ASX Release Carrapateena Pre-Feasibility Study successfully demonstrates viability

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1 18 AUGUST 2014 ASX Release Carrapateena Pre-Feasibility Study successfully demonstrates viability This announcement should be read in conjunction with the attached of the Carrapateena Pre-Feasibility Study Report and the Ore Reserve Statement released separately today. An accompanying presentation will also be released. OZ Minerals is pleased to release the attached of the Pre-Feasibility Study report for the Carrapateena Project (100 percent owned by OZ Minerals). The Pre-Feasibility Study demonstrates that the Carrapateena Project is both technically and financially viable, with a risk and opportunity profile that is competitive with or better than other global long life copper assets at a similar stage of development. OZ Minerals CEO and Managing Director Terry Burgess said, We are highly encouraged by the results of this Pre-Feasibility Study which show that the Carrapateena Project is viable when based on conservative assumptions, with potential for improved results from a number of options. We have reviewed in detail numerous copper-gold projects around the world over the past five years and there are very few like Carrapateena which offer the potential of multi-decade production at low operating costs, with the demonstrated potential for further discoveries nearby, located relatively close to all necessary infrastructure and in one of the best and safest mining jurisdictions in the world. We believe these features will be highly attractive to potential partners to join with OZ Minerals in advancing the development of the Carrapateena Project. Mr Burgess also commented, With the completion of the study we are pleased to have been able to estimate an initial Ore Reserve for Carrapateena. This Ore Reserve estimate is the subject of a separate announcement today. Project key points 1 : Net cash flow of $8.5 billion 2, including capital expenditure. A net present value at 8 percent discount rate of $1.15 billion and an internal rate of return of 13 percent, both on a post tax basis. Total revenue over life of mine of $22.1 billion. 1 All amounts are projected as detailed in the attached. 2 All figures in Australian dollars unless otherwise stated. 01

2 Project capital cost of $2.985 billion. A low risk jurisdiction relative to other parts of the world with a stable and well understood regulatory environment and encouraging state government. Orebody will cave with pre-conditioning, as confirmed by three independent geotechnical consulting firms. Demonstrated ability to produce a high quality copper-gold concentrate averaging percent copper over life of mine with uranium and fluorine below typical penalty levels and no arsenic. High metal recoveries of 92 percent and 70 percent for copper and gold respectively. Average annual production rate of 114,000 tonnes of copper and 117,000 ounces of gold at assumed steady state. Average C1 unit cost of production of US$0.49 per payable pound of copper including by-product credits. 3 Mine life of 24 years, from a plant operating at a production rate of 12.4 million tonnes per annum. The site offers an ideal location for access, construction and operation, being relatively flat, at low elevation and in a low rainfall environment. Good infrastructure when compared to other jurisdictions with close access to power, water, roads, rail, ports and a skilled labour market. Supportive community and other stakeholders, with an approved Retention Lease in place for development of an exploration decline. A number of opportunities exist with the Carrapateena project where further study and/or consideration under alternate assumptions could add significant value. These will be further assessed during future stages of the project to determine their potential and include: Extensions to the Block Cave Lift One and Lift Two footprints and the addition of Lift Three to access large, contiguous lower grade mineralised areas adjacent to and below the current proposed footprints. Exploiting these additional resources could increase the metal recovered from the resource from 42 percent to around 66 percent. Exploitation of Khamsin, for which an initial Mineral Resource has been announced 4, and other regional exploration targets including Saddle and Fremantle Doctor which may provide upside by either enabling an expansion of the proposed operation, or extending the mine life. OZ Minerals holds 3,624 square kilometres of exploration tenements in the area around Carrapateena and northwest towards Olympic Dam, which contain a number of identified targets. Potential for mining fleet automation, which is not assumed in the base case. Experience at other block cave operations suggests mine fleet automation can 3 C1 Costs are the costs of mining, milling and production of copper concentrate, onsite administration and general expenses, property and production royalties not related to revenues or profits, concentrate treatment charges, and freight and marketing costs less the net value of the by-product credits. 4 See Khamsin Mineral Resources Statement as at 23 March 2014 which was released to the market on 26 May 2014 and which is available to view at 02

3 substantially reduce the operating labour component once the block cave is in steady operation. Use of ports closer to Carrapateena is not assumed in the base case which proposed the use of Port Adelaide as the port of export. A number of ports are substantially closer to Carrapateena and offer potential transport cost savings. Incremental increase in throughput or a reduction in equipment sizing may be possible with further metallurgical characterisation during the Feasibility Study and allow for optimisation of the process plant sizing as ore hardness variability is more thoroughly quantified. Inclusion of tax benefits, which have been excluded from the project net present value calculation, such as OZ Minerals carried forward fractional tax losses as well as Research and Development tax offsets. Synergies with Prominent Hill operations by utilising the Prominent Hill concentrator to improve project financials, either by railing ore from Carrapateena to Prominent Hill or relocating the Prominent Hill concentrator to Carrapateena. OZ Minerals opened a data room for the Carrapateena project to provide projectrelated information under confidentiality agreements to parties which expressed interest in participating in the project. With the release of this to the ASX today, the Pre-Feasibility Study full report will be available in the data room to allow those parties due diligence processes to continue. The Pre-Feasibility Study recommends that the project advance to the next stage of development which would involve the execution of a Feasibility Study and the development of the exploration decline. However, OZ Minerals has previously stated that the sole development of the Carrapateena project is beyond its prudent financial capacity. With the completion of the Pre-Feasibility Study, there is now a sound basis to progress discussions with potential partners to continue to advance this exciting project with the additional information now available from the release today. For further information please contact: Investors Natalie Worley T M Media Rachel Eaves T M

4 Carrapateena Pre-Feasibility Study 15 August 2014 Issue Date: 15 August 2014 Page 1 of 50

5 Forward Looking Statements This document includes certain forward looking statements. Forward looking statements are often characterised by words such as plan, expect, project, intend, believe, anticipate, estimate and other similar words, or statements that certain events or conditions may, will or could occur. All statements other than statements of historical fact included in this document are forward looking statements. Such statements and information in this document include, but are not limited to statements regarding mining parameters (including processing rates, and processing plant feed), concentrate production, estimates of capital costs and operating costs, internal rates of return, net present values, availability and development of infrastructure, life of mine estimates, annual mining and production estimates and targets and revenue related assumptions such as commodity prices and exchange rates. These statements represent current expectations and internal projections of the Company and are based on information currently available to it. There can be no assurance that these statements will prove to be accurate and actual results and future events could differ materially from those anticipated in the forward looking statements. Compliance Statement Mineral Resources Carrapateena The information in this report which relates to the Carrapateena Mineral Resource as at 31 October 2012 is extracted from the report entitled the Mineral Resource Explanatory Notes Carrapateena Project as at 31 October 2012 ( The MRENC as at 31 October 2012 ), released to the market on 21 January 2013 and is available to view at The MRENC as at 31 October 2012 has subsequently been updated as at 30 June 2013 and is named the Annual Carrapateena Mineral Resource Update and Mineral Resource Explanatory Notes as at 30 June 2013 ( The ACMRU as at 30 June 2013 ),which was released to the market on 28 November 2013 and is available to view on The company confirms that it is not aware of any new information or data that materially affects the information included in the ACMRU as at 30 June 2013 and, in the case of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the ACMRU as at 30 June 2013 continue to apply and have not materially changed. The company confirms the form and context in which the Competent Person s findings are presented have not been materially modified from the ACMRU as at 30 June Khamsin The information in this report which relates to the Khamsin Mineral Resource is extracted from the report entitled Initial 202 million tonnes at 0.6 percent Copper Resource for Khamsin and Khamsin Mineral Resource Explanatory Note as at 23 March 2014 released to the market on 26 May 2014, is available at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the Issue Date: 15 August 2014 Page 2 of 50

