OZ Minerals Limited

ASX Release
Results for Announcement to the Market
We have provided this results announcement to the market in accordance with Australian Securities Exchange (ASX) Listing 
Rule 4.2A and Appendix 4E for the Consolidated Entity (OZ Minerals) comprising OZ Minerals Limited (OZ Minerals Limited or 
the ‘Company’) and its controlled entities for the year ending 31 December 2022 (financial year) compared to the year ended 
31 December 2021 (comparative period).
Consolidated results, commentary on results and outlook
31 December 
2022
$m
31 December 
2021
$m
Movement
$m
Movement
%
Revenue
1,920.8
2,095.8
(175.0)
(8.4%)
Profit after tax attributable to OZ Minerals Limited equity holders
207.3
530.7
(323.4)
(60.9%)
The commentary on the consolidated results and outlook, including changes in the state of affairs and likely developments of the 
Consolidated Entity, is set out on pages 10-14 and within the Financial Review section of the Directors’ Report on pages 26-29.
Net tangible assets per share
31 December 2022
$ per share
31 December 2021
$ per share
Net tangible assets per share(a)
9.47
8.98
(a)
Right-of-Use assets are considered intangible assets and excluded from total assets for the net tangible assets calculation
In accordance with Chapter 19 of the ASX Listing Rules, net tangible assets per share represents the total assets less intangible 
assets, less liabilities ranking ahead of, or equally with, ordinary share capital and divided by the number of ordinary shares on 
issue at the end of the year.
Dividends
 
On 22 December 2022, OZ Minerals entered into a SID with BHP, in relation to the proposed acquisition by BHP of all of the issued 
shares in OZ Minerals by scheme of arrangement. The SID permits, subject to certain conditions, OZ Minerals to declare and pay 
OZ Minerals shareholders a special dividend prior to implementation of the Scheme. 
Prior to the Scheme meeting (which is currently expected to be held in mid-April 2023), the Board intends to declare a fully 
franked special dividend of $1.75 per share, such dividend conditional on the Scheme becoming effective. If the Scheme does 
become effective the special dividend will be paid on the date the Scheme is implemented to OZ Minerals shareholders who hold 
OZ Minerals shares on the special dividend record date. The special dividend record date is currently expected to be three days 
before the Scheme record date, with both record dates currently expected to be in late-April 2023.
Assuming the special dividend of $1.75 per share is paid, the consideration payable by BHP under the Scheme will be reduced by 
this amount. OZ Minerals shareholders who hold shares on both the special dividend record date and the Scheme record date will 
receive total consideration of $28.25 per share on the date the Scheme is implemented, with $1.75 being a fully franked special 
dividend paid by OZ Minerals and $26.50 being Scheme Consideration paid by BHP.
As stated above, if the Scheme does not become effective the special dividend will not be paid. In that case, the Board will 
continue to consider the payment of dividends against its current policy of paying sustainable dividends from pre-growth cash 
flow, after taking into consideration the Company’s near term identified capital investment opportunities and maintaining a 
strong balance sheet.
OZ Minerals Limited | ABN: 40 005 482 824 | 2 Hamra Drive, Adelaide Airport, South Australia 5950
T: +61 8 8229 6600 | F: +61 8 8229 6601 | info@ozminerals.com | www.ozminerals.com

ASX Release
Dividends announced or paid since 1 January 2021
Record date
Date of payment
Fully franked
Total dividends
Dividend 
reinvestment plan
cents per share
$m
1 September 2022
16 September 2022
8
26.8
No
25 February 2022
11 March 2022
18
60.2
Yes
24 August 2021
7 September 2021
16(a)
53.3
Yes
12 March 2021
26 March 2021
17
56.4
Yes
(a)
Included a special dividend of 8 cents per share.
Independent auditor’s report
 
The above announcement of the results to the market is based upon the Consolidated Financial Statements and we have included 
the Independent Auditor’s Report to OZ Minerals Limited members in the OZ Minerals’ 2022 Annual Report & Sustainbility Review.
Page 2 of 2
OZ Minerals ASX Release |

Going
what’s possible 
to make lives better
2022 Annual Report and Sustainability Review

Acknowledgement of country
OZ Minerals acknowledges the traditional owners and custodians 
of country throughout Australia and their continuing connection 
to land, waters and community. We pay our respects to the 
people, the cultures and the elders past, present and emerging. 
OZ Minerals’ Adelaide Office is located on Kaurna land, our 
Prominent Hill mine is located on Antakirinja Matu‑Yankunytjatjara 
land, our Carrapateena mine is located on Kokatha land and our 
West Musgrave Project is located on Ngaanyatjarra land.
Cautionary statement
This report contains forward-looking statements that 
relate to our activities, plans and objectives. Actual 
results may significantly differ from these statements, 
depending on a variety of factors. The term ‘material 
topic’ is used for voluntary sustainability reporting 
to describe topics that could affect our sustainability 
performance. By their nature, forward-looking 
statements involve risk and uncertainty because they 
relate to events and circumstances that will occur in the 
future and may be outside OZ Minerals’ control. Given 
these risks and uncertainties, undue reliance should not 
be placed on forward-looking statements.

Contents
2022 Performance Snapshot
04
Message from the Chairman and CEO
06
Strategy
08
Operating Review
10
›	 Prominent Hill
10
›	 Carrapateena
11
›	 West Musgrave
12
›	 Kalkaroo
12
›	 Carajás
13
›	 Gurupi
13
›	 Exploration
14
Governance
15
Directors’ Report
22
Financial Review
26
Risk Management
30
Remuneration Overview and Report
36
Sustainability Review
58
Mineral Resources and Ore Reserves
69
Financial Report
73
Shareholder Information
114
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
3

2022 Performance Snapshot
1.	 On 22 December 2022, OZ Minerals entered into a Scheme Implementation Deed with BHP Lonsdale Investments Pty Ltd (‘BHP’), a wholly owned subsidiary of BHP Group Limited, in 
relation to the proposed acquisition by BHP of all of the issued shares in OZ Minerals by way of scheme of arrangement under the Corporations Act 2001 (Cth) (‘Scheme’). The Scheme 
Implementation Deed permits, subject to certain conditions, OZ Minerals to declare and pay OZ Minerals shareholders a special dividend prior to implementation of the Scheme.
	
