August 2010WWW.OZMINERALS.COM

OZ MINERALSDIGGERS AND DEALERS

TERRY BURGESS MANAGING DIRECTOR & CEO

OZ MINERALS • PAGE 2

DISCLAIMER

This presentation has been prepared by OZ Minerals Limited (“OZ Minerals”) and consists of written materials/slides for a presentation concerning OZ Minerals. By reviewing/attending this presentation, you agree to be bound by the following conditions.

No representation or warranty, express or implied, is made as to

the fairness, accuracy, or completeness of the information, contained in the presentation or of the views, opinions and conclusions contained in this material. To the maximum extent permitted by law, OZ Minerals and its related bodies corporate

and affiliates, and its respective directors, officers, employees, agents and advisers disclaim any liability (including, without limitation any liability arising from fault or negligence) for any loss or damage arising from any use of this material or its contents, including any error or omission there from, or otherwise arising in connection with it.

Some statements in this presentation relate to the future and are forward looking statements. Such statements may include, but are not limited to, statements with regard to intention, capacity, future production and grades, projections for sales growth, estimated revenues and reserves,

targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels,

the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe”

and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future

and may be outside OZ Mineral’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign

currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation.

Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements and intentions which speak only as at the date of the presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, OZ Minerals does not undertake any obligation to publicly release any updates or revisions to any forward looking statements contained in this presentation, whether as a result of any change in OZ Minerals expectations in relation to them, or any change in events, conditions or circumstances on which any such statement is based.

Certain statistical and other information included in this presentation is sourced from publicly available third party sources and has not been independently verified.

OZ MINERALS • PAGE 3

CHARTING OUR COURSE

Today’s Presentation…

• Diggers and Dealers 2009 –

the beginning of the New OZ Minerals journey.

• Diggers and Dealers 2010 –

Our strategy. What have we achieved?

OZ MINERALS • PAGE 4

STRATEGY

ZERO HARM

FOUNDATION BUILT ON GOVERNANCE

SUPERIOR TOTAL

SHAREHOLDER RETURNS

FOCUS ON COPPER

MAXIMISE POTENTIAL OF ASSETS

BUILD A PROJECT PIPELINE

INVEST IN EXPLORATION

DISCIPLINED CAPITAL

MANAGEMENT

OZ MINERALS • PAGE 5

ASIAN COPPER SELF SUFFICIENCY LOW

Asia: largest net importer of cathode and concentrate, basis 2009/10

-

5,000

10,000

15,000

20,000

Mine production Refining Refined consumption

ktpa

Asia Total world

19%

43%

55%

Custom smelting industry – our market

0%

10%

20%

30%

40%

50%

60%

70%

2002 2003 2004 2005 2006 2007 2008 2009

Cu concentrates Pb concentrates

Crude oil Zn concentrates

China’s dependency ratios of selected raw materials

Source: China customs, CNIA, NBS, Barclays Capital Source: Brook Hunt and CRU

OZ MINERALS • PAGE 6

GROWING CUSTOM SMELTING INDUSTRY – OUR MARKET

China, 6

Japan, 4.5

Sth Korea, 1.5

India, 2.1

Philippines, 0.5

Total smelter production in Asia approx 6.6mt contained Cu

Source: CRU 2009

Year 2008: Major custom smelters, Asia. Actual concentrates demand [Millions tonnes pa]

Year 2014: Major custom smelters, Asia. Forecast concentrates demand [Millions tonnes pa]

Total smelter production in Asia approx 9.6mt contained Cu

China, 12

Japan, 4.8

Sth Korea, 1.6

India, 3.2

Philippines, 0.65

OZ MINERALS • PAGE 7

COPPER MARKET TIGHTNESS

Global Refined Copper Supply/Demand (’000 tonnes)

Source: RBC Capital Markets estimates, Bloomberg, Brook Hunt, ICSG

-1,500

-1,000

-500

0

500

1,000

1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

(000

sto

nnes

)