6 form and context in which the Competent Person s findings are presented have not been materially modified from the original market announcement. Currency: all dollars are expressed in Australian Dollars unless noted. Issue Date: 15 August 2014 Page 3 of 50

7 TABLE OF CONTENTS 1.0 EXECUTIVE SUMMARY Project Key Points Objectives of the Prefeasibility Study Project Location Project Features Project Exclusions Safety, Health, Environment and Community Environment Geology and Mineral Resource Regional Geology Mineralisation Mineral Resource Estimation Audit Mining Orebody Description Geotechnical Background Mining Methods Block Caving Mineral Processing Testwork Process Plant Tailings Storage Facility Infrastructure and Services Site Water Supply and Distribution Site Power Supply and Distribution Accommodation Village Operations, Administration, Workshops and Maintenance Facilities Waste Management Facilities Issue Date: 15 August 2014 Page 4 of 50

8 Fuel, Gas and Oil Storage and Distribution Surface Fleet Logistics Concentrate Transportation and Mine Access Road Human Resources Technology and Information Systems Ownership and Legal Project Approvals and Land Access Project Execution Operations Capital Costs Operating Costs Marketing Financial Analysis Funding Business Risk and Opportunity Opportunities Risks Recommendations Advancement of Studies Commencement of Early Works Feasibility Study Work Plan Status of Study Summary Status and Quality of Study Issue Date: 15 August 2014 Page 5 of 50

9 LIST OF TABLES Table 1-1: Project Features Table 1-2: Summary of the Mineral Resource Estimate for the Carrapateena Deposit at Various Cu Cut- Off Grades as at 31 October Table 1-3: Carrapateena Mineable Inventory Table 1-4: Draw Rate (t/m 2 /day) Table 1-5: Key Process Design Criteria - Concentrator Table 1-6: Execution Schedule Milestones Table 1-7: Estimate Summary Level 1 - Initial Project Table 1-8: Operating Costs Component Summary (12.4Mtpa Production Average) Table 1-9: Economic Assumptions Table 1-10: Key Financial Metrics Table 1-11: Major Project Execution Risks Table 1-12: Feasibility Phase Key Tasks Table 1-13: Study Class Appraisal LIST OF FIGURES Figure 1-1: Project Location Figure 1-2: Two Lifts Option - Cross Section Looking North (N = ) Figure 1-3: Footprints Two Lifts Option Figure 1-4: Schematic plan views for herringbone and Teniente draw pattern layout Figure 1-5: Production Schedule Figure 1-6: Overall Execution Schedule Features Figure 1-7: Capital Investment System Issue Date: 15 August 2014 Page 6 of 50

10 1.0 EXECUTIVE SUMMARY 1.1 Project Key Points The study has demonstrated that the Carrapateena Project is both technically and financially viable, with a risk and opportunity profile that is competitive with or better than other global long life copper assets at a similar stage of development. Key points for the project are: Net cash flow of $8.508 billion, including capital expenditure. A net present value at 8 percent discount rate of $1.146 billion and an internal rate of return of 13 percent, both on a post-tax basis. Total revenue over life of mine of $ billion. Project capital cost of $2.985 billion including contingency ($335 million) and Feasibility Study. A low risk jurisdiction relative to other parts of the world with a stable and well understood regulatory environment and encouraging state government. The orebody will cave with preconditioning, as confirmed by three independent specialist geotechnical consulting firms. Demonstrated ability to produce a high quality copper-gold concentrate averaging percent copper over life of mine with uranium and fluorine below typical penalty levels and no arsenic. High metal recoveries of 92 percent and 70 percent for copper and gold respectively. Average annual production rate of 114,000 tonnes of copper and 117,000 ounces of gold at assumed steady state. Average C1 unit cost of US$0.49 per payable pound of copper including by-product credits. Mine life of 24 years from a plant operating at a production rate of 12.4 million tonnes per annum. The Carrapateena site offers an ideal location for access, construction and operation, being relatively flat, at low elevation and in a low rainfall environment. Good infrastructure when compared to other jurisdictions with close access to power, water, roads, rail, ports and a skilled labour market. Supportive community and other stakeholders, with an approved Retention Lease in place for development of an exploration decline. A number of opportunities exist with the Carrapateena Project where further study of these areas and/or consideration under alternate assumptions could add significant value. These will be further assessed during future stages of the project to determine their potential and include: Extensions to Lift One and Lift Two footprints. There are large, contiguous lower grade mineralised areas adjacent to both Lift One (120 million tonnes at 0.5 percent copper and 0.2 grams per tonne of gold) and Lift Two (90 million tonnes at 0.5 percent copper and 0.2 grams per tonne of gold) that at the time of the Pre-Feasibility Study were not considered to improve the project cash flow, primarily as these resources are assumed to be exploited 30 years into the future and so cash flows are heavily discounted. Issue Date: 15 August 2014 Page 7 of 50

11 Lift Three. There is also deeper mineralisation (110 million tonnes at 0.5 percent copper and 0.2 grams per tonne of gold) below Lift Two that was added to the Mineral Resource estimate in the 30 June 2013 Carrapateena Mineral Resource estimate update 1 and was not considered for the Pre-Feasibility Study. Options to include a larger proportion of the Resource would include reducing the mine cut-off grade. Exploiting these additional resources could increase the resource metal recovered from 42 percent to around 66 percent. Exploitation of Khamsin and other regional exploration targets. Exploitation of the Mineral Resource estimate defined at Khamsin 2 (202 million tonnes at 0.6 percent copper and 0.1 grams per tonne of gold) and exploration targets including The Saddle and Fremantle Doctor provide future upside by either enabling an expansion of the proposed operation, or extending the mine life. Mining fleet automation. Experience at other block cave operations suggests mine fleet automation can substantially reduce the operating labour component once the block cave is in steady operation and cave performance is understood. The base case assumes no automation. Use of ports closer to Carrapateena. A number of ports are substantially closer to Carrapateena than Port Adelaide that offer potential savings in rail transport costs of $0.10 per tonne per kilometre. This option was considered during the Pre-Feasibility Study, however insufficient information was available at the time to recommend this for the base case. Incremental increase in throughput or a reduction in equipment sizing. Further metallurgical characterisation during the Feasibility Study may allow for optimisation of the process plant sizing as ore hardness variability is more thoroughly quantified. Tax Benefits. OZ Minerals carried forward fractional tax losses as well as research and development tax offsets have not been included in the project net present value. Synergies with Prominent Hill operations. It may be possible to utilise the Prominent Hill concentrator and improve project financials either by railing ore from Carrapateena to Prominent Hill or relocating the Prominent Hill concentrator to Carrapateena. 1.2 Objectives of the Pre-feasibility Study The principal objectives of the Carrapateena Pre-Feasibility Study were to: Review previous Scoping Study work and identify areas of improvement in the option(s) presented; Consider different mining, process, location and project configuration cases and recommend a single preferred optimum case for further development via a Feasibility Study; Assess the likely technical and economic viability of the project; Outline the features of the recommended project; Determine if there may be any fatal flaws in the project; 1 See Carrapateena Mineral Resource compliance statement on page 2. 2 See Initial 202Mt at 0.6% Copper Resource for Khamsin and Khamsin Mineral Resource Explanatory Note as at 23 March 2014 compliance statement on page 2. Issue Date: 15 August 2014 Page 8 of 50