Prior to the Scheme meeting (which is currently expected to be held in mid-April 2023), the Board intends to declare a fully franked special dividend of $1.75 per share, such dividend 
conditional on the Scheme becoming effective. If the Scheme does become effective the special dividend will be paid on the date the Scheme is implemented to OZ Minerals 
shareholders who hold OZ Minerals shares on the special dividend record date. The special dividend record date will be three days before the Scheme record date, with both record 
dates currently expected to be in late-April 2023. If the Scheme does not become effective, the special dividend will not be paid. An interim dividend of 8 cents per share, fully franked 
was paid to shareholders on 16 September 2022.
Gold pricing
Copper pricing
2022 
$m
2021 
$m
Group revenue 
1,920.8
2,095.8
EBITDA
692.7
1,162.4
Net depreciation
(347.1)
(366.7)
EBIT
345.6
795.7
Net finance expense
(35.4)
(39.1)
Income tax (expense)
(102.9)
(225.9)
NPAT
207.3
530.7
Dividends per share (cents)
81
25
Full year financial results summary
0
2
4
6
8 $/lb
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Source: LME, Refinitiv
US$/lb
A$/lb
Source: LBMA, Refinitiv
US$/oz
A$/oz
0
1,000
2,000
3,000 $/oz
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
OF COPPER PRODUCED
124,065
TONNES
OF GOLD PRODUCED
211,147
OUNCES
ALL ASSETS
Operating Mine
Study Phase
Exploration
Mine in Construction
Hub
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
4

Stakeholder Value Creation
Details of perfomance can be found throughout this Report and on our website ozminerals.com
 Positive performance 
 Positive progress 
 Further focus required 
 Not yet assessed
1.	 Reflects additional Stakeholder Value Creation Metrics to be measured from 2023.
SHAREHOLDER
SHARE PRICE AND  
DIVIDENDS PAID
Grow share price: measured relative to peer group
Relative to peers over three year period
Sustainable dividend: measured relative to OZL’s dividend track record
Relative to prior year ordinary dividend
BOTTOM HALF OF COST CURVE
Measured relative to global copper producers
Relative to industry cost curve
RESERVE GROWTH
Grow OZL's Reserves: measured relative to OZL’s reserve at the end of previous year
Relative to prior year
GOVERNANCE
Compliance with ASX’s corporate governance principles and recommendations
Relative to Stakeholder expectations 
and governance disclosures
Metric
2022 Performance Criteria
2022 Rating
GOVERNMENT
EMPLOYMENT BY JURISDICTION
Workforce – local / state / out of state / Land Connected and Indigenous Peoples 
(Total workforce, including employees and contractors)
Relative to context and Stakeholder expectations
TAXES AND ROYALTIES
Income tax and Royalties (total and jurisdictions)
Relative to NPAT and Revenue
CAPITAL INVESTMENT
Capital investment
Relative to content spend and Stakeholder 
expectations
EMISSIONS
Scope 1 & 2 emissions intensity (tCO2-e per t Cu Eq)
Relative to our Strategic Aspirations 
and TFCD Roadmap
Absolute Scope 1 & 2 emissions
ENERGY
Renewable energy percentage
Net energy intensity (per t Cu Eq)
LOCAL CONTENT SPEND
Value spent with local suppliers through supply chains
Relative to content spend and Stakeholder 
expectations
COMMUNITY
WORKING WITH 
STAKEHOLDERS 
(COMMUNITY ENGAGEMENT/ 
PARTNERING)
Number and average duration for resolution of concerns, complaints and grievances
Relative to our Context and Stakeholder 
Expectations
Partnering case studies
SOCIAL CONTRIBUTION
Social contribution (quantitative and qualitative)
HUMAN RIGHTS
Modern Slavery Act action plan and implementation and number of incidents 
Relative to our Strategic Aspirations and Modern 
Slavery Roadmap
CULTURAL HERITAGE
Unauthorised cultural heritage breaches
Significant environmental and social incidents
Relative to our Context and Stakeholder 
Expectations
WATER
Water consumed (per t Cu Eq)
Relative to our Context, Strategic Aspirations 
and Stakeholder Expectations
WASTE
Non-mineral waste produced (per t Cu Eq)
LAND AND BIODIVERSITY
Areas (ha) disturbed in high biodiversity conservation areas
WORKFORCE
SAFETY PERFORMANCE
Total Recordable Injury Frequency Rate (TRIFR)
Zero Fatalities
Relative to our year-on-year performance and  
annual performance relative to zero
WORKFORCE ENGAGEMENT
Employee Survey results above industry benchmark
Relative to our Strategic Aspirations 
and Stakeholder Expectations
INCLUSION
Inclusion maturity upward trend
Relative to Peers
DIVERSITY
Diversity of thought and demographic (Total workforce, including employees  
and contractors)
Relative to Peers and our Strategic Aspirations
CUSTOMER
CUSTOMER QUALITY 
SPECIFICATION MET1
Introduced in 2022 and to be measured in 2023
N/A
CONTRACTING1
Introduced in 2022 and to be measured in 2023
N/A
SUPPLIER
NET PROMOTER SCORE
Net Promoter Score (NPS)
Relative to our Context and Stakeholder Expectations
ON TIME PAYMENT
The proportion by number and value of invoices paid on time within payment terms
Relative to Stakeholder Expectations and 
Compliance level
SUPPLIER VALUE BY 
JURISDICTION
OZ Minerals local, state, national, international and total spend
Relative to our Context Statement expectation 
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
5

