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OZ MINERALS LIMITED - ASX: OZL
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Description
OZ Minerals is an Australian based mining company with a focus on copper. The Company owns and operates the high quality new Prominent Hill copper-gold mine in South Australia and is maximising value from the Prominent Hill operation and from exploration in the highly prospective region. OZ Minerals is also building a pipeline of projects which can deliver superior returns in the medium term through acquisition, organic developments and a strong commitment to exploration both at existing projects and through the identification of new opportunities. OZ Minerals has a strong balance sheet, a team of highly skilled mining industry professionals and a commitment to Respect, Integrity, Action and Results.
Prominent Hill, South Australia - Copper/Gold
OZ Minerals Limited owns 100% of the Prominent Hill copper-gold project located in South Australia. Commissioning of the new copper-gold mine occurred in February 2009 with first sales of Prominent Hill concentrate occuring in April 2009. Located 650 kilometres north west of Adelaide, 130 kilometres north west of BHP Billiton’s Olympic Dam and 130 kilometres south east of the town of Coober Pedy in the Gawler Craton of South Australia.
The Prominent Hill operation is comprised of an open pit mine, a conventional grinding and flotation processing plant with an 8mtpa capacity, a permanent village and a haulage road, power line and bore field. Prominent Hill concentrates travel directly to customers including smelters in Asia and Europe via the Adelaide to Darwin railway (which passes within 116km of the Prominent Hill mine) to the deep, uncongested Port of Darwin and then via ship to the waiting smelters – all in about 12 days. Concentrates are also transported by road to local customers.
First production of Prominent Hill copper concentrates occured in February 2009. (See announcement: First production from Prominent Hill copper-gold operation ). In 2009 OZ Minerals produced 96,310 tonnes of copper, 75,535 ounces of gold and 700,177 ounces of silver. Production for 2010 is planned to be 100,000 tonnes to 110,000 tonnes of copper and 140,000 ounces to 150,000 ounces of gold contained in concentrates.
OZ Minerals is exploring around the Prominent Hill area for further copper-gold deposits and exploration testing so far has returned some excellent results. OZ Minerals has access to a large and highly prospective 7,000 kilometre square tenement package in which to explore and drilling potential Prominent Hill-style targets is now underway. The Prominent Hill underground project feasibility study confirmed the technical and economic viability of mining the Western Copper deposit. The project has now been approved and development will proceed immediately. Construction of the permanent haul road to access the portal is underway. Ventilation shaft construction will start in August.
Exploration
Prominent Hill, Australia - The Prominent Hill deposit is located within a large (approx 4,000 square kilometres) tenement holding, this is OZ Minerals’ highest exploration priority. In 2010 OZ Minerals Limited and IMX Resources Limited formed a joint venture to explore for, and facilitate the development of, copper-gold projects on IMX’s Mt Woods tenements in South Australia. The joint venture along with its own ground gives OZ Minerals access to more than 7,000 square kilometres of highly prospective exploration acreage. Geophysical techniques are being employed to identify targets beneath ‘cover’ sediments and drilling of potential Prominent Hill-style targets is now underway. OZ Minerals has committed $70 million to exploration at Prominent Hill in 2011. Ten drill rigs are currently on site at Prominent Hill as part of this extensive exploration drilling program.
Cobar, Australia - OZ Minerals has exploration licences covering 3,436 square kilometres of prospective geology in the Cobar region of New South Wales. Exploration is targeting Cobar-style copper and polymetallic mineralisation. In 2010 surface and airborne geophysics was completed defining a number of targets. Drilling commenced late in 2010 and will continue throughout 2011 to test these defined areas.
Okvau region (OZL 100%), Cambodia - The current phase of exploration in Cambodia aims to provide an indication of the potential in the Okvau district.
O Khlek Khlok Joint Venture (OZL earning 85%), Cambodia - In 2011 infill stream sampling and prospect sale exploration will commence over the large intrusive complex located in the north-east of the joint venture area.
Phnom Peam Louk (OZL 100%), Cambodia - A base has been established to facilitate exploration at Phnom Peam Luok and reconnaissance stream sediment sampling and prospecting has commenced.
Mesam, Cambodia - OZ Minerals has reached agreement with the owners of the Mesam Exploration License to conduct exploration in the area which abuts OZ Minerals’ Okvau License and contains targets within possible trucking distance of OZ Minerals’ Okvau Resource. Should results warrant it, OZ Minerals has an exclusive right to enter into a full joint venture to explore and develop the Mesam area. Surface exploration and camp construction is underway and drilling is expected to commence in quarter 1, 2011.
Pichasca, Chile - In 2010 OZ Minerals signed an option-to-purchase agreement on the Pichasca project, located in Region IV, Central Chile. This project is targeting porphyry copper-gold mineralisation. Surface mapping and sampling commenced in the last quarter of 2010 and has successfully defined a porphyry style target. Drilling will commence in quarter 1, 2011.
San Eduardo, Mexico - In 2010 OZ Minerals formed a joint venture with Azure Minerals over the San Eduardo property in Mexico. The San Eduardo project is a ‘greenfield’ exploration property covering just over 200 square kilometres in Senora State. Project work undertaken throughout 2010 has included surface alteration mapping and sampling, airborne helimagnetic surveys and IP surveys. Prominent coincident geophsical targets has been defined and these will be the focus of drilling throughout quarter 1 and quarter 2 of 2011.
Equity Resources
OZ Minerals has a number of equity interests in other mining and exploration companies. OZ Minerals considers these holdings likely to generate future value to the company and to shareholders.
Mine For
copper, lead, silver, zinc, gold, nickel
Location of operation(s)
New South Australia, South Australia, Cambodia, Chile, Mexico
Address
Level 10, 31 Queen Street
MELBOURNE, VIC, AUSTRALIA
Phone
(61 3) 9288 0333
Website
Last Updated
3/3/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