12 Determine the risk profile of the project related to the key business drivers; Determine the work plan, costs and schedule for the Feasibility Study and development activities following completion of the Feasibility Study. 1.3 Project Location In May 2011, OZ Minerals purchased the Carrapateena, copper-gold Project. This project comprised four exploration licences covering approximately 1,070 square kilometres in central South Australia on the eastern margin of the Gawler Craton. In April 2013, additional tenements were acquired from Straits Resources as shown in Figure 1-1, bringing the total land holding to 3,624 square kilometres. Carrapateena is a copper-gold deposit hosted in a brecciated granite complex, with both bornite and chalcopyrite copper mineralisation present. The bornite is a distinct higher grade zone and contributes approximately 25 percent to the final metal produced. The deposit is approximately 470 metres below the surface. The map below (Figure 1-1) shows the location of the Carrapateena project site at approximately 130 kilometres north from the regional centre of Port Augusta, approximately 100 kilometres south-east of the BHP Billiton Olympic Dam Site, and approximately 250 kilometres south-east of the current OZ Minerals copper-gold mine site at Prominent Hill, in South Australia. Carrapateena is located outside the Woomera Prohibited Area (WPA) and as a result is therefore not subject to any additional access or ownership conditions. The turn-off to the site is 75 kilometres from Port Augusta along the Stuart Highway. The site is currently accessed via a graded unsealed road, approximately 90 kilometres in distance from the Stuart Highway turn-off. Issue Date: 15 August 2014 Page 9 of 50

13 Pre-Feasibility Study Figure 1-1: Project Location Issue Date: 15 August 2014 Page 10 of 50

14 1.4 Project Features The Pre-Feasibility Study has examined options relating to project infrastructure and execution methodologies, and has identified the following key features which form the basis for the study outputs. A summary of these features is given in Table 1-1 below. Table 1-1: Project Features Area Sub-Area Feature Remarks Primary mining method Block cave - two Lifts Nominally 500 metres per Lift Production rate 12.4 million tonnes per annum (ROM Ore) Both Lift One and Lift Two Mining Mine Life 24 years Main access Decline (ramp) Mined using a Tunnel Boring Machine (TBM) Production access Decline (ramp) Mined using conventional drill and blast method Two jaw/gyratory crushers per Mine Primary crushing Underground Lift Infrastructure Ore handling Incline conveying Product Copper and gold in concentrate Process Waste Regional Infrastructure Logistics Production rate Comminution Flotation Tailings disposal Power Water Concentrate transport Average of 114,000 tonnes copper and 117,000 ounces gold per year SAG Mill, Ball Mill and Pebble Crushing Roughing followed by three stage cleaning Valley fill tailings storage facility High Voltage connection to existing SA grid Borefield supply Loaded to containers on site, road to rail head, rail to Port Adelaide. Contained in a clean copper concentrate at percent copper Including fine grinding (IsaMill) circuit Two connections Borefield located 55 kilometres northwest of the plant site Issue Date: 15 August 2014 Page 11 of 50

15 1.5 Project Exclusions The Pre-Feasibility Study scope focussed on the development of a new greenfields facility on site at Carrapateena. It may be possible to utilise Prominent Hill infrastructure, however it was considered that initially Carrapateena should be assessed as a standalone operation. In the event that this outcome was found to be favourable any alternatives that capitalise on other assets offers upside potential. On this basis the following considerations have been excluded from the current Pre-Feasibility Study: Other adjacent resources (Khamsin, Fremantle Doctor and Saddle) have not been investigated for inclusion into the Carrapateena Project in this study. Synergies with Prominent Hill Operations With both the Carrapateena Project and Prominent Hill Operations situated in South Australia they share common features. At this stage the study has not considered any optimisation of infrastructure options combining the two facilities. 1.6 Safety, Health, Environment and Community Management of OZ Minerals operations is governed by the OZ Minerals Integrated Management System (OZIMS). This system provides a framework to manage risk and coordinate emergency response, occupational health and hygiene, safety, environment and social responsibility management activities. The OZIMS framework is consistent with OZ Minerals core values of Respect, Integrity, Action and Results. The OZIMS framework has been taken into account during the Pre-Feasibility Study and will be taken into account for future phases of the project. Plans which will be developed for the construction, operation and closure of the project include Community Health and Safety Plans, Regulatory Environmental Management Plans and Operational Environmental Management Plans. 1.7 Environment The environmental baseline was commenced in 2007 under the previous owners program managed by Teck Australia Pty Ltd (Teck) and further developed in 2012 by OZ Minerals, initially focussed within the approved Retention Lease (RL127) boundary. Baseline data collection continued through 2013 with an expanded boundary to take in the potential infrastructure corridors and to further develop a regional groundwater model, inclusive of springs, surface water systems and ecosystem connections. The Carrapateena Project is located in the Gawler Interim Biogeographic Regionalisation of Australia (IBRA) Bioregion, which is characterised by semi-arid to arid, flat topped to broadly rounded hills of the Gawler Range Volcanics and Proterozoic sediments. The northern boundary of the existing Retention Lease 127 is bounded by the ephemeral salt lake, Lake Torrens. The project is located on a low sandstone and quartzite plateau with an undulating surface of aeolian sand or gibber. There are colluvial footslopes and creeks dominated by bluebush/saltbush and open chenopod shrub lands. Issue Date: 15 August 2014 Page 12 of 50

16 The climatic condition for the project area is described as an arid climate with high temperatures, very low rainfall and high evaporation rates throughout most of the year. The mean monthly rainfall is constant and typically ranges between 10 millimetres and 20 millimetres, and annual mean rainfall is around 185 millimetres. Evaporation rates range between a minimum of around 90 millimetres to a maximum of around 440 millimetres per month, exceeding rainfall in every month of the year. Temperature ranges between 20 degrees Celsius to above 35 degrees Celsius during summer months (November to March), and 5 degrees Celsius to 25 degrees Celsius throughout the winter months (April to October). Average wind speeds for the area range between 3.0 metres per second and 4.3 metres per second, with a prevailing southerly wind direction. Local drainage is dominated by Eliza Creek and associated tributaries, which are non-perennial streams that only flow after rain events. The receiving water body is Lake Torrens. The surface water modelling that was undertaken indicates that creeks in the project area do not contain broad flood plains but are incised into the landscape. Flood waters remain in the defined creek lines for storm events up to one in 200 year flow events. The seismic setting of the area is categorised using the peak ground acceleration from earthquakes which have an annual exceedence probability of one in 500. The project area is located within an area of relatively low likelihood of occurrence compared with the rest of Australia, with peak ground acceleration in the range of to g based on the 2012 Australian Earthquake Hazard Map. The earthquake hazards peak ground accelerations data is categorised into nine levels of likelihood of occurrence, and the project area is within the third to least likely category. The hydrogeological system of the area is dominated by hard rock lithologies of South Australia s Gawler Craton and bounded by Lake Torrens in the east. The hard rock aquifers are heterogeneous and typically report saline to hypersaline water quality. Within the area there are three main aquifer systems, the Tent Hill Aquifer, Pandurra Formation and Whyalla Sandstone (which has the characteristics of an aquifer off lease where the fracture permeability has been found to be relatively high). Groundwater discharge occurs through salt (playa) lakes with Lake Torrens acting as the dominant regional evaporation sink for both surface water and groundwater. The project as presented has been thoroughly assessed for ecological, industrial and social environmental risks and determined to have a low risk profile. 1.8 Geology and Mineral Resource Regional Geology The Carrapateena Project is located within the Olympic Dam copper-gold province, a metallogenic belt along the eastern margin of the Gawler Craton in South Australia, which hosts the Prominent Hill mine, Olympic Dam mine and the Moonta-Wallaroo historic mining district. The Gawler Craton comprises variably deformed and metamorphosed sedimentary, volcanic and plutonic rock spread from the Late Archean to Mesoproterozoic, and it has been subdivided into a series of domains, the Carrapateena deposit being part of the Olympic Domain. The age of the iron oxide copper gold (IOCG) mineralisation in the Gawler Craton is uncertain although it is interpreted in the literature to be associated with Mesoproterozoic magmatism of the Hiltaba Suite and the Gawler Range Volcanics. Issue Date: 15 August 2014 Page 13 of 50