The year was ultimately dominated by BHP’s proposal to acquire 
OZ Minerals for $28.25 per share by way of scheme of arrangement. 
BHP’s interest in our company is testament to our quality, long 
life assets in quality jurisdictions and, importantly, the agile culture 
of innovation, collaboration and inclusion we are creating. It is 
recognition that we produce minerals that are in strong demand 
for the electrification era.
You will have seen from our announcements that the Board is 
recommending shareholders support the transaction when they vote 
at the Scheme meeting expected to be held in April, in the absence of 
a superior proposal and subject to the independent expert concluding 
and continuing to conclude that the transaction is in the best interests 
of shareholders.
Given the proposed BHP acquisition is in progress, this Report 
and the accompanying Sustainability Review focuses primarily on 
the achievements of 2022. 
In line with the Corporations Act, should the Scheme be implemented 
in line with the current schedule, our current expectation is that an 
OZ Minerals Annual General Meeting (AGM) for the financial year 
ended 31 December 2022 will not be required.
A growth strategy focussed on modern minerals 
Turning now to the past year. We evolved our Strategy from 
Copper to Modern Minerals. Our Strategic Aspirations have also 
evolved to ensure continued value creation for all stakeholders. 
You can read more about our Strategy and Strategic Aspirations 
in the Strategy section of this Report.
While production and cost guidance were revised mid year, following 
a slower first half due to the impacts of COVID-19 absenteeism, 
supply chain disruption and inflationary pressure, we were able to 
draw on our cultural and organisational foundations to recalibrate 
our performance, delivering a strong final quarter and creating 
momentum into 2023.
How we work together towards safe operational 
delivery
Disappointingly, our total recordable injury frequency rate (TRIFR) 
increased to 6.99 compared to 4.40 in 2021. This is attributed to 
a number of factors including workforce turnover, challenging 
underground operating conditions and ramp up in both greenfield 
and brownfield execution activities. A one-day company-wide Safety 
Stop was implemented in August to address the unacceptable trend 
in safety which identified a range of activities to help our people 
refocus on their physical and mental wellbeing and to prioritise 
initiatives to work safely. 
We have been on the journey to embed a culture of inclusion at 
OZ Minerals since 2016 with our How We Work Together behaviours 
as the bedrock of our culture. As we continue to create and embed 
an inclusive environment, and one that says no to bullying, harassment 
and discrimination, an inaugural series of CEO Conversation Circles 
were held across our operations. These focussed on workforce 
experiences of gender equality, inclusion and inappropriate workplace 
behaviours. We are now also publishing deidentified reports of 
the results of investigations into such incidents on our intranet and 
sharing learnings from deidentified incidents in Safety Circles across 
our business. The profile of these and other activities has encouraged 
people to come forward, speak up and call out such behaviour. 
We still have a long way to go but feedback from our teams has 
been encouraging.
Dear shareholders, 
2022 was a defining year for OZ Minerals. 
We made considerable progress on our growth strategy with the West Musgrave copper nickel project 
approved and now in construction and the expansions at both Prominent Hill and Carrapateena well 
underway. We faced adverse weather conditions, supply chain challenges and the effects of over half 
a year of COVID related absenteeism which created a challenging operating environment. 
Message from the Chairman 
and Managing Director & CEO
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
6

Andrew Cole
Managing Director & CEO
Rebecca McGrath
Chairman
2022 Financial and operational highlights 
Achieved
$1.9B
REVENUE
Achieved
$207.3M
NET PROFIT AFTER TAX
Achieved a 
36%
OPERATING MARGIN
Achieved
62.0 cents
EARNINGS PER SHARE
During the year, we:
	› progressed construction of the Prominent Hill Wira Shaft Expansion 
	› progressed the Carrapateena Sub-Level Cave ramp-up, with the 
cave breaking through in December 2022
	› commenced construction on the West Musgrave Project following a 
positive Final Investment Decision, and demonstrated the potential 
technical and commercial opportunity of producing a high quality 
and high-grade Mixed Hydroxide Precipitate product for feed into 
the battery industry 
	› secured an option to acquire the Kalkaroo project in South 
Australia, one of the largest undeveloped copper-gold deposits 
in Australia 
	› delivered strong, operational performance at Pedra Branca, 
which ramped up ahead of schedule 
	› undertook an accelerated program to develop the Santa Lúcia 
Pre‑Feasibility Study
	› improved performance on key Stakeholder Value Creation Metrics 
(page 5)
	› expanded our Educating the Next Generation social contribution 
program adding Shooting Stars, a program supporting Aboriginal 
girls to stay in school, to our existing support of the Clontarf 
Foundation, the Royal Flying Doctors Service and The Smith Family
	› increased overall female workforce (contracting partners and 
employees) participation by 14 per cent and female employee 
leadership by 19 per cent
	› ranked #1 in industry by the Workplace Gender Equality Agency 
for gender pay equity.
It has been a privilege to be on the OZ Minerals journey with you 
over the years. The support of all our stakeholders has helped us 
create a modern mining company where culture is key to delivering 
operational performance and growth, while creating value for all 
our stakeholders. Thank you.
Rebecca McGrath
CHAIRMAN
Adelaide 
February 2023
Andrew Cole
MANAGING DIRECTOR & CEO
Adelaide 
February 2023
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
7

Strategy
Our context
We are a growth company. Our quality, long life, low-cost copper and nickel assets are located in safe and stable jurisdictions. Expansions  
are underway at our major operations, we have a new copper nickel mine in construction, several project studies underway and a strong  
exploration pipeline. 
The world is decarbonising. Copper and nickel are integral to this global energy transition. 
As the use of copper increases over the next 20 years, more than half will be used for clean energy. 
Copper is also the key ingredient for grid infrastructure that will power businesses and homes in the future. 
While we may see short term volatility and demand variations, the medium to long term fundamentals are strong.
Strategy, Strategic Aspirations and The OZWay
We review our Strategy frequently to ensure we are staying in front of mega trends. While we have been focussed on the world’s move towards 
electrification for some time now, as evidenced by our progression of West Musgrave, in 2022 we evolved our Strategy from a ‘copper focus’ 
to encompass ‘modern minerals’. This means our target suite now includes copper and nickel, and we are able to potentially consider other 
electrification era metals in future. 
In 2022, we also evolved our Strategic Aspirations. These revised Aspirations are centred around decarbonisation, digitisation, collaboration 
and a commitment to creating value for all our stakeholders.
Our refreshed Strategic Aspirations sharpen our ‘future focus’ and help us conceptualise where we want to go and how we get there. 
Supporting this, is an ongoing effort to harness strategic alliances and partnerships, which speed up development, reduce costs, reduce risk, 
and effect transformative change much faster than average. 
Over the past eight years we have defined our own way of working, which we call The OZWay. 
The OZWay explains how all the parts of OZ Minerals fit together and every part is designed to help us make value accretive decisions 
and deliver on our Strategic Aspirations. 
It is more than a graphic, as it encapsulates a purpose-driven organisation that at our core, helps people be the best they can be and creates 
value for all our six stakeholder groups as we strive to achieve our purpose of ‘Going beyond what’s possible to make lives better’. 
THE OZWAY
Our Choices
	›
Strategy
	›
Risk Appetite
	›
Value Creation Policies
Our Enablers
	›
Organisational Model
	›
How We Work Together
	›
Process Standards
	›
Performance Standards
Our Work
	›
Plans
	›
Risks
	›
Capability
Our Performance
	›
Learning
	›
Reporting
	›
Stakeholder 
Engagement
Our Context
	›
Macro Environment
	›
Stakeholder Expectations
	›
Laws and Regulations
DEVOLVED
GOING BEYOND WHAT'S POSSIBLE TO MAKE LIVES BETTER
A MODERN MINING COMPANY
WORKFORCE VALUE
COMMUNITY VALUE
GOVERNMENT VALUE
SHAREHOLDER VALUE
CUSTOMER VALUE
SUPPLIER VALUE
OUR 
CONTEXT
OUR 
CHOICES
OUR 
ENABLERS
OUR 
WORK
OUR 
PERFORMANCE
A
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OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
8

