Word search 09801
OZ MINERALS SEES PROMINENT HILL DELIVERING A$190-210MLN YR PROFIT
MELBOURNE, Feb 09, 2010 (AsiaPulse via COMTEX) --
OZ Minerals (ASX:OZL) says its Prominent Hill copper and gold mine in South Australia will likely deliver a net profit of $A190 million (US$164.31 million) to $210 million for calendar 2009.
The mining company, which last year sold almost all its assets to a Chinese state-owned company after becoming mired in debt, also expects mine revenue of $600 million to $620 million for the year.
Prominent Hill, OZ Minerals' sole producing asset, produced 96,000 tonnes of copper and 75,000 ounces of gold at a cost of about 70.7 cents per pound of copper in 2009.
OZ Minerals managing director Terry Burgess said the performance of the mine was excellent.
Its estimated annual earnings before interest, tax, depreciation and amortisation (EBITDA) of $370 million to 390 million and net profit was "an outstanding outcome for the operation in its commissioning year," he said.
The preliminary results come ahead of group audited results due to be released on February 25.
"In 2009 there were significant changes to the company," OZ Minerals said in a statement.
These included the commissioning and ramp up of Prominent Hill, the sale of four of its five operating assets, the sale of a development asset and refinancing and then repayment of all bank loans, it said.
"This high degree of corporate activity, together with the company's variation of functional currency during the year, appears to have contributed to a wide variance in the earnings forecasts produced by broker analysts providing coverage of OZ Minerals, particularly at the level of net profit after tax," the company said.
The company said its net profit after tax from total continuing operations was expected to be between $20 million and $35 million.
Discontinued operations were forecast to post a loss of between $520 million and $555 million, the company said.
As a consolidated entity, OZ Minerals is expected to make a net loss after tax of $500 million to $520 million, it said.
Local state MP Lyn Breuer and the Hon Mike Rann MP, Premier of South Australia at the opening of the Prominent Hill Mine, 24 May 2009
Rev Peter Palmer of Coober Pedy Catacomb Church on hand early on Thursday 26 March as the first delivery of copper-gold concentrate leaves Prominent Hill
Word search 09802
The GDA opens at the Powerhouse Museum, Sydney
The Gemmological Digital Analyser™ (GDA), Sydney Winner of Innovations and Inventions, is on display and is expected to be viewed by half a million people during the year.
The 2010 Engineers Australia Awards exhibition is now open at the Powerhouse Museum, in Sydney, at 500 Harris St Ultimo and is close to Darling Harbour, Chinatown, Central Station (Sydney Terminal), Broadway bus station (Railway Square) and Paddy’s Markets Monorail Station.
The exhibit incorporates an interactive display, including a working turntable alongside five premium opals. The five majestic gems are the Cerulean Rose, Astral Flame, Coral Lotus, Pacific Blaze and the Arctic Fire.
Alongside the exhibit, the Powerhouse Museum has produced an 8-page special report in the Sydney Morning Herald, detailing the GDA™ as well as other innovative
technologies on display. Anyone interested in the GDA™ is urged to visit the Powerhouse Museum to view firsthand the technology and its exciting potential. Celebrating innovation, creativity and technological achievement, the exhibition was officially opened by the President of Engineers Australia Peter Hitchiner and the Head Curator of the Powerhouse Museum.
To find out more about the GDA, visit http://www.gdacertified.com.au/
LEFT: OPAL director Peter Sutton and CSIRO's Leanne Bischof with the Gemmological Digital Analyser
RIGHT: A suction pump holds an opal in place on the stage inside the Gemmological Digital Analyser (GDA)
Word search 09803
MAYOR'S REPORT (Extract, from the DCCP February Agenda)
On the 26th of January I conducted a citizenship ceremony as part of the Australia Day celebrations held at the Old Timers Mine. Congratulations to Mr Gerhard Steiniger who became an Australian citizen on the day. I am led to believe that there are a minimum of three people that want to undertake their citizenshi p ceremonies on Australia Day next year.
I was also assisted by Mr Michael O'Connell, Commissioner for Victims Rights and our Australia Day Ambassador, in conducting an affirmation ceremony. The affirmation ceremony was the first conducted in Coober Pedy and was well received. As a result I will continue to conduct affirmation ceremonies on Australia
Day in the future.
The airport terminal building is well underway and it is quite exciting to see it develop. I urge you all to make a trip out to the airport to see the progress. I am
sure that Billy Bolitho, Tagara's Site Manager, will make you welcome.
We still await the results of Councils grant application to the Federal Government for the new Town Hall/Community Centre. I am hopeful that Council will be
successful with our application and look forward to receiving some good news while away on holidays.
Country University Students Left Confused
Member for Grey Rowan Ramsey has said with university due to start in the next few weeks, thousands of regional students are unable to make informed decisions on study options because the Education Minister Julia Gillard has completely mishandled the legislative process for her failed reforms of Youth Allowance.
"I have been frustrated by the fact that I cannot give conclusive advice on funding mechanisms because we can't predict what the government will do," he said.
"Minister Gillard announced what amounts to a scrapping of Independent Youth Allowance for the regional students in the May budget and then did not even bother to introduce the legislation into Parliament until September. In the end it failed to get approval of both houses before the end of last year.
"Now we've been back in parliament for two weeks, university is about to start and the Minister still has not presented a bill to Parliament. As it stands today, the old rules apply, but the Minister is not even discussing with us what she is prepared to do for country students to ensure the passage of her bill and we have no idea what the future holds.
Commencement of tendering process for development of Peculiar Knob mine
Western Plains Resources Limited (ASX:WPG) advises that it has commenced the tendering process for the development of the Company's flagship Peculiar Knob DSO iron ore mine south of Coober Pedy in South Australia.
The Company intends to begin exporting its marketable products at an initial rate of not less than 2 million tonnes per annum in H2 2011. Tonnages will be finalised once train capacity to the selected port has been settled.
WPG has entered into an MOU agreement with Flinders Ports Pty Ltd for the provision of port services at either Port Adelaide or Port Pirie. Flinders Ports and
WPG are working together on a port study program that will be finished in Q2 2010.
Proverbs chapter 29 verses 1 & 2a: If you get more stubborn every time you are corrected, one day you will be crushed and never recover. Show me a righteous ruler and I will show you a happy people.