17 1.8.2 Mineralisation The vast majority of copper and gold mineralisation within the deposit is hosted by hematite dominated breccias with moderate mineralisation occurring within hematite altered granite breccias (Eastern copper domain). Sulphides are the primary copper-bearing minerals in the Carrapateena Breccia Complex (CBC). Copper and gold mineralisation is structurally and chemically controlled, with subsequent alteration destroying mineralising structures. The most abundant sulphides are Chalcopyrite > Pyrite > Bornite, and constitute the vast majority of the sulphides at Carrapateena. The less common sulphides and their relative abundances are: Chalcocite Digenite Covellite >> Sphalerite Galena. Gold mineralisation at Carrapateena is almost exclusively hosted by hematite altered breccias. Gold grains are usually very small (10 microns), and when seen in polished section, are often intimately associated with copper sulphides. Gold grains are commonly a combination of gold and minor silver (electrum) Mineral Resource Estimation a) Overview The Pre-Feasibility Study mine design is based on the Mineral Resource estimate as at 31 October 2012 (release date of 21 January 2013) 3. b) Mineral Resource estimate details A summary of the Mineral Resource estimate used in the Pre-Feasibility Study is shown below in Table 1-2. Table 1-2: Summary of the Mineral Resource Estimate for the Carrapateena Deposit at Various Cu Cut-Off Grades as at 31 October Classification Indicated Inferred Total Cut-Off Grade (Cu %) Tonnes (Mt) Cu (%) Au (g/t) U (ppm) Ag (g/t) It should be noted that post the analysis undertaken for the Pre-Feasibility Study a Mineral Resource estimate update was released as at 30 June 2013 (release date 28 November 2013) 5 3 See Carrapateena Mineral Resource compliance statement on page 2. 4 See Carrapateena Mineral Resource compliance statement on page 2. 5 See Carrapateena Mineral Resource compliance statement on page 2 Issue Date: 15 August 2014 Page 14 of 50

18 In this update an additional seven drill holes (including five wedged holes) totalling 11,187 metres were included in the data modelling, bringing the total number of holes and metres drilled and intersecting mineralisation to 100 holes and 65,690 metres respectively. Total Indicated and Inferred Resources (at a 0.3 percent copper cut-off) have increased from 760 million tonnes at 0.8 percent copper, 0.3 grams per tonne of gold for 5.9 million tonnes of contained copper and 7.3 million ounces of contained gold to 800 million tonnes at 0.8 percent copper, 0.3 grams per tonne of gold for 6.3 million tonnes of copper and 8.4 million ounces of gold reflecting: An increase in tonnage of 5 percent; An increase in contained copper of 7 percent; and An increase in contained gold of 14 percent. This increase is mainly attributable to the additional drilling information that has allowed geologists to better understand and interpret the deeper parts of the deposit as well as extend the copper mineralisation envelope. While the Mineral Resource estimate was expanded with this additional information, the Indicated Resources considered in the Pre-Feasibility Study for the block cave mine design were not materially changed. This additional data was not considered in the current Pre- Feasibility Study but can only offer potential upside to the project in the future Audit An external review of the data collection and sampling procedures was undertaken during an audit of the Mineral Resource estimate. The consultant formed the view that the data collection procedures in general were industry standard practice. The Carrapateena Mineral Resource estimate (as at 31 October 2012) 6 was audited by an external consultant during 2013 to assess whether it was suitable for use in the Pre-Feasibility Study. The audit found that there were no fundamental flaws in the Mineral Resource estimate and, with minor caveats regarding local grade estimation which may be relevant for the evaluation of selective mining options, it is fit for purpose. 1.9 Mining Orebody Description Carrapateena is best described as a vertical mineralised pipe of hematite breccia and haematised granite occurring within granitic basement. It is overlain by 470 metres of barren horizontally-bedded sandstones, shales and quartzite. The Carrapateena orebody is a zone of moderate grade copper mineralisation (one percent copper) in the south-west of the haematite breccia. It is about 300 metres in diameter and extends more than 1,000 metres vertically. Economic gold and silver are present in the orebody Geotechnical Background Geotechnical data was gathered in two drilling campaigns undertaken by Teck and more recently by OZ Minerals. Teck recovered 54,700 metres of core from a drilling campaign dominated by vertical 6 See Carrapateena Mineral Resource compliance statement on page 2. Issue Date: 15 August 2014 Page 15 of 50

19 holes and point load tested basement rocks from five drill holes. Teck recorded orientated structure from four holes. Basement core samples were tested for unconfined compressive strength, uniaxial tensile strength and elastic modulus. The OZ Minerals program recovered 49,500 metres of diamond core from inclined holes and cored a limited number of holes through the overburden. Specimens from all domains including overburden were sent for the full suite of materials testing including triaxial testing and testing of joint shear strength. Approximately 22,000 orientated structures were measured from all holes. Twelve samples from various levels within the orebody were subjected to acoustic emission stress testing. OZ Minerals drilled three water bores above the orebody in order to test aquifers in the overburden. OZ Minerals also had 19 lines of seismic survey shot over the top of the orebody in order to better define the various horizons and major structures traversing the mine area. The work described above was used to define the geological and geotechnical environment in which the mine is to be built. Of note is the 270 metre thick Woomera Shale which is fissile, rapidly breaks down to fines and contains clay. The mineralisation itself has only two interpreted faults anywhere near it. It is massive showing broadly spaced joints, has intact rock strength ranging from about 120 to 150 megapascals and the block model of rock mass rating (Bienwiawski) shows typical values ranging from 70 to 80. This is equivalent to rock mass rating (Laubscher) of 63 to 72. The orebody preconditioning that is planned for the project will lower the rock mass rating range by approximately five. The acoustic emission stress measurements for the project indicate principal stress at the undercut levels of 50 megapascals and 80 megapascals for Lift One and Lift Two respectively. The principal stress is orientated west-south-west east-north-east and is sub-horizontal. A total of three international external consultants have carried out geotechnical assessments of the Carrapateena orebody during the course of the Scoping Study and Pre-Feasibility Study. Caving at Carrapateena is characterised by primary fragmentation showing 60 to 75 percent passing two metres (ie coarse to very coarse). Two industry standard methodologies were used for assessing the caveability at Carrapateena. The Laubscher methodology indicates that the cave will propagate without any problem, however the Karzulovic and Flores methodology indicates that there may be problems with vertical cave propagation due to the high aspect ratio of the cave. The latter result is supported by numerical modelling. In order to ensure complete cave propagation, preconditioning using hydrofracturing and confined blasting has been proposed and costed for the project. It has been assumed that existing vertical drill holes can be used for preconditioning, thereby reducing the cost. Preconditioning is routinely carried out across many other block caves globally. As with all block caves, fines at Carrapateena are expected to migrate through the caved ore column two to three times faster than the average migration rate and will result in dilution at the drawpoints. There is a greater potential for rock bursts on the second lift and heavier dynamic support may be required. All of these issues have been accounted for in the design, mine plan and cost estimates for the project. Issue Date: 15 August 2014 Page 16 of 50

