2010 Analysts Visit Operations Combined Presentation FINAL - 0 PDF

OZ MINERALS
PROMINENT HILL
ANALYST TOUR
10/11 MAY 2010
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 therefrom, 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.
OZ MINERALS • PAGE 2
SESSION 1:
PROJECT OVERVIEW – MICK WILKES
• Project snapshot
• Health, Safety
• Environment
• Community
• People
PROMINENT HILL: PROJECT SNAPSHOT
Reserves: 75.7Mt @ 1.19% Cu, 0.59g/t Au (0.9Mt Cu, 1.4Moz Au)
Copper-gold 189.7Mt @ 1.32% Cu, 0.5g/t Au (2.5Mt Cu, 2.9 Moz Au)
resources:
Gold only 78.8Mt @ 0.06% Cu, 1.4g/t Au (0.05Mt Cu, 3.4Moz Au)
resources:
Mine: 55Mtpa open pit, mining contractor Thiess
Ave strip 5-6:1 (waste to ore, tonnes basis, excluding pre-strip)
ratio:
Plant: 8.8Mtpa crush, grind, flotation.
Product: High grade (+50% Cu), high quality, copper concentrate.
Remaining 8 years for open pit.
mine life:
Production 96,310t contained copper, 75,535oz gold.
2009:
Estimated 100,000t to 110,000t contained copper,
average p/a
110,000oz to 120,000oz gold
production
2010-2012
Estimated C1 US$0.80 – US$0.90/lb
costs 2010:
Workforce: 725 (including contractors)
PROMINENT HILL
VILLAGE
WESTERN NORTHERN WASTE
COPPER DEPOSIT DUMP
ROM PAD
PROCESSING
PLANT PIT
SOUTHERN WASTE
DUMP
TAILINGS
DAM
PROMINENT HILL VILLAGE
SAFETY
OZ Minerals Lost Time and Total Recordable Injury Frequency Rate 12 Month Moving Average *
18
16
14
12
Frequency Rate
10
0
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10
OZ Minerals TRIFR OZ Mineral LTIFR
* Injuries per million man hours
SAFETY AND HEALTH
• Zero Harm by Choice
• Plant and systems design geared for safety
• Strong reporting culture
• New focus on cognitive based safety (ZIP – Zero Incident Process -
Program being assessed)
• Integrated Safety, Health, Environment, Community, Management
Systems
− Aligned to AS 4801
− 60 Integrated Management Standards
• Upgrading RIMS (Risk Information Management System) to
accommodate contractors information
PROMINENT HILL: ENVIRONMENT
• Plant and systems designed for environmental compliance

• In compliance with licence and agreement requirements
• Monitoring of natural resources (water)
− Borefield, pastoralists’ bores,
• Mine Rehabilitation requirements:
− Significant Environment Benefit offset area management
− Cultural heritage identification and protection
− Flora and Fauna surveys
− Mine closure long term planning
PROMINENT HILL: COMMUNITY – MUTUAL BENEFITS
Our stakeholders Our principles

− Indigenous groups, pastoralists, township − Integrate with Government plans
communities, local councils, State
− Facilitate development
Government, Department of Defence,
NGO’s in the area. − Build capacity
− Transparency
Our vision
− Build relationships
− To develop mutually beneficial
− Measure our impact
partnerships with the local community
that serve to ensure the community’s
robust and sustainable future. Our target areas
− Education
− Health
− Social development
− Skills development
− Sport
PROMINENT HILL:
EMPLOYMENT – A DIVERSE WORKFORCE
OZ MINERALS EMPLOYEES: 210
CONTRACTORS: 515
TOTAL EMPLOYEES: 725 10% Female employees
85% South Australian employees 10% Indigenous employees
20% Turnover Leadership development
Cross Cultural training Linked training systems
PROMINENT HILL: SKILLS DEVELOPMENT
• 5 Pre Employment Programs (PEP) completed
− Encouraging local recruitment and
indigenous recruitment
− 5th program tailored for Antakarinja
− 6th program commenced in APY lands
− 42 graduates
− Guaranteed employment
• Local preferential employment policy
• Dedicated skills training team in process plant
• Skills mapping and training programs
developed for processing, mining and geology
SESSION 2:
MINE GEOLOGY – JIM HODGKISON, MARCEL VAN ECK
• Geology of the deposit

• Grade reconciliation
• Mineral resource
• Resource development drilling
• Western Copper deposit geology/mineralisation
• Near mine exploration
PROMINENT HILL: INTERPRETED GEOLOGY AT THE
UNCONFORMITY
Prominent Hill open pit
Western
Copper Area
(slide 78)
?
0 500
metres
PIT GEOLOGY: STAGE 1
100m
LONGSECTION: ORE SPECIES
10064 RL April 2010 Overburden
Basement
Stage 2 9908RL 2012
Stage 3 9872RL 2014
Stage 4 9740RL 2017
Chalcocite Chalcocite
Chalcopyrite Gold
Bornite Bornite
Only
Section Looking North
GRADE DOMAINS: RESOURCE MODEL
Copper Ore
Gold Ore
Au in Dolomite
Prominent Hill Main Resource
Western Cu Western Au
Eastern Cu/Au
Stage 4 pit shell
GRADE DOMAINS: COPPER – GRADE CONTROL
Copper Ore
Gold Ore
Contact with footwall

Au in Stage 2 outside resource volcanics
Footwall Volcanics
Au in Stage 2 outside resource
March 2010 pit shell

RUN-OF-MINE (ROM): TRUCK BLENDING/DIRECT TIP
October 2009 March 2010
CP LG Gold Ore Type Tonnes (kt) Cu (%) Au (g/t)
LG
Chalcocite 0.7 2.1 0.8
CP LG
BN Bornite 1.6 1.0 0.4
CC
CC
Chalcopyrite 0.4 0.7 0.3
BN
Gold 4.3 0.2 1.4
Gold Total 7.0 0.6 1.0