PARTNERING
	› We use partnerships or alternative ownership structures that create 
mutual value across all aspects of our work.
	› We support Intellectual Property development by our partners and 
maintain a portfolio of spin-off ventures that create mutual value.
	› We attract and retain the best people who work collaboratively 
at pace and deliver great outcomes.
MODERN 
MINERALS
	› We trade at a premium to the industry, recognised for the quality 
of our people, our culture of superior stakeholder value creation 
and the strength of our portfolio.
	› Our products are desired by every country and are traceable from 
mine to end user.
LEAN AND 
INNOVATIVE
	› Our Traditional Owners and First Nations people are represented in all 
leadership levels across the company.
	› We have a socially diverse workforce and leadership which represents 
the demographics of the communities where we work.
	› We make all our material business decisions using predictive analytics, 
artificial or augmented intelligence and simulation with enough time 
to respond or take action.
	› We have stakeholder agreed, co-developed post closure land use plans 
with zero closure liabilities.
	› We are exceptional at agile value creation; with an 
opportunity‑oriented and feedback focused mindset that sees people 
experiment and scale or, fail fast to learn and develop.
DEVOLVED 
AND AGILE
	› We are a paperless, flexible and virtual organisation where every 
person designs how, where and when they do their work. People are 
matched to work, not roles.
	› We have no people working directly in operational areas from 
exploration to product delivery, enabling the use of automation to 
ensure zero injuries, full production potential and complete flexibility.
	› We take new discoveries to first commercial product in less than 
5 years.
INVESTING 
RESPONSIBILITY
	› We continually achieve top quartile relative Total Shareholder Returns 
every year.
	› We exceed our stakeholders' expectations of value as measured by 
our Stakeholder Value Creation Metrics. Our stakeholders are our 
ambassadors.
	› We have eliminated waste and water from non-renewable sources in 
all our processes.
STRATEGIC ASPIRATIONS
Our Strategic Aspirations are just that, 
‘aspirational’. They paint an ambitious 
and motivational picture of the future we 
strive to achieve for our people and other 
stakeholders. While they may not always be 
achieved and may be dependent on matters 
outside our control, we have found that 
aiming high helps us achieve beyond what 
most would think possible.
VALUE 
CREATION
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Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
9

Prominent Hill Province
 Copper 
 Gold 
 Silver 
Prominent Hill underground mine 
Antakirinja Country, Gawler Craton, South Australia
Prominent Hill is an underground copper, gold and silver mine 
located 650km north-west of Adelaide in the Gawler Craton in 
South Australia which commenced production in 2009. The asset 
was first developed as an open pit mining operation, mining 
first ore in October 2007 and shipping its first concentrate in 
April 2009. 
2022 Highlights 
Construction of the Wira Shaft is underway, and this brownfield expansion will extend 
Prominent Hill’s life of mine to 2038. As part of project optimisation works done in 2022, 
this electric hoisting shaft’s capacity was increased from 6Mtpa to 6.5Mtpa. The increased 
capacity will provide us with optionality to increase Prominent Hill’s annual production rates. 
The shaft headframe is planned for installation in the first half of 2023. 
The Wira Shaft will enable the electrification of the ore haulage system and is one of the 
ways Prominent Hill will achieve the decarbonisation commitments set out in OZ Minerals’ 
Decarbonisation Roadmap. Read more about our Decarbonisation Roadmap in the 
Sustainability Section of this Report. 
In 2022,
55,547 TONNES 
of copper and  
124,843 OUNCES  
of gold were produced, 
at a C1 cost of 129.1 USc/lb 
and All-in Sustaining Cost 
of 204.0 USc/lb
Mineral Resource:
180Mt at 0.9% copper and 
0.8g/t gold1
Ore Reserve:
68Mt at 0.9% copper 
and 0.6g/t gold1
1.	 Please refer to the Mineral Resources and Ore Reserves section (page 69) for full disclosure.
CASE STUDY 
UPPER SPENCER GULF COMPETITIVE CAPABILITY PROGRAM
COVID-19 significantly impacted regional businesses and 
highlighted the criticality of online engagement in minimising 
disruption to their pipelines of work.
Rather than providing short-term, financial crisis assistance, 
Global Maintenance Upper Spencer Gulf (GMUSG) and 
OZ Minerals partnered to deliver the Competitive Capability 
Program (CCP). 
The CCP is a cross-sector, region-wide, capacity-building 
program that delivered hands-on business development 
assistance to 50 businesses across the Upper Spencer Gulf, 
resulting in direct economic benefits for participating businesses. 
It created new capabilities and strengthened networks in 
regional communities and, given its success, was extended for 
an additional 12 months into 2022.
Prominent Hill mine
Operating Review
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
10

Carrapateena Province
 Copper 
 Gold 
 Silver 
Carrapateena underground mine 
Kokatha Country, Gawler Craton, South Australia
1.	 Please refer to the Mineral Resources and Ore Reserves section (page 69) for full disclosure.
Carrapateena is an underground copper, gold and silver mine 
and is located approximately 250km south-east of Prominent 
Hill and 160km north of Port Augusta. Underground mining at 
Carrapateena is by sub-level caving with the operation producing 
first concentrate in December 2019.
In 2022,
57,139 TONNES 
of copper and 
77,630 OUNCES 
of gold were produced 
and a CI cost performance 
of 117.4 USc/lb and All-in 
Sustaining Cost of  
158.1 USc/lb 
was achieved
Mineral Resources:
900Mt at 0.56% copper 
and 0.24g/t gold1
Ore Reserves:
190Mt at 1.1% copper 
and 0.42g/t gold1
CASE STUDY
Two fast charge electric vehicles 
have been developed in partnership 
with ZERO Automotive for use 
throughout 2022. Both vehicles 
are now in use on site and a third 
is expected to arrive in early 2023. 
In addition to this, an order for the 
first component of battery electric 
mining fleet, a Normet charge unit, 
has been placed.
2022 Highlights
At the end of the year, the Carrapateena cave safely propagated to surface, an important 
de‑risking event for the mine. 
Progress was also made on Carrapateena’s transition from a Sub-Level Cave to a Block Cave. 
Converting the bottom half of the Sub-Level Cave to a Block Cave will unlock Carrapateena’s 
potential to be a multigenerational, low quartile cash cost producing province. The base case 
is for Carrapateena to reach a production rate of 12Mtpa from 2028. Block Cave 1 will almost 
double current average production to ~110‑120ktpa of copper and 110-120koz of gold. 
Underground Block Cave decline development has been advancing with the decline now over 
1km vertically below the surface. 
The Tailings Storage Facility main embankment Stage 2 lift was completed ahead of schedule 
and under budget. All future stages of the Tailings Storage Facility will involve upstream lifts. 
Carrapateena mine
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11