20 1.9.3 Mining Methods A key conclusion from the Scoping Study was that at the commencement of the Pre-Feasibility Study further work was required to determine the most appropriate orebody extraction/mining methodology. The Scoping Study considered the following mining concepts:- Block cave (BC); Sub level cave (SLC); Sub level open stoping (SLOS); and Hybrid options that were derived from the above. The Scoping Study concluded that the dual lift block cave returned the highest net present value, however it was acknowledged that there are inherent risks associated with block caving. On this basis it was recommended that both block caving and sub-level open stoping should be carried into the Pre-Feasibility Study. Sub-level open stoping was included in the Pre-Feasibility Study to ascertain whether the additional technical detail undertaken during this phase could identify any further financial upside from this option. The sub level open stoping option had been identified as the option that returned the next highest overall net present value. A study was undertaken to develop the conceptual mine design, schedule and cost estimation for the sub level open stoping option using the updated resource model. The outcome from this study confirmed that the conclusions reached during the Scoping Study were still valid, and the overall net present value generated by this method was no better than that achieved by the Scoping Study analysis. On this basis the sub level open stoping option was not considered further for the Pre- Feasibility Study, with the remainder of the work focusing on the development of the mine design using the dual block cave methodology as presented below Block Caving a) General Comments Block caving is a process where large blocks of ore are undercut, causing the ore to break or cave under its own weight and stress. The block cave method is most suited to a massive style of orebody in a semi-competent rock mass with a relatively coarse fill material. It is important to note that a very competent rock mass, such as may be expected at Carrapateena, can result in coarse to very coarse ore material and an increased requirement for secondary breakage of ore in the drawpoints prior to extraction. These factors can be mitigated with a focus on orebody preconditioning and mine design but remain as project risks. Mine operating costs and the production plan include allowances for secondary breakage assuming coarse to very coarse primary fragmentation. b) Undercut Elevation Definition Caving the orebody in one, two and three lifts was considered. One lift of 1,000 metres high is well outside industry practice and was ruled out. A comparison of two and three cave lifts revealed little economic difference between the options. Issue Date: 15 August 2014 Page 17 of 50

21 The additional capital required to mine three lifts was balanced by early access to high grade ore. Two lifts of approximately 500 metres high were selected because there would be a reduced likelihood of interference between the lifts. Figure 1-2 and Figure 1-3 below show the cross section and footprints of the two lifts. Figure 1-2: Two Lifts Option - Cross Section Looking North (N = ) 500 m Level m Level 3660 Issue Date: 15 August 2014 Page 18 of 50

22 Figure 1-3: Footprints Two Lifts Option LOWER 3660 UPPER 4160 Area: 106,500 m2 Hydraulic radius: 57 m Area: 97,400 m2 Hydraulic radius: 57 m c) Undercut Extents The lateral extents of the undercuts were determined by comparing drawpoint construction, mining, processing and general and administration costs to the value of ore above each drawpoint. A Net Smelter Return (NSR) cut off of $23 per tonne was used in this analysis. Using Indicated Resources only (Inferred grades set to zero) all profitable drawpoints were identified and taken into the next stage of the design process. Once the profitable drawpoints were identified Inferred grades reporting to those drawpoints were reset. d) Cave Layout Design The first stage in mine design is the definition of the drawpoint layout for Lift One and Lift Two. There are two drawpoint layouts in use in block caves around the world, the herringbone and Teniente layouts. These are shown in Figure 1-4. The Teniente layout was selected for the extraction level for its ease of construction and drive orientation with respect to stress directions and its improved loading productivity. A drawbell spacing of 32 metres x 17 metres was selected for Lift One and 34 metres x 17 metres for Lift Two. The shape of the cave footprint was adjusted to take into account the drive orientations and drawpoint spacings. Issue Date: 15 August 2014 Page 19 of 50

23 Figure 1-4: Schematic plan views for herringbone and Teniente draw pattern layout e) Undercutting Strategy Post-undercutting with a high undercut was the selected method. The method allows for simpler construction scheduling and a shorter production ramp-up. It does however increase the likelihood of damage to the extraction level due to the effects of abutment stress. Preconditioning will reduce the effects of stress. In addition development on the extraction level will be limited to that needed for efficient undercutting until the abutment stress has passed. f) Materials Transport A fleet of 16 Load Haul Dump loaders (LHD s) will deliver ore from drawpoints into two jawgyratory crushers located on the periphery of the extraction level. The dimensions of the footprints are such that loader travelling distance will not be excessive. Coarsely fragmented ore will be easier to manage using this system. A series of production simulations were carried out culminating in an estimated production rate of 12.4 million tonnes per annum. The simulations took into account draw point hang up frequency and secondary breakage requirements. g) Access and Mine Design The Scoping Study assumed shafts would be used for access and production. The lead time to production was about seven years. In the Pre-Feasibility Study initial mine access was assumed to be developed using a tunnel boring machine. The tunnel boring machine was chosen for its development speed and because the conveyor used for the tunnel boring machine was of sufficient capacity to handle the development requirements of the block cave mine. Issue Date: 15 August 2014 Page 20 of 50

24 A second decline will be developed by drill and blast. Drill and blast has been selected for the second decline as multiple headings will be available to accelerate decline development. The second decline will accommodate the production conveyor. The lead time to production has been reduced to approximately five and a half years. A trade-off study showed there to be no material economic difference between a shaft and conveyor for mine production. Ventilation shafts will be developed as five metre diameter raise-bored holes. Teleremote fibrecreting of overburden was assumed to control weathering of the strata. h) Level Designs There will be four main levels developed for each cave lift, undercut, extraction, intake ventilation and exhaust ventilation along with ancillary development for pump stations, workshops, offices, magazines and stores. i) Subsidence The subsidence crater at the end of mine life will be about two kilometres in diameter projected upwards at 60 degrees from the Lift Two undercut. Mine development is designed to be outside the zone of influence of the final subsidence. j) Mineable Inventory The mineable inventory is shown in Table 1-3. It is noted that the selected cave footprint design that results in this inventory is based on a net smelter return cut off of $23 per tonne. There are large, contiguous lower grade mineralised areas adjacent to both Lift One (120 million tonnes at 0.5 percent copper and 0.2 grams per tonne gold) and Lift Two (90 million tonnes at 0.5 percent copper and 0.2 grams per tonne gold) that at the time of the Pre-Feasibility Study were not considered to improve the project cash flow, primarily as these resources are as assumed to be exploited 30 years into the future and so cash flows are heavily discounted. There is also deeper mineralisation (110 million tonnes at 0.5 percent copper and 0.2 grams per tonne gold) below Lift Two that was added to the Mineral Resource estimate in the 30 June 2013 update 7 and so was not considered for the Pre-Feasibility Study. During future stages of the project (most likely once Lift One has commenced and actual cave performance data is available) it may be considered appropriate to implement extensions to Lift One and/or Lift Two as well as Lift Three which could extend the mine life beyond the current 24 years with minimal capital investment. Factors including an assessment as to the likelihood of the remaining portions of the orebody to cave, associated geotechnical issues, dilution, grade versus life trade-off (particularly in the case of Lift One extension versus Lift Two start-up) would need to be considered at that point. 7 See Carrapateena Mineral Resource compliance statement on page 2 Issue Date: 15 August 2014 Page 21 of 50

