Copy of email sent today - one can only hope they listenRichard...

Copy of email sent today - one can only hope they listen

Richard / Natalie,

I have previously emailed you with my concerns over the OZ Minerals Boards continued recommendation to sell our assets to Minmetals at below fair value. I now urge you to pass onto the Board these simple figures to highlight what folly is about to unfold. The figures presented below are simple calculations of cashflow based on published data and todays metal prices for the assets we are about to sell.

Cashflow = production rate in tonnes per year x (metal price - cash costs) x 2,200 lb/tonne

Century (zinc)
500,000 tonnes x ($0.72 - $0.50) x 2,200 lb/tonne = $352 million

Sepon (copper)
80,000 tonnes x ($2.30 - $0.80) x 2,200 lb/tonne = $264 million

Rosebury (zinc)
80,000 tonnes x ($0.72 - $0.30) x 2,200 lb/tonne = $74 million

Golden Grove (zinc)
80,000 tonnes x ($0.72 - $0.25) x 2,200 lb/tonne = $83 million

Avebury (nickel) - no production currently

Total cashflow of US $773 million or AUS $966 million per year! We are selling all of this for US $1,200 million or AUS $1,500 million!

I cannot believe that the Board in good conscience can allow the vote to proceed on current terms - many shareholders will have already voted based on information that only days and weeks ago was significantly different to today.

I urge the Board to postpone the vote and re-engage with all 3 parties. It is not too late - we only need to look at PNA and RIO to see what can be done.

Regards