Musgrave Province
Open cut mine in development 
 Copper 
 Nickel   
West Musgrave Project 
Ngaanyatjarra Country, Musgrave, Western Australia
The West Musgrave Project is a greenfield copper and nickel project located in the West Musgrave 
Ranges of Western Australia, approximately 1,300km northeast of Perth and 1,400km north‑west 
of Adelaide, near the intersection of the borders of Western Australia, South Australia and the 
Northern Territory. Construction commenced in the December 2022 quarter, and the Project is 
currently targeting first concentrate in the second half of 2025. Annual production is anticipated 
to be approximately 28ktpa of contained nickel and 35ktpa of contained copper over 24 years.
2022 Highlights 
Construction of our fourth mine, West Musgrave, is now underway 
following a positive Final Investment Decision on the $1.7 billion 
Project in September 2022. 
The Feasibility Study released at the same time, identified value uplift 
opportunities which have been embedded in the Project’s design, 
project delivery and operations.
Life of Province opportunities at the West Musgrave Province are 
being explored, to understand optionality within the region, including 
the potential construction of a downstream nickel processing plant 
for Mixed Hydroxide Precipitate (MHP) and near mine expansion for 
the Succoth copper deposit and other exploration targets. 
The MHP study demonstrated the technical and commercial 
opportunity of producing a high quality and high grade MHP product 
for feed into the battery industry. 
Multiple fertile nickel-copper systems have also been identified within 
20km of the West Musgrave mine infrastructure, stretching over a total 
extent of approximately 40km.
In line with our aspiration to use partnerships or alternative ownership 
structures that create mutual value across all aspects of our work, we 
started exploring the potential for a minority selldown of the project 
through a strategic alliance. This generated significant interest but is on 
hold due to the proposed BHP transaction.
Kalkaroo is a study stage copper project in 
South Australia, currently owned 100% by Havilah 
Resources Limited. Havilah Resources Limited 
published a Pre Feasibility Study for the project 
in 2019, featuring a Mineral Resource estimate 
of 245Mt @ 0.45% Cu and 0.41g/t Au and Ore 
Reserve of 100Mt @ 0.47% Cu and 0.44g/t Au.
2022 Highlights 
In 2022, we executed binding agreements with Havilah Resources 
that provides an option to acquire the Kalkaroo Project following a 
study period, and a strategic alliance over the Curnamona Province in 
South Australia focused on new exploration prospects.
During the study period, we focussed on opportunities to 
identify additional value by assessing a range of Modern Mining 
opportunities, innovation, processing improvements and local 
infrastructure that reduce project costs and improve productivity.
CASE STUDY
The Think & Act Differently (TAD) team, powered by 
OZ Minerals is using innovative approaches to understand 
more about the Kalkaroo orebody. This includes the use of 
X-ray technology to digitalise drill core and leveraging the 
global crowd to build an algorithm. 
The Orexplore Technologies team, specialising in X-ray scanning 
for drill core, scanned some of the existing Kalkaroo core in order 
to digitalise it to accelerate and strengthen the development of 
our resource models. 
With this information, TAD will simulate different scenarios 
to mine and process critical mineral orebodies. 
Collaboration is key to our shared success, and we want to 
work with the best minds to design modern mines.
 Copper 
 Gold
Kalkaroo Project 
Ngadjuri/Adnyhamathana Wilkayakali Country, Curnamona, 
South Australia
Kalkaroo Province
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
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Strategy
Operating Review
12

1.	 Please refer to the Mineral Resources and Ore Reserves section (page 69) for full disclosure.
The Carajás Province in Northern Brazil hosts a significant number 
of undeveloped copper-gold deposits. We are pursuing a staged, 
low risk and modest-capital hub approach in the Carajás, where 
each hub would process ore from several nearby satellite mines.
We achieved a significant milestone with the commencement 
of underground mining at Pedra Branca in 2021, the first of the 
intended satellite mines. The asset comprises an underground 
copper and gold mine which ramped-up to full production during 
the June quarter 2022.
2022 Highlights 
CARAJÁS EAST
Despite having experienced the highest rainfall in the region early in 2022, our Carajás East Hub 
advanced well during the year. 
Pedra Branca delivered strong operational performance with multiple stopes now consistently 
in production, as the capability of our underground operators grows and with ongoing plant 
optimisation work. 
An accelerated program was undertaken to progress the Pre-Feasibility Study for Santa Lúcia.
Follow-up drilling during year at the Grota Rica and Tapuia exploration targets, after initial 
encouraging results in 2021, helped us understand further satellite opportunities.
CARAJÁS WEST 
The Carajás West region has historically been underexplored. In 2022, we completed 
an additional drilling programme which, combined with earlier drilling, informed a 
comprehensive update of the estimated Mineral Resource for the Pantera deposit.
In the Carajás East province in 
2022, 11,378 tonnes of copper 
and 8,674 ounces of gold 
were produced at a C1 cost of 
197.1 USc/lb and with an All-in 
Sustaining Cost of 279.5 USc/lb.
Pedra Branca Mineral 
Resources:
18Mt at 1.6% copper 
and 0.41g/t gold1
Ore Reserves:
4.0Mt at 2.0% copper 
and 0.53g/t gold1
Santa Lucia Mineral 
Resources:
5.8Mt at 2.1% copper 
& 0.35g/t gold1
Pantera Mineral Resources:
20Mt at 1.2% copper 
and 0.2g/t gold1
Gurupi Province 
CentroGold Project 
Combined ‘Blanket’ & 
‘Contact’ Mineral Resource;
28Mt at 1.9g/t gold1
The Gurupi Province is located in the state of Maranhão, Brazil 
and contains the CentroGold Project, a proposed open pit gold 
mining operation, comprising two deposits – Blanket and Contact. 
Additionally, once developed, CentroGold would be well placed to 
service nearby deposits such as Chega Tudo and Mandiocal, should 
they prove viable. 
We are intending to commence a Feasibility Study for the 
CentroGold Project once a historical court injunction, in existence 
when we acquired Avanco Resources Limited, is removed.
2022 Highlights
We have since undergone an extensive negotiation and agreement process enabling final 
negotiations on a Land Use Agreement to be progressed and the project to be developed 
once the injunction is lifted (the timing of which cannot be guaranteed). 
In December 2022, the National Institute of Colonization and Agrarian Reform approved the 
land use concession agreement required for progressing the court injunction removal.
 Copper 
 Gold
Maranhão, Brazil
Carajás Province 
 Copper 
 Gold
Carajás East and West Hubs 
Para, Brazil
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13