25 Table 1-3: Carrapateena Mineable Inventory 8 Mt Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (Moz) Ag (Moz) Lift 1 Lift 2 Total Indicated Inferred Dilution Total Indicated , Inferred Dilution Total , Indicated , Inferred Dilution Total , k) Undercutting and Draw Rates The undercut rate is defined per caving face. For this project, three caving faces can be active per lift giving a maximum undercutting rate of 60,000 square metres per year. The estimated production rate is 12.4 million tonnes per annum. When all drawpoints are producing this equates to a draw rate of 0.34 tonnes per square metre per day. As drawpoints are exhausted and the active production area becomes smaller the rate increases to a peak of 0.49 tonnes per square metre per day. These are well within industry benchmarks. Table 1-4: Draw Rate (t/m 2 /day) Extraction % of ore column Extraction height (m) Draw rate (t/m 2 /day) > Undercut rate (m 2 /year/caving face) 20,000 8 Table is subject to rounding errors. Issue Date: 15 August 2014 Page 22 of 50

26 l) Carrapateena Production Schedule Shown below in Figure 1-5, the production schedule shows a ramp up of Lift One over three years, reaching near to full production in year four. Construction of Lift Two begins in year seven, with first production in year ten and full production achieved in year 13. Approximately 11 million tonnes of ore grade material is left behind in Lift One as it is more economical to bring the higher grade Lift Two online rather than continuing to mine diminishing grades from Lift One; this material is recovered at the end of Lift Two. Figure 1-5: Production Schedule m) Manpower Mining manpower peaks in year two at about 450 people as production from Lift One ramps up while mine development is ongoing. A second peak of about 500 people occurs in year 11 as the same situation occurs in Lift Two. n) Ventilation Ventilation requirements peak at 1,300 cubic metres per second when the mine is in full production and Lift Two is under development. The steady state ventilation requirement is approximately 900 cubic metres per second. A cooling plant capable of delivering 23 megawatts (refrigeration) of cooling power is required due to ambient rock temperatures. o) Materials Handling The materials extracted from the drawpoints will be delivered by Load Haul Dump (LHD) loaders to one of two run of mine (ROM) Bins on the extraction level (East and West). The bulk materials handling system provided downstream of the ROM bins provides the mechanism for crushing and transport of ROM ore from the extraction level to the surface for plant feed. The system has been sized for the 12.4 million tonnes per annum block cave production with an industry standard 70 percent utilisation factor. Issue Date: 15 August 2014 Page 23 of 50

27 Each ROM bin has four tipple points for simultaneous bin loading. Ore is passed via an apron feeder to Thyssen Krupp BK63x75 Gyratory Crushers. The crushers are designed to produce material with an eighty percent passing size (P 80 ) of 150 millimetres. The system includes facilities for tramp removal, prior to collection in a surge bin. Materials are transported to the surface via the decline conveyor. The decline conveyor was selected as the preferred production haulage method following a trade-off study which reviewed both conveying and hoisting options. On the surface, material is delivered to a crushed ore stockpile for reclaim to the process plant via an elevated stacking conveyor. The combination of underground collection surge bin and stacking conveyor with emergency by-pass provides a means of flow control and by-pass if any part of the system is unavailable. p) Underground Infrastructure To provide support for underground operations, both mining and materials handling, the following infrastructure has been included: Ventilation and Refrigeration - including bulk cooling of fresh air drawn into the mine with primary fans at the surface and distribution via secondary fans through the ventilation circuits provided. System design has been established for both Lift One and Lift Two ventilation. Mine Dewatering - sized to cater for both steady state inflows and transient inflows up to 70 litres per second via strategically located sumps. Water collected underground is screened and stored in a vertical dam prior to pumping to the surface to tailings. System design has been established for both Lift One and Lift Two dewatering. Underground Mine Services including electrical power distribution, communications, water reticulation, fire services, compressed air, fuel distribution and concrete have been provided. Workforce and maintenance facilities have also been provided with the inclusion of underground workshops, wash bays, crib rooms, emergency refuge bays and emergency egress Mineral Processing Testwork For the Pre-Feasibility Study a metallurgical test work program was conducted. The test work discussed in this report was carried out under the direction of OZ Minerals on drill core selected with the aid of a geo-metallurgical model developed by an external consultant. OZ Minerals aimed to generate metallurgical data and a solid understanding of the deposit metallurgy using a mineralogical based approach. Test work data was generated to allow for the development of a flowsheet and equipment selection with the test work data acting as inputs into the study. The metallurgical test work program was designed based on experience at Prominent Hill. Initial geo-metallurgical modelling was based on the ore types present at Prominent Hill. The process design presented for the Pre-Feasibility Study was developed based on inputs from a range of external consultants. Issue Date: 15 August 2014 Page 24 of 50

28 Process Plant The concentrator is designed to treat 12.4 million tonnes per annum (dry) of pre-crushed ore received from underground at an eighty percent passing size (P 80 ) of 150 millimetres to produce a copper-gold flotation concentrate. Mineralogy is predominantly chalcopyrite with 15 percent bornite, allowing production of a 30 to 35 percent copper concentrate grade at 92 percent recovery from blended feed. Gold is recoverable into the flotation concentrate at 70 percent recovery. Significant uranium and fluorine rejection from the feed occurs during the flotation process with these elements being below typical penalty levels in the concentrate. There is no arsenic present. The flow sheet includes the following steps: Crushed run-of-mine ore stockpiling and reclaiming; Grinding, classification and recycle crushing; Rougher flotation; Rougher concentrate regrind; Scalping of rougher concentrate to final concentrate; Three stages of cleaner flotation; Concentrate filtration and storage; Tailings thickening and disposal; Reagent mixing, storage and distribution; Water distribution; and Other services. Key process design criteria are shown in Table 1-5 below. Issue Date: 15 August 2014 Page 25 of 50

