Sydney - Tuesday - November 25: (RWE Aust Business News) -...

Sydney - Tuesday - November 25: (RWE Aust Business News) - OZ
Minerals (ASX:OZL) will defer several capital projects and make
substantial cuts to operating cost budgets as a result of the review of
capital and operating expenditure.
OZ will defer capex of around $495m and will reduce operating
expenditure budgets in 2009 by $185m, in addition to its merger synergy
benefits.
It will cut annual production of zinc from Century by 20,000t per
annum.
As part of the cuts Martabe gold-silver project in Indonesia will
be suspended and capex of $345m deferred.
Sepon's expansion will be suspended and capex of $77m deferred.

The surface facility renewal at Rosebery has been deferred
resultng in the deferral of capex of $125m.
Golden Grove's open pit copper development will be delayed.
The feasiblity study for Izok Lake and High Lake projects in
Canada will be deferred and Dugald River will not start next year.
Commissioning at Prominent Hill continues and first sales are
expected in Q109.
OZ Minerals is in negotiations to refinance its debt facilities.
The current facilities for which extensions are required comprise
one facility of $US420m and one of $US140m.
Separately, the company will reduce its board to 8 from 11.
Peter Cassidy, Owen Hegarty and Richard Knight will retire from
the board before the next annual general meeting.