Exploration
Our exploration portfolio consists of brownfield and greenfield exploration across locations in 
Australia, Brazil and Sweden. Our greenfield exploration activities are generally complemented 
by alliances (e.g. exploration earn-in agreements) and select direct investments in explorers.
2022 Highlights 
Significant mineralisation was intersected in Brazil in the Carajás 
East region, at Grota Rica, Valdomiro and Tapuia supporting the 
Carajás East hub.
We moved to the earn-in stage at the Painirova and Lannavaara 
projects in northern Sweden based on results from diamond 
drillholes completed in the last winter drill season consistent with 
potential for mineralised copper-gold systems of size and grade 
of interest to OZ Minerals. Three further projects, Rockliden, 
Sadjem‑Dokkas and Skellefte are progressing through minimum 
commitment phases. 
Drilling commenced at the Woollogorang project in the Northern 
Territory and the Benmara Project, located in the Barkly Tablelands 
region of the Northern Territory, was added to our exploration 
portfolio with a joint venture targeting sediment-hosted base metal 
deposits with prospectivity for copper and cobalt.
Finally, we withdrew from The Three Ways project with Red Metal 
Ltd in Queensland. We are also in the process of withdrawing from 
the Paraiso project in Peru.
Kalkaroo
West Musgrave Project 
Carajás
Exploration night drilling in Sweden
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
14

Our governance framework, supported by a healthy corporate culture, helps us to deliver on 
our Strategy and enables us to effectively manage risks and assure compliance with legal and 
regulatory requirements.
We are committed to doing business in accordance with high 
standards of corporate governance and creating and delivering 
value across our six stakeholder groups – workforce, community, 
shareholders, governments, suppliers and customers.
The Board has adopted a system of internal controls, a risk 
management framework and corporate governance policies, 
standards and practices, which are designed to support and promote 
the responsible management and conduct of OZ Minerals. Strong 
ethical, environmental and social performance helps us comply with 
regulations and meet or exceed stakeholder expectations.
Our governance practices are aligned with the recommendations 
of the ASX Corporate Governance Council’s Principles 
and Recommendations (4th edition) (ASX Principles and 
Recommendations) throughout the reporting period.
Further information about OZ Minerals’ key governance practices 
and governance materials including our Board and Committee 
charters, policies and standards for the 2022 reporting period is set 
out in OZ Minerals’ Corporate Governance Statement. OZ Minerals’ 
governance materials and Corporate Governance Statement are 
available on the Corporate Governance section of our website 
ozminerals.com under the tab Who We Are/Corporate Governance.
Attendance at Board and Committee meetings (1 January 2022 to 31 December 2022)
Board meetings
Board committee meetings
Audit
People and 
Remuneration
Sustainability
Nomination
A
B
A
B
A
B
A
B
A
B
Director
Rebecca McGrath
26
26
–
–
7
7
–
–
5
5
Andrew Cole
26
26
–
–
–
–
–
–
–
–
Tonianne Dwyer
26
26
6
6
7
7
–
–
–
–
Sarah Ryan
26
26
6
6
–
–
3
3
5
5
Charles Sartain
26
26
6
6
–
–
3
3
5
5
Richard Seville
25
26
–
–
6
7
3
3
–
–
Peter Wasow
26
26
6
6
7
7
–
–
–
–
Note: The Managing Director and CEO and Non-executive Directors who were not Board Committee members also participated in various scheduled Board Committee meetings 
throughout the year.
A The number of meetings attended during the time the Director held office. 
B The number of meetings held during the time the Director held office.
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Board of Directors
Rebecca McGrath
Independent Chairman 
BTP (Hons), MA (App.Sci), FAICD
Appointed: Non-executive Director from 9 November 2010, Chairman from 24 May 2017
Board Committees: People and Remuneration, Nomination (Chairman)
Rebecca is an experienced professional company director and chairman, with substantial international business experience. She spent 25 years 
with BP Plc, where she held various executive positions including Chief Financial Officer Australasia and served as a member of BP’s Executive 
Management Board for Australia and New Zealand.
Rebecca has served as a Director of CSR Limited, Big Sky Credit Union and Incitec Pivot Ltd and as Chairman at Kilfinan Australia. She is a former 
member of the JP Morgan Advisory Council. She has attended executive management programs at Harvard Business School, Cambridge University 
and MIT in Boston.
Listed Company Directorships (last three years)
Macquarie Group Limited and Macquarie Bank Limited (January 2021 – present)
Goodman Group (April 2012 – retiring 28 February 2023)
Incitec Pivot Ltd (September 2011 – December 2020)
Other current Directorships/appointments
Chairman, Investa Wholesale Funds Management Ltd, Investa Commercial Property Fund Holdings and Investa Office Management Holdings Pty Ltd
Chairman, Scania Australia Pty Ltd
President, Victorian Council, Australian Institute of Company Directors
Member, National Board, Australian Institute of Company Directors 
Member, ASIC Corporate Governance Consultative Panel
Andrew Cole
Managing Director & Chief Executive Officer 
BAppSc (Hons) in Geophysics, MAICD, FAusIMM
Appointed: 3 December 2014
Board Committees: Nil
Andrew has 30 years’ experience in exploration and operations in the resources industry. Following exploration geoscientist roles in Australia, 
Canada, United States of America (USA) and Mexico with Rio Tinto Exploration (CRA and Kennecott), Andrew spent 10 years in mine development 
and mine operations with Rio Tinto in Australia, China, Canada and the United Kingdom (UK). During his career at Rio Tinto, Andrew held various 
senior and leadership positions, including General Manager Operations of the Clermont Region Operations, Chief Executive Officer of Chinalco Rio 
Tinto Exploration and Chief Operating Officer of Rio Tinto Iron and Titanium.
Listed Company Directorships (last three years)
Nil
Tonianne Dwyer
Independent Non-executive Director 
BJuris (Hons), LLB (Hons), GAICD
Appointed: 22 March 2017
Board Committees: People and Remuneration (Chairman), Audit
Tonianne is an independent public company Non-executive Director. Tonianne spent over 20 years in investment banking and real estate fund 
management and was a Director of Investment Banking at Societe Generale/Hambros Bank advising on mergers and acquisitions, restructuring and 
refinancing. Tonianne was Head of Fund Management at the LSE listed property company, Quintain Estates and Development plc and was later 
appointed to the Board as an Executive Director. Tonianne is a graduate member of the Australian Institute of Company Directors.
Listed Company Directorships (last three years)
Incitec Pivot Ltd (May 2021 – present) 
ALS Ltd (July 2016 – present)
Dexus Funds Management Limited (August 2011 – October 2022) 
Metcash Limited (June 2014 – June 2021)
Other current Directorships/appointments
Deputy Chancellor, Senate of the University of Queensland 
Director, Sir John Monash Foundation
Governance continued
OZ Minerals
2022 Annual Report
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Message from Chairman and CEO
Strategy
Operating Review
16