5,000

8,000

11,000

14,000

17,000

20,000

23,000

(000

sto

nnes

)

Implied Surplus/Deficit (LS) Total Global Supply (RS) Total Global Demand (RS)

Forecast

OZ MINERALS • PAGE 8

COPPER SUPPLY ROUTINELY FALLS SHORTDisruptions (loss from plan) a key factor

0%

-1%

-2%

-3%

-4%

-5%

-6%

-7%

-8%

-9%2004 2005 2006 2007 2008 2009

SxEwConcsPercentage loss

Source: JP Morgan

-530

-24-982

-206

-762

-250

-832

-346

-1080

-379

-620

-176

OZ MINERALS • PAGE 9

Majority of new projects in riskier domains

Future Copper Production - Jurisdiction Balance

0%

10%

20%

30%

40%

50%

60%

70%

80%

LOW MEDIUM HIGH

Control Risk - Risk Assignment

% o

f Pro

duct

ion

Current Production

New Projects

SUPPLY CHALLENGES -

CHANGING JURISDICTIONS

Source, Control Risk, CRU, Teck

OZ MINERALS • PAGE 10

COPPER OPPORTUNITIES –

SUITABLE SCALE FOR OZ MINERALS−

50-150ktpa copper mines are often too small for the major companies

but have significant technical, financial and marketing challenges for smaller companies.

−

50-150ktpa represents a “Window of Opportunity”

for a company of OZ Minerals’

size and capability. Not a lot of other companies compete in this space.

−

Porphyry and IOCG deposits dominate this window and are hence the main exploration and acquisition targets.

Source: OZ Minerals

GLOBAL COPPER DEPOSITS –

EBITDA VS PRODUCTION

Major Companies

OZ MineralsWindow of

Opportunity

OZ MINERALS • PAGE 11

COPPER OPPORTUNITIES –

PREFERRED JURISDICTIONS

Most copper operations and projects, excluding the FSU, are located in low-moderate risk geographical jurisdictions (green & blue) which is mostly where OZ Minerals will focus.

Source: MinEx, MEG, OZ Minerals

Global distribution of copper resources containing>500 kt of copper

OZ MINERALS • PAGE 12

SANDFIRE RESOURCES NL STRATEGIC EQUITY STAKE

Broome

Port Hedland

Perth

Kalgoorlie

MeekatharraDoolgunna

Geraldton

WESTERN AUSTRALIA

WA

• Acquisition of 19.9% strategic stake in Sandfire Resources for ~$100 million.

• Opportunity to acquire from major shareholders/institutional investors.

• DeGrussa copper discovery highly regarded.

• Aligned with OZ Minerals strategy –

copper, high quality asset, low-risk jurisdiction, production potential in OZ Minerals window of opportunity.

• Current resource: 9.6Mt @ 5.5% Cu, 1.8g/t Au (533,000t Cu, 559,000oz Au).

• Recent results continue to confirm prospectivity with discovery of new zone.

OZ MINERALS • PAGE 13

PROMINENT HILL HIGH REGIONAL PROSPECTIVITY−

Large, 7,000km2 tenement area, highly prospective for IOCG deposits –

including JV with IMX Resources.

−

$20 million regional exploration budget 2010.

−

Program of geophysics and drilling on-going.

−

Several broad zones of IOCG-style alteration systems have been intersected with low-grade mineralisation.

−

Large new aeromagnetic/gravity survey (as shown on map) complete, to be followed by ground geophysics and drilling.

6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN6,800,000 mN

6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN6,680,000 mN

6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN6,720,000 mN

6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN6,760,000 mN

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

480,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

520,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

600,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

560,

000

mE

20km

EL

ML

EL

ML

OZ Minerals 100%

ML

OZ Minerals mining lease

IMX exploration lease

IMX Mining lease

Planned airborne gravity gradient (AGG) and magnetic survey area

EL4390

EL3795

EL4283 ML6228

EL4429

EL4429

EL4025

EL4132

EL4429

Prominent Hill

OZ MINERALS • PAGE 14

CAMBODIA –

OKVAU LONG SECTION -

605,000oz INITIAL RESOURCE

CAMBODIA

OAnlong

Phnom Sruoch

O Khlek

Khlok

OChhung

OKvau

PHNOM PENH

100m

•

Advanced gold exploration project.•

605,000oz Resource announced in June 2010.•

Drilling to increase Resource to a target of 2Moz by 2011/2012.