Gold
BN
CP Legend
CP Chalcopyrite
Gold
LG BN BN Bornite
LG Gold
LG BN CC Chalcocite
LG
CC LG Low Grade
BN
CC BN LS Layered Stockpile (Chalcocite)
CC BN CC BN
BN
CC
CC BN
Gold
CC
PROMINENT HILL: ORE BLEND – LIFE OF MINE
100% LOM
Gold 20%
80%
Chalcopyrite 15%
Blend (% )
60% Bornite 40%

Chalcocite 25%
40%
20%
0%
2010 2011 2012 2013 2014 2015 2016 2017
Year
PROMINENT HILL: ORE RECONCILIATION – LIFE TO
DATE (MARCH 2010)
Cu Resource Au Resource
250,000 250,000
Mill+Stocks
209,032
Resource Mill+Stocks
186,638 190,909
200,000 200,000
Resource
158,351
150,000 150,000
Cu (Tonnes)
Au (Oz)
100,000 100,000
50,000 50,000
0 0
• 2% more copper metal than expected.

• 32% more gold metal than expected.
• Poor copper and gold reconciliation in upper levels of stage 1 due to lower resource drilling density.
• Positive reconciliation in Stage 1 with depth.
• Additional gold in Stage 2 in the footwall and hangingwall.
MINERAL RESOURCE: 30 JUNE 2009
Prominent Hill Mineral Resources
Copper Gold Silver Contained Metal
Tonnes Grade Grade Grade Copper Gold Silver
(Mt) (% Cu) (g/t Au) (g/t Ag) ('000t) (Moz) (Moz)
Prominent Hill Copper-gold
Measured 36.6 1.65 0.5 3.6 604 0.6 4.2
Indicated 70.2 1.30 0.5 3.2 910 1.2 7.1
Inferred 83.0 1.18 0.4 2.9 982 1.1 7.6
Total 189.7 1.32 0.5 3.1 2,496 2.9 19.0
Prominent Hill Gold
Measured 8.4 0.10 1.1 1.8 8 0.3 0.5
Indicated 19.0 0.06 1.3 1.1 11 0.8 0.7
Inferred 51.4 0.06 1.4 0.7 31 2.4 1.2
Total 78.8 0.06 1.4 0.9 51 3.4 2.4
Total Resources 2,547 6.3 21.4
Significant figures do not imply precision. Figures are rounded according to JORC guidelines.
Competent person:
Jim Hodgkison: (Member of AusIMM, employee of OZ Minerals)
Cut-off Criteria:
Copper Gold
Open Pit/Near Surface (<480m depth) > 0.3% Cu Open Pit/Near Surface (<480m depth) > 0.5ppm Au and < 0.3% Cu
Underground > 0.8% Cu Underground >1ppm Au and < 0.8% Cu
MINERAL RESOURCE: 30 JUNE 2009
Copper Gold Contained Metal Change in Contained Metal
Tonnes Grade Grade Copper Gold Copper Equiv * Copper Gold Copper Equiv
Year (Mt) (% Cu) (g/t Au) (Mt) (Moz) (Mt) (Mt) (Moz) (Mt)
2005 97 1.5 0.50 1.46 1.56 1.72
2006 125 1.2 0.64 1.50 2.58 1.93 0.04 1.02 0.21
2007 146 1.3 0.79 1.90 3.72 2.52 0.40 1.14 0.59
2008 283 0.9 0.81 2.55 7.39 3.78 0.65 3.67 1.26
2009 269 1.0 0.76 2.55 6.30 3.59 0.00 -1.09 -0.18
Total Change 1.09 4.74 1.88
Comparison to 2008 4.0
• Copper resource remains unchanged 3.5

Contained Cu Metal
• Mining depletion Contained Cu Metal Equiv.*
3.0
• Decrease in gold resource
Million Tonnes 2.5
• Increase in gold cut-off
• Resource drilling hiatus for 9 months 2.0
1.5
1.0
0.5
0.0
* Copper equivalent tonnes based on $US 1,100/oz Au and $US 3.00/lb Cu. 2005 2006 2007 2008 2009
MINING LEASE AREA
2km
Eastern Copper/Gold
Western Gold
Western Area Eastern Area
Western Copper
WA EA
WG
WCZ
ECG
GOLD AND COPPER POTENTIAL: STAGE 2 – 10076 RL
Plan View
D501W1
D512W2: visible chalcocite
Au in Dolomite Au in Stage 2 outside resource
Footwall Gold (Sediments/

Hem Breccia)
Contact with foot wall volcanics
D501W1:
Au in Stage 2 outside resource
27m @ 0.08% Cu and
1.79g/t Au from 802m dh.
53m @1.74% Cu and
1.03g/t Au from 870m dh.
RESOURCE DEVELOPMENT DRILLING – WESTERN
COPPER DEPOSIT
• Views of diamond drilling on Western Copper Deposit showing drill density
• Copper shells - >1% Cu
• Drilling density (25 x 25m and 50 x 50m) to increase Resource confidence
North View
Plan View
RESOURCE DEVELOPMENT DRILLING 2009-2010
SUMMARY
Initial Diamond
Drill-out completed
Western Area 39,500m Eastern Area Extension
Extension Drilling Diamond Drilling
340m
? ?
?
? ?
Extension
Diamond
Drilling
7,200m
Completed
D501W1: 27m @ 0.08% Cu and 1.79g/t Au from
In progress Q2 2010 802m dh
Proposed for 2010 53m @ 1.74% Cu and 1.03g/t Au from 870m dh
Proposed for 2010