Peter Wasow
Independent Non-executive Director 
B. Comm, GradDip (Management), Fellow (CPA Australia)
Appointed: 1 November 2017
Board Committees: Audit (Chairman), People and Remuneration
Peter has extensive experience in the resources sector as both a Senior Executive and Director.
He formerly held the position of CEO & Managing Director of Alumina Limited, an ASX 100 Company, and before that Executive Vice President and 
Chief Financial Officer, Santos Limited. In a 20 year plus career at BHP, he held senior positions including Vice President, Finance and other senior 
roles in Petroleum, Services, Corporate, Steel and Minerals.
Peter is currently a Non-executive Director of Australian Pipeline Limited, the responsible entity of the trusts which comprise the APA Group.
Peter was previously the senior independent Director of the privately held GHD Group, Non-executive Director of Alcoa of Australia Limited, 
AWA Brazil Limitada, AWAC LLC and Non-executive Director of ASX-listed Alumina from 2011 to 2013 and Executive Director from 2014 to 2017.
Peter has also been a member of the Business Council of Australia and Director of the International Aluminium Institute and the Australian 
Petroleum Production & Exploration Association (APPEA).
Listed Company Directorships (last three years)
Australian Pipeline Limited (March 2018 – present)
Charles Sartain
Independent Non-executive Director 
BEng (Mining)(Hons), Hon.DEngin Qld, FAusIMM, FTSE
Appointed: 1 August 2018
Board Committees: Sustainability (Chairman), Audit, Nomination 
Charles has more than 35 years’ international mining industry experience.
He was Chief Executive Officer of Xstrata’s global copper business for nine years from 2004. Prior to that, he held senior executive positions in 
Latin America and Australia including General Manager and President of Minera Alumbrera Ltd in Argentina, General Manager of Ernest Henry 
copper–gold mine and General Manager of Ravenswood Gold Mines in Queensland.
Charles has also served as Chairman of the International Copper Association, a member of the Department of Foreign Affairs and Trade’s Council 
on Australian Latin American Relations, a member of the Senate of the University of Queensland and as a local Councillor of the Dalrymple Shire 
Council in Queensland.
Listed Company Directorships (last three years)
ALS Ltd (February 2015 – present)
Newmont Corporation (April 2019 – April 2020) 
Other current Directorships/appointments
Chairman, Advisory Board of the Sustainable Minerals Institute, University of Queensland 
Chairman of Board, Wesley Medical Research Limited
Board of Directors continued
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Board of Directors continued
Sarah Ryan
Independent Non-executive Director 
BSc (Geology), BSc (Hons I) (Geophysics), PhD (Petroleum Geology and Geophysics), FTSE
Appointed: 17 May 2021
Board Committees: Audit, Sustainability, Nomination
Sarah is an independent public company non-executive director. Sarah’s executive career includes 15 years with leading oilfield technology 
company, Schlumberger, in various positions internationally across research, engineering, manufacturing, operations, marketing and senior 
management.
Sarah was Chief Operating Officer for a private equity backed company in the UK which successfully commercialised innovative oilfield technology, 
before transitioning into investment management, where she was responsible as an equity analyst and later, energy advisor for natural resources 
investments worldwide, based in the USA.
Sarah has undertaken executive education at IMD, Switzerland.
Listed Company Directorships (last three years) 
Aurizon Holdings Limited (December 2019 – present) 
Viva Energy Group Ltd (June 2018 – present) 
Woodside Energy Group Ltd (October 2012 – present) 
Akastor ASA (September 2014 – April 2021)
Other current Directorships/appointments
Director, Future Battery Industries CRC
Fellow, Academy of Technology and Engineering
Chair, Energy Forum, Australian Academy of Technology and Engineering 
Member, Chief Executive Women
Member, ASIC Corporate Governance Consultative Panel
Member, Federal Government Strategic Fleet Taskforce
Richard Seville
Independent Non-executive Director 
BSc (Hons) Mining Geology, MEngSc Rock Engineering, MAusIMM, Associate of the Royal School of Mines
Appointed: 1 November 2019
Board Committees: Sustainability, People and Remuneration
Richard has over 35 years’ experience in the resources sector including 25 years as either Managing Director or Executive Director of various ASX, 
TSX or AIM listed companies.
Richard was the Managing Director and CEO of Allkem Limited (previously Orocobre Limited) for 12 years before stepping down in January 2019. 
He remains on the Board as a Non-executive Director.
Richard is a mining geologist and geotechnical engineer, graduating from the Imperial College London and James Cook University in North 
Queensland. He holds a Bachelor of Science degree with Honours in Mining Geology and a Master of Engineering Science in Rock Engineering.
Listed Company Directorships (last three years)
Chairman, Agrimin Limited (August 2019 – present)
Allkem Limited (previously Orocobre Limited) (April 2007 – present) 
Advantage Lithium Corp (February 2017 – April 2020)
Other current Directorships/appointments
Chairman, Advanced Energy Materials Ltd (1 January 2022 – present)
Governance continued
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2022 Annual Report
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Strategy
Operating Review
18