OZ MINERALS • PAGE 15

SAN EDUARDO EXPLORATION JOINT VENTURE – PORPHYRY COPPER TARGET

•

Targeting porphyry copper.

•

2010 program –

mapping -

soil sampling -

magnetic survey -

radiometric survey-

IP survey drilling

•

Azure to manage stage 1.

•

2010 –

minimum expenditure US$300,000.

•

If OZ Minerals elects to continue expenditure of $3million over the next three years will earn the Company 51%.

•

Expenditure of a further $10 million to earn a further 19%.

OZ MINERALS • PAGE 16

PROMINENT HILL

TAILINGS DAM

PIT

ROM PAD

PROCESSING PLANT

VILLAGE

WESTERN COPPER ZONE

AREA

NORTHERN WASTE DUMP

SOUTHERN WASTE DUMP

OZ MINERALS • PAGE 17

PROMINENT HILL –

SUCCESSFUL RAMP-UP NOW IN FULL PRODUCTIONStatus: Ramp-up completed.

Budget 10% above Nameplate capacity.Mine: 55Mtpa open pit, mining contractor

Thiess.Strip ratio: 5-6:1 (waste to ore, tonnes basis).Plant: 8.8Mtpa crush, grind, flotation.Product: High grade (+50% Cu), high quality,

copper concentrate.Remaining mine life: 8 years for open pit.Production 2009: 96,310t contained copper, 75,535oz

gold.H1 copper production:

60,145t

H1 gold production: 90,821oz

H1 C1 cash costs: US49.1c/lb

Copper production guidance 2010-2012:

100,000t to 110,000t contained copper.

Gold production guidance 2010:

140,000oz to 150,000oz gold.

Estimated C1 costs 2010:

US$0.70 –

US$0.80/lb.

Workforce: 725 (including contractors).

Open pit reserves : 75.7Mt @ 1.19% Cu, 0.59g/t Au (0.9Mt Cu, 1.4Moz Au).

Western Copper underground reserves :

4.5Mt @ 2.53% Cu, 0.49g/t Au (115kt Cu, 71koz Au).

Copper-gold resources: 189.7Mt @ 1.32% Cu, 0.5g/t Au (2.5Mt Cu, 2.9 Moz

Au).

Gold only resources: 78.8Mt @ 0.06% Cu, 1.4g/t Au (0.05Mt Cu, 3.4Moz Au).

Western copper underground resources:

10.3Mt @ 1.84% Cu, 0.34g/t Au (189kt Cu, 114koz Au).

OZ MINERALS • PAGE 18

WESTERN COPPER UNDERGROUND MINE •

1.2Mtpa mining/processing.

•

5 year mine life expected.

•

Additional 25,000t/a copper, 12,000oz/a gold.

•

Cash costs < $US1.25/lb.

•

Pre-production capital $135m

•

Mine development to commence October 2010.

•

Full production H2 2012.

•

Will address planned decline in production from 2013 –

maintaining production at close to current levels.

•

Facilitates underground exploration.

OZ MINERALS • PAGE 19

Operation

Exploration

•

Strategy -

Focus on Copper.•

Great potential in Prominent Hill−

Underground underway−

Significant exploration potential.•

Growing our pipeline. •

Exploration is a core business. •

A healthy balance sheet. •

Well placed for opportunities.

SUMMARY -

CHARTING OUR COURSE

Headquarters

AUSTRALIA

Prominent Hill copper-gold

operation

CambodiaMexico

Investor contact:Natalie WorleyHead of Investor & External Relationsnatalie.worley@ozminerals.com