re: Ann: OZ Minerals June 2013 Quarterly Pres... Hi HT – nice to...

re: Ann: OZ Minerals June 2013 Quarterly Pres... Hi HT – nice to have a discussion around some of OZL’s positives.

I did some research a while back that indicated that based on other block cave mines around the world, the reserve at Big C is likely to be established with a lower cut-off grade (say .3% Cu). So more tonnes at a lower grade would be the optimal configuration. With this in mind, the recent hit a Khamsin indicates that the ore body is both big and at economic grades. It is also likely that they have not found the best bits of Khamsin yet, so things are looking positive. If Khamsin is proven up, it would give BiG C expansion options. It will be interesting to see how things unfold over the next 12 months with the PFS underway and positive news on the exploration front.

RE the Malu underground project. TB indicated that the decline capacity to both Ankata and Malu UG would be around 2.8 Mtpa. So the underground mines at PH could support +50ktpa from say 2015 onwards. This combined with production from the open pit should see net production in excess of 100Ktpa from 2015 to 2018. Given the strip ratio will be low from 2015 onwards, expect significant cash flow from PH between 2015 to 2018.