D512W2: visible chalcocite
OZ Minerals limited: Within this presentation references to exploration results have been provided by Mr Marcel Van Eck who is a full-time employee of OZ Minerals, Mr. Van Eck is a Member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activities undertaken to qualify as a competent person as defined by the JORC code (2004). Mr Van Eck has consented to the inclusion of the material in the form and context in which it appears.
WESTERN COPPER DEPOSIT – MINERALISATION AND
SIMPLIFIED GEOLOGY
W E
Sandstone, siltstone, volcanics
• View looking North
Fault
F • Showing copper shapes
(>1% Cu) used in May
F 2010 resource estimate
• Most copper occurs
within breccias (see
Breccias next slide)
Felsic Intrusive
rock
Copper shapes
Cu occurs in breccias
Felsic Intrusive rock
F
Section 4200E
Cu in graphitic matrix
No breccia
Conglomerate
BRECCIAS AT PROMINENT HILL AND WESTERN
COPPER
Breccias in diamond drill core

Rock fragments 50mm across
Haematite fill between

fragments hosts copper
WESTERN COPPER DEPOSIT – MINERALISATION
Section 4,200E
S N • An example of the copper
shapes (Cu > 1% Cu) used in
the May 2010 resource
estimate
• Copper intervals and assays
49m @ 3.6% Cu • shown (colour-coded for Cu
grade)
• Lack of internal dilution
62.8m @ 2.5% Cu Section 4200E
Outline of copper domain
Plan View S
NEAR MINE DRILLING PROGRAMS – 2010+
EL4025
Peculiar Knob North
Kennedy Dam
Calisto
White Hill North
20km
Zeus
Bluebird Taurus
White Hill
Halifax Hill
Umbriel
Prominent Scylla
EL4283 Neptune
Hill Triton
EL3795
Nicholl Well
Danae Hill Mt Hawker
Pluto
Near Mine Drilling 2010+
WA
WG EA
WCZ
ECG
EL4390
Under-pit Under-pit
Conservatively, 40,000m of drilling
RESOURCE DRILLING SUMMARY
Western Copper Deposit:
• Diamond drilling to Indicated Resource status, 50 x 50m and 25 by 25m.
• Drilling program complete (up to 4 rigs)
• Coherent copper accumulation associated mainly with breccias
• Good Cu grades, locally high (>3g/t) Au
• Only minor internal dilution evident in higher grade portions
• Visually competent ground
• N-S structures apparent, addressed by changed drill orientations
• Some upside is a reality
• Resource estimate completed – final checks in progress
Under-pit Drilling:
• Major (underground) prospectivity under pit – 2 rigs mainly
• Cu intersections already made – assays awaited – support for underground mining of Main UG
• Drilling to continue in 2010+
SESSION 3: MINING – TREVOR MCILWAINE
• Fleet & Manning

• Mine Plan – LOM
• ROM Stockpile
• Geotechnical
PROMINENT HILL: MINING FLEET MAY 2010 –
UPDATE MANNING
Thiess contractor – scheduled rates
• 30% fixed cost (fleet and admin)
• 70% variable cost, based on BCM’s
− 3 x Liebherr 996s
− 23 x CAT 793s (240t)
− 1 x CAT 994
− 3 x CAT 785s (140t)
− 2 x Cubex
− 2 x Drilltek SKSS
− 6 x dozers
− 2 x graders
− 2 x CAT777 watercarts
Manning May 2010

Thiess 245
Ausdrill 42
Orica 5
PROMINENT HILL: FOUR MINING STAGES
Stage 3
Stage 4
Stage 2
Hanging Wall fault
Stage 1
zone CCBN Cu
Mineralisation
Prominent Hill
Shear Zone CCBN
Cu Mineralisation
Other Cu
Mineralisation
Gold Only
PROMINENT HILL:
LOM – 66% OF OVERBURDEN REMOVED
Average
2006 2007 2008 2009 2010 2011 2012 Total
2013 to 2016
Ore (Mt) 5 9 7 7 7 9 76
Overburden (Mt) 10 67 52 18 32 39 12 0 230
Fresh Waste (Mt) 13 20 28 36 60 33 286
Total (Mt) 10 67 70 47 67 82 79 42 597
NB Assumes 4th mining fleet from Q3 2010 for 24 months
10064 RL April 2010 Overburden
Basement
Stage 2 9908RL 2012
Stage 3 9872RL 2014
Stage 4 9740RL 2017

Chalcocite Chalcocite
Chalcopyrite Gold
Bornite Bornite
Only
Section Looking North
PROMINENT HILL:
ORE SUPPLY - 3 MONTHS COPPER ORE ON ROM PAD
Dispatch System
• Low Precision GPS / no dispatcher – haul truck, excavators,
service fleets
• Increasing direct crusher feed from the pit
• High Precision GPS – H1 2010 on excavators and dozers fleets
• Dispatchers – H2 2010
• Blending
• Excavator/Haul Truck Matching
PROMINENT HILL: GEOTECHNICAL
Issue Measure Strategy Actions

Overburden Fresh Bulldog Staged Development • 3A/3B Cutbacks
Shale Stability Prism Monitoring System (PMS) • 45º vs. 50º batters
Structural Mapping
Basement Hanging Wall Blast Management • Presplit
Stability Wall Scaling • Free Face Trim Blast
PMS • 3D deformational monitoring
• Model audits
SESSION 4:
PROCESSING & MAINTENANCE – BRETT TRIFFETT, BRIAN
KILGARIFF
• Overview of Processing Operations
• Performance to Date
• Benchmark Comparisons
• Priority Projects
• Maintenance
OVERVIEW OF OPERATIONS: PROCESS FLOW SHEET
CRUSHING AND STOCKPILE GRINDING
Gyratory Crusher
From Mine
Screen
Crushed Ore
SAG Mill
FLOTATION
Rougher Flotation
Primary
Cyclones
Regrind
Cyclones
Ball Mill
Regrind Mill Jameson

