review ozl oz minerals limited mineral resourc

After reiewing Ozl's OZ Minerals Limited
Mineral Resources and Ore Reserves Explanatory Notes, it is clear that due to changing economic parameters, Ozl's JORC statement for gold has to be reduced by at least 6 million (SIX MILLION TONNES). This ignores the rising cost of production and the depletion of resource due to mining.

Details are explained below.

As at 30 June 2011 with the following highlights.
Note that Ozl's C1 mining costs have risen by 18.5% in the latest quarlterly.

Ozl's jorc statement assumes an exchange rate of 80 cents to the US dollar. Current exchange rate is about 103 cents the dollar. Based on this accounting fiction Ozl made the following adjustment to their JORC 'An increase in the gold price ($810/oz in 2010, $1200/oz in 2011) led to an increase in gold ore tonnes of 6Mt.' ,p16,http://www.ozminerals.com/Media/docs/2011-Prominent-Hill-MROR-Explanatory-Notes-9933da06-2623-4d8a-a05b-89e7642069c8-0.pdf.