29 Table 1-5: Key Process Design Criteria - Concentrator Item Basis Nominal Value Design Maximum Annual Feed Rate Mine plan 12.4 Mtpa 12.4 Mtpa Hourly Feed Rate Mine plan 1,550 tph 1,550 tph Copper Feed Grade Mine plan 1.0% 1.1% Gold Feed Grade Mine plan 0.5 g/t 0.6 g/t Feed Size Distribution Underground crushing at up F 80 = 150 mm F 100 = 250mm to 2,110 tph Ore Hardness (UCS) 75 th percentile 150 Mpa 159 MPa Axb 75 th percentile 38.5 BWi 75 th percentile 17.9 kwh/t - ROM Stockpile Live Capacity 12 hours reclaim 18,600 t - ROM Stockpile Total Capacity 30 hours reclaim 45,000 t - SAG Mill Size Comminution study 38.0 x SAG Mill Power 75 th percentile 16.6 MW 20.4 MW Ball Mill Size Comminution study 28.0 x Ball Mill Power 75 th percentile 16.6 MW 19.2 MW Recycle Crushers 25% nominal / 35% max. 2 by 194 tph 542 tph Mill Cyclones 250% circulating load 10 by 650 mm 12 by 650 mm Grind Size Optimisation Study P 80 = 106 µm - Rougher Flotation 20 minutes 8 by 200 m 3 - Regrind Mill 25 µm, 12.8 kwh/t 132 tph - Regrind Mill M10000 IsaMill 2.30 MW 2.85 MW Cleaner Scalper Concentrate Upgrade 800 m 3 /hr - Cleaner 1 26 minutes 4 by 200 m 3 - Cleaner 2 26 minutes 4 by 70 m 3 - Cleaner 3 26 minutes 4 by 50 m 3 - Mass Pull to Concentrate Testwork 3.34% - Concentrate Cu Grade 9 Testwork 30% - Concentrate Gold Grade Testwork 8.0 g/t - Copper Recovery 9 Blended feed 91% - Gold Recovery 9 Blended feed 67% - Concentrate Thickener 0.25 t/m 2.h, 51.7 tph 17 m diam. - Concentrate Stock Tank 24 hrs 821 m 3 - Concentrate Filter 0.6 t/m 2.h, 51.7 tph 100 m 2 - Concentrate Storage 24 hrs 5,000 t - Tailings Thickener 1.0 t/m 2.h 44 m diam. - 9 The concentrator design criteria were set early in the Pre-Feasibility Study with a nominal concentrate grade of 30 percent copper, 91 percent copper recovery and 67 percent gold recovery. Ongoing metallurgical testwork optimisation and production modelling has increased these figures to those quoted in sections 1.1 and above and used in the financial modelling. Issue Date: 15 August 2014 Page 26 of 50

30 Table 1-5: Key Process Design Criteria - Concentrator Item Basis Nominal Value Design Maximum Tailings Disposal Density Assumed 65% 70% Raw Water Demand Mass balance 23.7 Ml/d 33.2 Ml/d Plant Power Demand Load study 53 MW 62 MW Tailings Storage Facility An investigation was completed on possible sites for a tailings storage facility and on paddock, valley and hybrid approaches to facility construction. In addition, air dispersion modelling of dust emissions and seepage modelling from selected sites was conducted. The selected location, approximately two kilometres south east of the concentrator, was chosen so as to limit the size of the upstream catchment area, thereby minimising the effect on stream flows into Lake Torrens, and also minimising the amount of runoff collected in the facility during storm events. The tailings storage facility is formed by a cross valley embankment which will be constructed in four stages with the second, third and fourth stages constructed using the downstream raise method. At the fourth stage, two saddle embankments will be constructed at the heads of the valley system to constrain tailings storage. Tailings will be deposited sub-aerially from the head and sides of the valley, and also from the tailings storage facility embankment to form a depression in the north east area of the tailings storage facility for management of excess water Infrastructure and Services Site Water Supply and Distribution Supply of bulk raw water to the site is considered technically feasible using either one of the two following options: a) Delivery of seawater, extracted from Port Augusta, and delivered via a transmission pipeline with associated pumping systems; or b) Delivery of borewater, extracted from a borefield consisting of 35 bores to the northwest of the lease and delivered via a series of intermediate collector tanks, pumping system and transmission pipeline to the site. In both cases, the water is saline and a small portion of the site usage will require reverse osmosis desalination for use. It has been estimated that the operations will have a raw water demand of 34.7 megalitres per day, with 23.7 megalitres per day required for concentrator operations. Test drilling has demonstrated the feasibility of providing the required operational volumes via a borefield and as a result this option has been selected as the basis for the Pre-Feasibility Study due to the lower capital cost relative to sea water supply. Issue Date: 15 August 2014 Page 27 of 50

31 Raw water from the borefield will be stored within a turkey s nest style terminal reservoir. Two day s storage capacity will be contained within the terminal reservoir, providing a sufficient buffer against maintenance and failures in the borefield supply. On-site water consumption will consist of raw water, reverse osmosis (RO) permeate, potable water and brine. The water treatment plant will produce approximately five megalitres per day of desalinated water and a further one megalitre per day of potable water. The terminal reservoir, water treatment plant and associated tanks are located adjacent to the process plant to centralise infrastructure, minimise development, minimise pumping and piping, and provide a fail-safe gravity feed mechanism to the underground workings. Site water will be reticulated by buried high density polyethylene pipe. Peak day flow rates, along with peaking factors for each consumption area have been utilised to calculate capacity for peak demand periods Site Power Supply and Distribution Supply of power to the site is considered technically feasible using a number of options: a) Nominal 150 megawatt supply via connection to the existing Electranet 275 kv Davenport Substation, or; b) Nominal 100 megawatt supply via connection to the existing Electranet 132 kv Line at Mount Gunson and connection to the BHP 275 kv Olympic Dam Line near Mount Gunson, with Power supplied on a 45 megawatt / 55 megawatt split from Electranet and BHP Billiton respectively, or; c) Nominal 100 megawatt via connection to the existing Electranet 132 kv Line at Mount Gunson and an additional 132 kv line connected to Davenport Substation. Due to the lower capital expenditure of the second of these options, it was selected as the basis of the Pre-Feasibility Study. Current peak annual demand is forecast at 88 megawatts. For the purpose of the Pre-Feasibility Study, it has been assumed that BHP Billiton will allow for a megawatt supply and will accept the proposed connection arrangement technically and commercially as per the existing agreement with Prominent Hill. BHP Billiton has made no representations to this effect. Discussions with BHP Billiton have commenced and will continue throughout the Feasibility Study. An emergency backup power supply is to be provided via onsite diesel generation of up to 20 megawatts Accommodation Village The accommodation village will initially provide accommodation for up to 2,000 persons, including 200 mine workers and 1,800 construction workers. The village will consist of 600 purchased new rooms which will be retained for ongoing operations, 1,200 leased rooms retained for the construction period only and the relocation of the existing (OZ Minerals owned) exploration village consisting of 200 rooms. It is intended that the 200 exploration rooms will later provide for overflow or short term accommodation during operations. Issue Date: 15 August 2014 Page 28 of 50

32 Operations, Administration, Workshops and Maintenance Facilities There will be two operational bases on the surface for the site, being the Mine Industrial Area (MIA) and the Process Plant. The general list of infrastructure provided for each operational base is as follows: Process Plant - process plant bathhouse, process plant administration office, emergency services facility, security gatehouse, maintenance administration office, process plant workshop, process plant workshop wash bay, warehouse, concentrate transport office, concentrate transport truck wash and process plant wheel wash; Mine Industrial Area - mine bathhouses, mine development management office, mine infrastructure construction office, light vehicle workshop, MIA washdown facility and MIA wheel wash. Facilities have been based on a combination of operational manning estimates and historical data from other similar projects Waste Management Facilities Excluding tailings and waste rock management (covered elsewhere), the following facilities have been provided for waste management: Waste transfer portal for sorting of wastes for onsite or offsite disposal; Salvage yard; and Landfill for disposal of non-hazardous wastes. For the purposes of the Pre-Feasibility Study, it has been assumed that wastes classified as toxic or used hydrocarbons will be collected and transported offsite for disposal by an external contractor. Costs are included in site operating costs Fuel, Gas and Oil Storage and Distribution The design includes major infrastructure for a central mobile vehicle fuel facility. The total tank farm capacity is 220,000 litres. Supply from offsite will be via an unloading apron accommodating an AB triple tanker and including bunds for spill containment. Unloading and dispensing pump sets are arranged by service and located in a separate bund adjacent to the tank farm and unload apron. An opportunity for future investigation is the integration of the surface fuel facility with the emergency power generation fuel storage. For the Pre-Feasibility Study this has been excluded due to geographical separation; however potential synergies should be considered as the site layout is further developed Surface Fleet A review was undertaken of typical operational requirements to establish a fleet of surface mobile equipment to support operations and associated costs. These costs are included in the estimate. Issue Date: 15 August 2014 Page 29 of 50