Cleaner Cell
Flotation 1
Cleaner
Flotation 2
Tailings
Thickening
Cleaner
Flotation 3
CONCENTRATE DEWATERING AND STORAGE

Pressure Filter
Concentrate
Tailings Storage Facility Loadout
Concentrate
Thickener
TAILINGS Concentrate Storage
OVERVIEW OF OPERATIONS: GRINDING
Duty
• Design rate = 8Mtpa
• Current rate = 8.8Mtpa
• Size reduction to 80% passing 106µm
Key Statistics
• SAG Mill – 10.4m x 4.7m. 12MW Installed
• Ball Mill – 7.3m x 10.4m. 12MW Installed
Key Operating Costs

• Power
• Media and Liners
Recent Improvements
• Dec ’09. Commissioning of an expert control
system to balance load between both mills.
System has allowed throughput increase
without recovery loss, grind size is minimised
and SAG mill liner wear has decreased.
• Mar ’10. Sustained periods at 1150tph. Water
recycle bottleneck identified.
OVERVIEW OF OPERATIONS: FLOTATION
Duty
• Design Cu Rec = 88% Chalcocite & 80% Bornite
• Current Cu Rec = 89% YTD on a 45:55 Blend*
• Design Cu Con = 54% Chalcocite & 34% Bornite
• Current Cu Con = 51% YTD on a 45:55 Blend
*Excludes Gold Ore
Key Statistics
• 6 x 150m3 Rougher Cells
• 14 x 50 & 20m3 Cleaner Cells
• Ethyl Xanthate collector
• PPG-Alcohol Blend frother
Key Operating Costs

• Reagents
Recent Improvements
• Nov ’09. Collector and frother changes have
improved froth stability across all ore types.
Recovery has increased and concentrate
quality has improved.
• Dec ’09. Introduction of 10-15% Gold Ore into blend.
OVERVIEW OF OPERATIONS: ISAMILL AND JAMESON CELL
Duty
• Regrind rougher con to 80% passing 20µm
• Jameson produces 30% of final concentrate
• Penalty element rejection to below required levels.
Key Statistics
• M10,000 Isamill (3MW installed power)
• Inert ceramic grinding media reduces iron
contamination, thereby increasing recovery.
• Jameson froth washing reduces entrained penalty
elements.
Key Operating Costs

• Power
• Ceramic Media
Recent Improvements
• Nov ’09. Reagent changes have allowed deeper
froth and higher wash water rate on Jameson
resulting in lower penalty element content
PERFORMANCE TO DATE: KEY EVENTS
Jun ‘09 Tonnage ramp up complete. Mill can consistently achieve 1100tph.
May – Aug ‘09 Recovery levels off in low 80’s. Difficulty in treating Bornite ore type.
Aug – Sep ‘09 Availability impacted by ball mill starter failure.
Sep – Dec ‘09 Engineered Chalcocite stockpile strategy introduced to reduce feed variability.
Recovery increases to high 80’s.
Nov – Dec ‘09 Weaker collector and stronger frother introduced to improve froth stability. This
allows Bornite to be re-introduced to feed.
Dec ‘09 Gold ore introduced to feed blend. Initially as 10%, now as 15% of feed.
Dec ‘09 Mill expert system commissioned improving grinding circuit stability and reducing
grind size
Milling Rate (tph) Cu (%), Au (g/t)
0.0
0.5
1.0
1.5
2.0
2.5
0
200
400
600
800
1000
1200
1400
Feb-09
Feb-09
Mar-09
Mar-09
Apr-09
Apr-09
May-09
May-09
Jun-09
Jun-09
Jul-09
Jul-09
Copper
Aug-09 Aug-09
Gold
Milling Rate
Sep-09 Sep-09
Mill Head Grade
Oct-09 Oct-09
Nov-09 Nov-09
Dec-09 Dec-09
Jan-10 Jan-10
Feb-10 Feb-10
Mar-10 Mar-10
PERFORMANCE TO DATE: MILL
Tonnes ('000) Runtime (%)

0
10
20
30
40
50
60
70
80
90
100
0
100
200
300
400
500
600
700
800
900
Feb-09 Feb-09
Mar-09 Mar-09
Apr-09 Apr-09
May-09 May-09
Jun-09 Jun-09
Jul-09 Jul-09
Aug-09 Aug-09
Sep-09 Sep-09
Tonnes Milled
Mill Availability
Oct-09 Oct-09
Nov-09 Nov-09
Dec-09 Dec-09
Jan-10 Jan-10
Feb-10 Feb-10
Mar-10 Mar-10
Copper in Concentrate (kt) Recovery
0
2
4
6
8
10
12
14
16
0
10
20
30
40
50
60
70
80
90
100
Feb-09
Feb-09
Mar-09
Mar-09
Apr-09
Apr-09
May-09
May-09
Jun-09
Jun-09
Jul-09 Jul-09
Copper
Aug-09 Aug-09
Recovery
Sep-09
Gold
Sep-09
Copper in Concentrate
Oct-09 Oct-09
Nov-09 Nov-09
Dec-09 Dec-09
Jan-10 Jan-10
Feb-10 Feb-10
Mar-10 Mar-10
Gold in Concentrate (koz) %Cu in Concentrate

