units of payable production basis. Previously Golden Grove was calculated on a units of contained metal basis.
Sepon copper costs now do not include the copper concentrate premium which for Q3 was US¢4.3/lb.
Century and Rosebery year to date numbers are for the 9 months to date whereas their contribution to the OZ Minerals financial statements will be from July 1, 2008.
Base metal mine costs are prepared in line with Brook Hunt cost guidelines whereas Sepon gold is prepared in line with NAGIS reporting standards.
By product credits for unit cost calculations are prepared in line with Brook Hunt guidelines and are based on the notional sales revenue, whereby actual production for the quarter is
multiplied by the average price for the quarter.
8

Quarterly Report

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