33 1.12 Logistics Concentrate Transportation and Mine Access Road The Carrapateena Project site is located approximately 50 kilometres east of the Stuart Highway and the railway access to Adelaide. The Scoping Study identified two access routes for consideration, namely, the southern access road and northern access road. Both access roads connected back to the Stuart Highway. The study identified the northern access road as the preferred alignment for an infrastructure corridor (power and water) and that this provided the shortest haul route for concentrates to a rail siding intermodal facility. Alternative options have been investigated for the transport of the copper concentrate product and a trade-off study has been undertaken to establish a preferred model for the Pre-Feasibility Study. The key features of the preferred concentrate product export model are: a) Logistics Modes Transport from the Carrapateena Concentrate Storage Shed to the intermodal facility using sealed containers on trucks; Transfer of containers to rail at the intermodal facility; Unloading of the containers from the rail to a laydown at the Port of Export (POE), which for the purpose of the Pre-Feasibility Study is assumed to be Port Adelaide; Decanting of the containers into ship hold at POE; and Bulk shipping to customer port. b) Aviation To meet the workforce transport requirements it is intended to operate closed charter fly in-fly out services between Adelaide and Carrapateena. A new airfield is planned to service the Carrapateena mine development. It is assumed this will be classified as a Code 3C facility capable of accommodating aircraft up to the Fokker F50 or equivalent. This classification may be adjusted to suit the recommended aircraft type by the selected air charter operator. The airfield is located adjacent to the village such that the arrivals and departures are linked to camp operations Human Resources OZ Minerals has adopted its existing corporate policies and procedures in relation to Human Resources at Carrapateena. Carrapateena operations employees will work a 14 days on / seven days off shift roster, alternating day and night shifts every second swing. Staff or non-shift workers including operational management and administration will work a nine days on / five days off roster. Issue Date: 15 August 2014 Page 30 of 50

34 1.14 Technology and Information Systems A number of emerging or well established trends related to information and communications technology enablement in the mining and resources sector, largely driven by risk, safety, productivity and utilisation factors, have become apparent in recent years. While cognisant of these developments this study is based on adopting a cautious and risk averse approach to technology enablement with the specification of proven and well established information and communications technology practices and solutions that support the needs of project execution and life of mine operations. Accordingly, information and communications technology has been scoped within the Pre-Feasibility Study in sufficient detail to support the basis of the capital cost estimate for the Pre-Feasibility Study stage of the project Ownership and Legal The project is owned 100 percent by OZ Minerals Limited (34 percent OZ Minerals Carrapateena Pty Ltd and 66 percent OZM Carrapateena Pty Ltd). The applicable legal jurisdiction is that of South Australia. Mining activities in South Australia are conducted in accordance with the requirements of the Mining Act 1971 (Mining Act). The Mining Act is administered by the Department of State Development (DSD). OZ Minerals has developed positive relationships with South Australian regulators as a result of the Prominent Hill project and believe this will continue through the Carrapateena Project development. The legal framework, including tenure, land access and royalties related to the project is based on the permitting process under the Mining Act. Of note, a discounted royalty rate of two percent of revenue is applicable for the first five years of production. Alternative approvals routes under the South Australian Development Act 1993 have been assessed, however it is currently expected that the project will be permitted via the Mining Act. Other relevant South Australian legislation is applicable and will be taken into consideration for the proposed project Project Approvals and Land Access The key approvals stakeholders for the project are the South Australian Department of State Development (DSD) who regulate mining activities in the state and the Federal Department of the Environment who administer the Environment Protection and Biodiversity Conservation Act 1999 (Cth). The key land access stakeholders are the Kokatha Uwankara, who have made a native title claim over the area and the pastoral lease holders of Pernatty Station, which covers much of the project area. OZ Minerals has established strong relationships with each of these stakeholders to ensure they are involved in the ongoing development of the project and support for the project across all stakeholders remains high. An approvals and land access plan has been developed, covering a three year period nominally from 2014 to 2016, to ensure the appropriate regulatory approvals are in place prior to the commencement of site early works. The necessary mining lease proposal documentation and supporting environmental baseline work is complete and has been prepared as an appendix to the Pre-Feasibility Study which can be submitted as soon as the project proceeds to Feasibility Study. The development of the exploration decline, a critical part of the Feasibility Study, will be conducted under Retention Issue Date: 15 August 2014 Page 31 of 50

35 Lease 127, which is already approved by all regulators and stakeholders. The Retention Lease 127 is valid for five years. It is recommended, based on project knowledge to date that OZ Minerals pursue an approvals process similar to that followed by the Prominent Hill project. This would involve completing a mining lease proposal with addenda for off lease infrastructure. OZ Minerals has a developed compliance and communications system for recognising permits required, expiry date of existing permits and any communications relating to the legal requirements of the project. This process has been established across Prominent Hill and the Carrapateena Retention Lease and will continue to be followed for the mining lease stage of the project Project Execution Carrapateena, although not unique in its description of an underground mine providing ore to a concentrator, does propose unique challenges. With the top of the ore-body nominally 470 metres below the surface and a block cave mining method, final project execution will be reliant on key information. Through consultation with a number of external geotechnical consultants it has been identified that there is a need for OZ Minerals to gain access to the orebody to accurately define the underground mine design and ore body geotechnical characteristics to support key Feasibility Study outcomes. This work will build on and confirm the already significant body of geotechnical information and analysis to allow fine tuning of the mine layout. With this requirement taken into consideration a tunnel boring machine has been selected to achieve rapid advancement of an early access decline. This machine has been purchased, refitted and is currently in storage in Adelaide allowing immediate activation. Once at depth, several geotechnical parameters will be investigated, including but not limited to stress testing, inspection of rock defect parameters of length, terminations and spacing. Due to the time required to access the orebody and undertake the geotechnical characterisation works it has been proposed that the Feasibility Study be undertaken using the current Pre-Feasibility Study level assumptions pending the detailed orebody data results. As can be seen below in Figure 1-6, there is an 18 month delay between substantial completion of the Feasibility Study and when the geotechnical information is available for final completion of the Feasibility Study. This delay will be utilised to further advance early works engineering and procurement packages. Once the geotechnical characterisation has been completed the collated data will be assessed for any impact it may have on the Feasibility Study outcomes. Upon project approval, and during the mine development phase, engineering, procurement and construction activities will commence for surface infrastructure and processing facilities. Issue Date: 15 August 2014 Page 32 of 50

36 Figure 1-6: Overall Execution Schedule Features The execution schedule has been conceived according to the following key principles. Execution of the Feasibility Study in tandem with orebody access and geotechnical investigations (as described above). Execution of early works following mining lease approval in order to achieve rapid mobilisation following project approval. Infrastructure and process plant design and construction to coincide with the expected earliest date for commissioning. The commissioning date has been selected to allow the mine production rate to build to the point where a concentrate product can be produced at the minimum process plant throughput. The completion of the project is at the point where concentrate is produced at the minimum achievable process plant rate (nominally 60 percent of rated). Mining output then continues to increase until the target 12.4 million tonnes per annum ore production is achieved. Note that all costs associated with operating the infrastructure prior to project completion (preproduction costs) are capitalised prior to project completion in mid-2022, as demonstrated in Figure 1-6. Issue Date: 15 August 2014 Page 33 of 50

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