0
10
20
30
40
50
60
70
0
2
4
6
8
10
12
14
16
18
20
Feb-09 Feb-09
PERFORMANCE TO DATE: FLOTATION
Mar-09 Mar-09
Apr-09 Apr-09
May-09 May-09
Jun-09 Jun-09
Jul-09 Jul-09
Aug-09 Aug-09
Sep-09 Sep-09
Concentrate Grade
Gold in Concentrate
Oct-09 Oct-09
Nov-09 Nov-09
Dec-09 Dec-09
Jan-10 Jan-10
Feb-10 Feb-10
Mar-10 Mar-10
KPI’S: Q1 2010 VS FORECAST
Measure Unit Actual Q1 Status Fwd Trend
Ore Milled Tonnes (Dry) 2,208,192 ON TRACK STEADY

Milled Cu Grade % 1.62 ABOVE DOWN
Milled Au Grade g/t 0.79 ABOVE DOWN
Cu Recovery % 89 ABOVE STEADY
Au Recovery % 75 ABOVE STEADY
Cu Conc Produced Tonnes (Dry) 61,964 ABOVE STEADY
Cu Conc Grade % 51 ABOVE DOWN
Au Conc Grade g/t 21 ABOVE STEADY
Cu Contained in Tonnes 31,910 ABOVE DOWN
Conc
Au Contained in oz 41,570 ABOVE DOWN
Conc
KPI’S: Q1 2010 VS FORECAST
Measure Unit Actual Qtr Status Fwd Trend
SAG Mill Media Kg/t 0.42 BELOW STEADY
Ball Mill Media Kg/t 0.52 ABOVE STEADY
ISA Mill Media g/t 39.8 ABOVE UP
Frother g/t 36 STEADY STEADY
Collector g/t 27 BELOW DOWN
Flocculant g/t 52 BELOW DOWN
Total cost $ (k) 16,624 BELOW STEADY
Unit cost $/t milled 7.53 BELOW STEADY
NB Costs exclude maintenance
PRIORITY PROJECTS: RECOVERY
• Routine mineralogy and diagnostics
suggest that an additional 2% copper
recovery and 4% gold recovery may be
available from the rougher tails.
• Several metallurgical improvement

projects have been initiated:
1. Rougher flotation expert control
2. Improve rougher cell agitation
3. Investigating the addition of a

specialty collector targeting Au
recovery.
4. Change the SAG Mill ball size

distribution
5. Install froth washing capability on

cleaner cells.
PRIORITY PROJECTS: THROUGHPUT
• Plant throughput limited by the ability to recycle process water from the tailings thickener back to
the grinding circuit. A 1% increase in thickener density will allow a further 50tph to be processed.
• Projects have been initiated to take advantage of this opportunity:
1. Install a thickener expert control system
2. Improve the distribution and mixing of reagent and slurry in the thickener feed.
3. Installing additional water supply capacity at borefield
MILL RE-LINE SHUTDOWNS
SAG mill every 13 weeks, Ball Mill every 12 months
Management
• Full Time Shutdown Planner
• Logistics coordinator
• OZ Minerals personnel supervise contractors by plant area
• Quality performance review conducted after each shutdown to drive more improvement of
the next
Critical Path Reduction

• Aim to reduce the SAG Mill reline critical path activity by
− Installation of monorails around mill for Liner Removal Tools
− Purchase/Hire of more Liner Removal Tools
• Complete maintenance work in shorter time by utilising night shift more effectively
PLANT MAINTENANCE STRATEGY 2010
Improve plant availability to achieve 93%
– Goal is to run between SAG reline shutdowns without a
planned stoppage.
– The two major focus areas:
• Mill motor brush wear
• Isamill shell liner wear
Maintenance Business Improvement Projects

– Criticality Equipment Analysis
– Critical Spares Gap Analysis
– Performance Measures Improvement
– Planning and Scheduling
– Reliability Processes
MAJOR RELIABILITY IMPROVEMENTS
SAG Discharge Screen Spring Failure
– New rubber encapsulated springs installed with no failures
to date
Trash Screen Panel Wear
– New Urethane coated panels now in use with life in excess
of 12 weeks
SAG Discharge Screen Discharge Chute Wear
– Steps were installed inside the chute face to slow velocity of
recycle product and reduce chute wear.
Ball Mill Chopper Drive Faults
– No over voltage trips on start up have been observed since
making the modifications supplied by the OEM last
December
CURRENT RELIABILITY FOCUS
IsaMill
Extend Wet End Component Life – Target of 13 weeks (align
with SAG Reline Shutdowns)
• Shell Liner.
− Life of 26 weeks but requires a turn every 8 weeks
• Discs 1,2,3,4.
− 13 weeks
• Disc 5
− 24 weeks
Disc Life (days)

100
80
60
40
20
0
01/07/09 01/08/09 01/09/09 01/10/09 01/11/09 01/12/09 01/01/10 01/02/10 01/03/10
Disc Life (days)
CURRENT RELIABILITY FOCUS
Mill motor carbon brush wear
• Two different carbon brush grades have been
successfully trialled doubling the life of motor
brushes. More trials planned.
Primary hydrocyclone feed pump liner wear

• OEM is providing a steel throatbush to improve
the life of the throatbush
Ball mill feed chute wear

• A spare chute is to be built and rubber panel
lining will be trialled
SESSION 5:
COSTS – JASON DE ROSS
• Overview Production Costs

• C1 Price Volume Efficiency
• Cost Compositions by Area
– Mining
– Processing
– Site G&A
OVERVIEW – VERY COMPETITIVE COST STRUCTURE
A$ million C2C A$/t milled C1 USc/lb
Prominent Hill Actual Actual Actual
Production Costs 2009Q4 2010Q1 2009Q4 2010Q1 2009Q4 2010Q1
Mining A$/t Mined 3.2 3.3
Mining 44.3 46.2 19.4 20.9 51.8 61.1
Deferred Mining 12.9 -13.5 5.6 -6.1 15.0 -17.9
Ore Inventory Adjustment -15.5 12.7 -6.8 5.7 -18.0 16.7
Total Mining 41.7 45.3 18.3 20.5 48.8 59.9
Processing 21.4 20.6 9.4 9.3 25.0 27.3
Site G&A 9.8 11.7 4.3 5.3 11.4 15.5
Cost to Concentrate 73.0 77.6 31.9 35.1 85.2 102.7
Notional TC and Transport 25.8 24.1
Notional Net By-Product Credits -47.5 -69.4
Total C1 Costs (Brook Hunt Methodology) 63.5 57.4
Total Mined (mT) 13.9 14.0
Ore Milled (mT) 2.3 2.2
AUD:USD (Average) 0.91 0.90
Cu Payable Metal (Mlbs) 77.8 68.4
• Increase in cost to concentrate due to higher mining costs offset by higher by-product credits due to higher gold
grades (more gold only ore in the blend) and recoveries.
• Full year guidance C1 range US80-90c/lb is higher than first quarter C1 at US57.4c/lb due to declining scheduled
milled grades
PRICE VOLUME EFFICIENCY FOR COPPER
(US c/lb) Unit Cost C1 - Q1 2010 v Q4 2009

70.00
60.00
50.00
40.00
Higher gold head grade Lower copper head
and recoveries grade
30.00 `
Lower mining costs per

20.00 Higher mining costs (more
BCM associated with
BCM) and Ore Inv Adj. partially
higher overburden
offset by higher deferred waste
10.00
removal
(capitalised)
-
63.5 (0.4) (14.8) (12.5) 13.5 (0.7) 8.8 57.4
Q4 2009 Commodity Price Volume Costs Volume FX Volume Q1 2010

(By Product) (Cost Driver) (Payable Metal)
COST COMPOSITION – MINING
Cost Structure (approx) –

• Contracted = 95%
• Variable = 70%
• Maintenance = External
Other Comments –
• Unit costs up to 25%
higher for fresh rock than
overburden due to
increased blasting
requirements and longer
haulage distances.
COST COMPOSITION – PROCESSING & MAINTENANCE

• Variable = 60%
• Maintenance = 30%
Other Comments –
• Capacity and recoveries are
still being improved (above
nameplate capacity)
COST COMPOSITION – SITE G&A

• Variable = 25%
• Maintenance = 25%
Other Comments –
• General services includes
maintenance on roads,
borefields and facilities
and site support village
and travel costs
SESSION 6:
MARKETING
OZ MINERALS: PRODUCT SALES & MARKET
OVERVIEW
1. Prominent Hill sales

− Sales planning
− Logistics
− Product characteristics
2. Custom smelting industry
SALE OF COPPER CONCENTRATES
To Port of Darwin
• Sales Plans are set for 2-5 yr periods
• Sales terms negotiated annually
− frame, annual & spot
• Timing of sales adjusted to match production
• Logistics
− All transport in ‘kibbles’ approx 12t each
− 5-6 trains/wk to Darwin (600-1,000t each)
− 48 hrs to Darwin
− 1 truck/day (75t) to Olympic Dam
− 2-3 ships/mth plus domestic sales
− Trial shipping via Adelaide; improve
flexibility, reduce reliance on single
logistics chain
− 2 weeks to major Asian ports
Port Adelaide
CONCENTRATES SALES PLANNING
• Initial strategy: establish export mkts first Prominent Hill sales commitment [% of forecast production]
− Asia focus (China/India)
2009
• Domestic smelters (1 or 2)
ommitted balance total committed balance total
• 5-6 frame contracts (2-5yrs each) 2010

136
200
29
20
165
220
2009
2010
82%
91%
18%
9%
180 40 220 2011 82% 18%
− 80-90% committed, spot to balance 2011
100
60
100
120
200
180
2012
2013
50%
33%
50%
67%
− Frame contracts; annual negotiation, but

for Graph
committed balance
2012
tonnes committed. 2013
2012
33%
50%
67%
50%
• LT 20% of each customer’s total feed

2011 82% 18%
2013 2010 91% 9%
2009 82% 18%
2010 Sales Plan 0% 20% 40% 60% 80% 100%

China
Traders 19% committed balance
China
27%
India
Europe
Domestic
India
Domestic Traders
28%
14%
Europe
12%
PROMINENT HILL CONCENTRATES:
COMPETITIVE ADVANTAGES
Highest grade Cu Exported copper concentrate grades – Chile
Monthly average, copper concentrate grade, % Cu
– Cu levels globally declining
– Lower freight/handling costs per unit/metal
– Less slag per unit of metal
Low impurities (As, Bi, Hg, Zn/Pb)

– helps smelters’ blending
– Arsenic levels rising globally
Source: CRU
– Contained U&F manageable
• F handled by penalty $4-6/dmt
Traded concentrates, Cu content [% Cu]
• U is within contract range
Australia
Short transit time Asia
– Two weeks to major custom smelters in Asia Australia
– Planning certainty for customers South America

Asia
Australia
Asia
Benefits to OZ Minerals South America
– Higher payable Cu Asia

Australia
South America
– Lower transport cost/unit metal Australia
– Quicker cash-flow South America

Prominent Hill
– Wide customer base 0 10 20 30 40 50 60
Source: OZ Minerals
CONCENTRATES – A TYPICAL SALES TRANSACTION
Typical:
• Delivered (CIF, CIP, FIS)
• 90% of global trade is LME basis
− Concentrates: LME minus TC/RC (Treatment Charge & Refining Charge)
» Benchmark 2010 $46.50/4.65c/lb
• ‘QP’ Quotational Period, ie month average of LME daily quotes

• 3 invoices per transaction:
− Provisional; estimate * 90%, paid promptly
− 2nd Provisional after 30-40 days (incl change to LME price and/or updated assay)
− Final when all facts known (60-80 days after sale)
• Weight & assay at discharge or load-port

• Representative samples independently analysed prior to assay exchange.
• Current: Cu $7,000/t, Au $1,000/Oz, TC/RC 46.5/4.65: net value US$4,200/DMT
CUSTOM SMELTING INDUSTRY – OUR MARKET
Year-on-year Copper Demand Growth by Region
20,000
2,000 2,000
15,000 1,500 1,500
1,000 1,000
55%
10,000
500 500
43%
'000 tonnes
0 0
2009e 2010f 2011f 2012f 2013f 2014f 2015f
5,000
-500 -500
19%
-1,000 -1,000
-
Mine production Refining Refined consumption
-1,500 -1,500
Asia Total world

-2,000 -2,000
USA Europe Japan China Other Asia Other World
Asia: largest net importer of cathode and concentrate (2009/10)
SESSION 7:
BUSINESS PLAN
• Underground Development
• LOM business plan
Underground Development Strategy
• Western Copper feasibility study to be completed in June 2010
• Decline development for underground exploration
• Long term concepts
− Post open pit underground mine
− Bulk mining method
• Continue to increase resources - Prominent Hill orebody open at depth and along strike
UNDERGROUND DEVELOPMENT CONCEPT
Western Copper Mine Design – Feasibility Study Underway
LIFE OF MINE BUSINESS PLAN
• Maintain throughput at 8.8mpta – increase if possible, whilst optimising

recovery
• Increase ore mining capacity by
– Introducing 4th mining fleet
– Develop underground resources
• Maintain copper production at 100-110kt Cu and 110-120koz gold
• Continue decline and underground exploration drilling
• Develop long term underground bulk mining concepts
• Continue intensive regional exploration programs
SESSION 8:
EXPLORATION – MARCEL VAN ECK
2010+ EXPLORATION PROGRAM - AIM
AIM: To extend and increase production from Prominent Hill
To discover new open pit resources
2010 - 2011: Two main phases of the drilling programs:
1. Testing of regional geophysical targets with limited/no previous drilling.
2. Strategic drilling along key geological corridors and terrain-bounding faults.
Target is 100Mt @1% Cu. Success through exploration at PH will be our No.1 Value adder.
TENEMENT LOCATIONS
480,000 mE
500,000 mE
520,000 mE
540,000 mE
560,000 mE
580,000 mE
600,000 mE
6,820,000 m N
20km
OZ 4100 sq km
IMX JV 3200 sq km 6,800,000 m N
EL4132
EL4429
6,780,000 m N
magnetics
EL4025
6,760,000 m N
EL4429
20km
6,740,000 m N
EL4429
6,720,000 m N
EL4283 M L6228
6,700,000 m N
EL4390
%
0 100 200 EL3795
K ilo metres
6,680,000 m N
magnetics
EXPLORATION OVERVIEW 2009-2010
480,000 mE
500,000 mE
520,000 mE
540,000 mE
560,000 mE
580,000 mE
600,000 mE
2009 PROGRAM 6,820,000 m N
• 20 prospects 20km
• 14 tested (5 months)
6,800,000 m N
• 13,120m drilled
EL4132
EL4429
6,780,000 m N
2010 PROGRAM

• 10 tested (6 new; 4 EL4025
months)

6,760,000 m N

EL4429
• 8,000m drilled
6,740,000 m N
EL4429
6,720,000 m N
Gravity Surveys ####

####
######
#
EL4283 M L6228

IP surveys

6,700,000 m N
EL4390
Diamond Drilling
EL3795
Previous Drilling 6,680,000 m N
magnetics
2009-2010 EXPLORATION PROGRESS - STUDIES
• Geophysics
• Structure
Geophysics EM
• Stratigraphy
• Dating
• Fluids MSc
• Alteration
• BSc Honours x2
Geophysics IP
• Geochemistry
BSc
Geophysics IP
Stratigraphy
BSc
Dating
Structure Magnetics
Fluids MSc Basement Map
EVOLVING BASEMENT-SURFACE GEOLOGY MAP
A work in progress - Accuracy decreases eastward from Western Copper area and to south
4000E 5000E 6000E
Magnetite
Pit Crest
HW Fault
Western Copper
79
2009 GEOPHYSICAL STUDIES - INDUCED

POLARISATION (IP)
Induced Polarisation – Inverted chargeability cross-section
6711000mE 6711400mE 6711800mE • IP test work to
8.0 determine ability of
6.3 system to detect
50mRL mineralisation (and
4.5 test differences
between magnetite
2.8
and haematite
-200RL 1.0 responses.
Haematite-only at
6711000mN 6711400mN 6711800mN
Caliban, just east of
DD07CAL006 DD08CAL007 DD08CAL008 mine).
• Both zones appear
as defined
chargeable highs in
0mRL IP survey above.
Lower grade copper

intersections.
-400mRL (up to 0.5%)
GRAVITY, MAGNETICS AND IP
• Infill gravity (contours – 2nd
horizontal derivative)
Drilling February to July, 2002
• Ground Magnetics (image)
• Downhole IP and Dipole -
dipole IP. Strong IP
anomaly coincides with
peak of gravity anomaly –
not magnetic anomaly.
• 14 diamond drill holes.
First follow up hole
targeted peak of IP/gravity
- barren.
• DP 003: 30m @ 2.72%Cu,
0.45g/tAu.
DP 005: 209m @ 1.54%Cu,
0.93g/tAu.
DP010: 57m @ 7.70g/tAu.
• High-grade Cu
mineralization confined to
area adjacent to &
immediately south of the
magnetic anomaly.
Highlights separate magnetic and gravity signatures and different drilling results; early drilling misses due to
exploration philosophy concentrating on magnetics.
EXPLORATION SELECTED RESULTS TO DATE
EL4025
Peculiar Knob North
Kennedy Dam
Taurus. 4m @ 1ppm Pt, 2.4 ppm Pd.
Calisto
White Hill North
106m @ 0.13% Cu
15m @ 0.77% Cu, 1.2ppm Pt, 0.7ppm Pd
20km
Zeus. 3m @ 1.45% Cu
2m @ 0.7% Ni. Zeus
Bluebird Taurus
Manxman. 287m @ 0.23% Cu.
Joes Dam Proteus. 10m @ 0.57% Cu,

White Hill Caliban. 14m @
Manxman
0.57% Cu, 0.24g/t Au. 0.23g/t Au - bornite
Halifax Hill
Umbriel
Umbriel. 6m @ 0.13% Cu Prominent Larissa Triton. 183m @ 0.27% Cu – incl 9m @ 1.3% Cu
EL4283 Neptune
Hill Triton
15m @ 0.21% Cu
EL3795 15m @-77% Cu
Nicholl Well
Cressida. 2m @ 0.5% Cu Danae Hill
PH South Mt Hawker
Nicholl Well. 33m @ 0.2% Cu
PH South. 6m @ 0.16% Cu 26.7m @ 0.4% Cu – Incl 5.7m @ 1% Cu Pluto
Mt Hawker. 2m @ 0.35% Cu
EL4390
EXPLORATION PROGRAMS – 2010+ SOUTHERN AREA
EL4025
Peculiar Knob North
Kennedy Dam
Calisto
White Hill North
20km
Prospect IP testing
Zeus
Bluebird Taurus Systematic drill testing – Cu Ni PGE
White Hill
Basement geology map
Halifax Hill
Umbriel
Prominent Scylla Regional drill testing

EL4283 Systematic drill testing
Neptune
Hill Triton
Systematic drill testing
EL3795
Systematic IP testing – 2 crews Nicholl Well
Danae Hill Mt Hawker
Pluto
Prospect Ground Gravity – 2 crews
Drilling Near Mine
WA EA
Continue Research Programs to
WCZ
WG improve Exploration Program
ECG EL4390
Under-Pit
EXPLORATION PROGRAM – 2010+ NORTH – INCLUDES
IMX JV
480,000 mE
500,000 mE
520,000 mE
540,000 mE
560,000 mE
580,000 mE
600,000 mE
• IMX JV - Selection of targets 6,820,000 m N
and exploration methods

largely dependent on
Airborne survey. Data
6,800,000 m N
package available and will EL4132

20k
m
yield additional targets 6,780,000 m N

EL4429
EL4025
6,760,000 m N
EL4429
6,740,000 m N
EL4429
Airborne Gravity Surveys – 24,000

line km (30% completed – OZ
ground)
6,720,000 m N
Ground Gravity Surveys

E L4283 M L6228
6,700,000 m N
IP surveys EL4390
Diamond Drilling EL3795
6,680,000 m N
magnetics
EXPLORATION SUMMARY
2010 Budget
• $20million resource development
• $20million regional exploration
– $13 million OZ Minerals tenements
– $7 million IMX JV
• 6 diamond drill rigs (2 year contract since late July 2009 – 100,000m E+RD)
• 1 more diamond rig from end May 2010 (15,000m)
• 1 rig for IMX (possibly 2) later in 2010
• 24,000km airborne geophysical survey now underway
• 2 ground gravity crews on site
• 2 IP crews (1 on site, 1 imminent)
• Technical experts
• Research
• Prospective Iron Oxide Copper Gold (IOCG) address
• Abundant Fe and Cu (REE, F, U) at many prospects
• A systematic approach to exploration targeting and assessment

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OZ MINERALS

OZ Minerals TRIFR OZ Mineral LTIFR

* Injuries per million man hours

• Plant and systems designed for environmental compliance

Our stakeholders Our principles

85% South Australian employees 10% Indigenous employees

20% Turnover Leadership development

Cross Cultural training Linked training systems

• Geology of the deposit

Prominent Hill open pit

10064 RL April 2010 Overburden

Stage 4 9740RL 2017

Prominent Hill Main Resource

Stage 4 pit shell

Contact with footwall

Au in Stage 2 outside resource

March 2010 pit shell

Gold Total 7.0 0.6 1.0

60% Bornite 40%

• 2% more copper metal than expected.

Comparison to 2008 4.0

• Copper resource remains unchanged 3.5

Western Area Eastern Area

Footwall Gold (Sediments/

Contact with foot wall volcanics

Proposed for 2010

Felsic Intrusive rock

Breccias in diamond drill core

Haematite fill between

62.8m @ 2.5% Cu Section 4200E

Outline of copper domain

Near Mine Drilling 2010+

Conservatively, 40,000m of drilling

• Fleet & Manning

Manning May 2010

10064 RL April 2010 Overburden

Stage 4 9740RL 2017

Issue Measure Strategy Actions

Regrind Mill Jameson

CONCENTRATE DEWATERING AND STORAGE

Key Operating Costs

Key Operating Costs

Key Operating Costs

Aug – Sep ‘09 Availability impacted by ball mill starter failure.

Tonnes ('000) Runtime (%)

Gold in Concentrate (koz) %Cu in Concentrate

Measure Unit Actual Q1 Status Fwd Trend

Ore Milled Tonnes (Dry) 2,208,192 ON TRACK STEADY

Measure Unit Actual Qtr Status Fwd Trend

SAG Mill Media Kg/t 0.42 BELOW STEADY

Ball Mill Media Kg/t 0.52 ABOVE STEADY

ISA Mill Media g/t 39.8 ABOVE UP

Frother g/t 36 STEADY STEADY

Collector g/t 27 BELOW DOWN

Flocculant g/t 52 BELOW DOWN

Total cost $ (k) 16,624 BELOW STEADY

Unit cost $/t milled 7.53 BELOW STEADY