Executive Leadership Team
Andrew Cole
Managing Director & Chief Executive Officer
Biography available in Board of Directors, refer to page 16.
Warrick Ranson
Chief Financial Officer / Finance & Governance Executive
Appointed: 4 December 2017
Priorities: Warrick leads the Corporate Finance function and has accountability for Forecasting, Planning & Risk; Portfolio Valuation & Economics; 
Assurance; Legal; Accounting & Financial Controls; Tax; and Treasury.
Experience: Warrick has had an extensive career in the Mining industry, including over 18 years at Rio Tinto where he held various senior executive 
financial, commercial and transformation roles. Commencing his career in public practice, more recent roles included Finance Executive of Rio 
Tinto’s Copper product group based in London, Chief Commercial Officer within the Iron Ore product group and Head of Productivity Development 
for Rio Tinto globally.
Prior to joining OZ Minerals, Warrick was with German-headquartered diversified industrial group, thyssenkrupp.
Warrick is a Fellow of the Institute of Chartered Accountants in Australia, a graduate of the Australian Institute of Company Directors, and holds an 
MBA from the University of Oxford.
Matt Reed
Operations Executive
Appointed: 1 September 2021
Priorities: Matt is accountable for operational performance across OZ Minerals including the Prominent Hill, Carrapateena and Carajás assets plus 
associated brownfields projects.
Experience: Matt has over 25 years’ experience in the mining industry. He has held executive roles with Arrium and most recently SIMEC Mining 
where he had exploration to market responsibility for its iron ore and coking coal business. Prior to these positions he held a series of management 
and senior management roles with Arrium, led Matrikon’s Advanced Process Control business in Australia and South East Asia as well as fulfilled 
operational and technical roles within Newcrest Mining and WMC Resources.
Debbie Morrow
Projects Executive
Appointed: 15 August 2022
Priorities: Debbie is responsible for overseeing the development of growth projects, ensuring they deliver value for all stakeholders.
Experience: Debbie brings a breadth of experience from her 20 plus-year career at Woodside where she led large scale and major capital 
construction projects. She also held the role of Vice President Health, Safety, Wellbeing and Environment, where she helped the company achieve 
record safety performance and receive an industry award for environmental excellence.
With several years in corporate leadership roles in the oil & gas industry, Debbie is also a Graduate of the Australian Institute of Company Directors 
and is embarking on her Board career.
Bryan Quinn
Strategy & Growth Executive
Appointed: 11 April 2022
Priorities: Bryan was appointed the Executive responsible for the OZ Minerals strategy, early phase growth options in future facing commodities, 
Mergers, Acquisitions and Divestments, Exploration, and Sales and Marketing.
Experience: Bryan has significant international executive experience across a range of commodities both mining and smelting. Bryan has deep 
operational and commercial expertise in leading businesses and global functions, acquisition and divestments, strategy and specialising in growing, 
building and transforming organisations to their full potential through stakeholder engagement and management. 
Bryan was formerly President of Joint Ventures for BHP from 2016 to 2021 where he was appointed Director and Chair of Samarco, post the 
Fundão dam failure in Brazil. Bryan was also appointed Chairman on the Boards of Cerrejón Coal in Colombia and Antamina Copper in Peru, 
and Non-Executive Director of Resolution in USA. 
Prior to this, Bryan held senior executive roles with BHP, including Global Head of technical functions, Lead for Acquisitions and Divestments, 
Asset President Manganese Australia and West Africa (2010-2014), and General Manager of Operations across BHP’s portfolio. Bryan is currently 
on the Board of Advisors for the Mining and Reservoir Engineering department for the UNSW, of which he is an Alumni.
Bryan holds a BEng Mining (Honours), Master AppFin and completed the Harvard Business School AMP.
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19

Notes: 
Tania Davey stepped off the Executive Leadership Team effective 1 March 2022 and continues in the role of Head of Digital, Robotics & Automation.
Mark Irwin resigned as Projects Executive effective 15 May 2022.
Jose Morea (Head of Projects) stepped into the role of Acting Projects Executive from 15 May 2022 to 15 September 2022.
Executive Leadership Team continued
Fiona Blakely
People Executive
Appointed: 11 February 2019
Priorities: Fiona is responsible for the corporate people and culture strategy.
Experience: Fiona has over 25 years’ multinational experience in organisational development and culture change in international companies 
including Shell, Bausch & Lomb and Lion. Before joining OZ Minerals she ran a leadership development consultancy supporting leaders to drive 
culture change through a focus on their mindsets and behaviours.
Fiona is a Fellow of the Australian HR Institute, an accredited coach with the International Coaching Federation and a member of the Australian 
Adaptive Leadership Institute.
Michelle Ash
Technology Executive
Appointed: 1 March 2022
Priorities: Michelle is accountable for Information and Communications Technology (ICT) including digital, robotics and automation, Mining 
Technology and Transformation.
Experience: Michelle has more than 20 years’ experience in the mining and manufacturing sectors with a focus on business improvement and 
change management.
Most recently, she was CEO of Dassault Systems GEOVIA software division where she led a growth strategy across the company’s Natural Resources 
sector, delivering next-generation solutions through geologic modelling and mining engineering software applications.
Prior to this, Michelle was Chief Innovation Officer at Barrick Gold. 
She is also a Board Member of Global Mining Group and technology start-ups Railveyor and Off World.
Claire Parkinson
Integration Executive
Appointed: 18 October 2021
Priorities: Claire is accountable for guiding significant enterprise-wide change activity, connecting work streams and enhancing the level of 
integration across OZ Minerals.
Experience: Working with OZ Minerals since 2016, Claire has acted in various roles including Head of Corporate Affairs, Innovation Strategy Lead 
and Change Execution Lead.
Starting her career in the Criminal Justice Sector, Claire held roles as Prison Governor and Head of Operations for all London Prisons and Probation. 
Migrating from the UK to Australia in 2011, Claire then headed Justice Sector Reform for South Australia.
Most recently, Claire ran her own strategic advisory company.
Kerrina Chadwick
Corporate Affairs Executive
Appointed: 12 December 2016
Priorities: Kerrina is accountable for managing the company’s strategic approach to internal and external communications, brand, reputation, 
stakeholder engagement including investor relations, social performance, media, government, sustainability and reporting.
Experience: Kerrina has more than 25 years’ experience in Corporate Public Affairs in prominent ASX listed companies including gold miner, 
Newcrest, and at retailer, Coles Group Limited. She began her career in the media followed by a period as a Ministerial advisor. Kerrina is a 
graduate of the AICD.
Governance continued
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2022 Annual Report
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Operating Review
20

Julie Athanasoff
Group Manager Legal & Company Secretary
Appointed: 12 July 2021
Experience: Julie holds a Bachelor of Laws from The University of Western Australia. Prior to joining OZ Minerals, Julie was a corporate advisory 
partner with Gilbert + Tobin and prior to that she was a partner with mining law firm, Blakiston & Crabb.
Julie’s experience spans mergers and acquisitions, equity capital markets, and corporate governance matters, including continuous disclosure, 
director duties, and Corporations Act and ASX listing rules compliance.
Robert Mancini
Head of Legal & Company Secretary
Appointed: 7 April 2021
Experience: Robert has been with the company since 2015. He brings a record of high-level legal and business experience to his role, including 
over 25 years of legal experience and leading in-house legal departments within the resources, oil and gas sector for over 15 years. He holds a 
Bachelor’s degree in both law and commerce. 
During his seven years at OZ Minerals, Robert has built a robust corporate compliance program and provided legal advice and analysis around 
ASX listing rules, contracts, transactions, acquisitions, disputes and employment matters. He also serves as the Lead of the Mineral Resources and 
Ore Reserves Corporate Team and the Continuous Disclosure Corporate Team. Robert works with senior management to advise on business and 
legal issues that shape the company. In 2016, the Doyles Guide, an independent guide to the legal profession in Australia, acknowledged Robert as a 
leading In-House Energy & Resources Lawyer in Australia.
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Directorsʼ Report
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
22
The Directors present their report for OZ Minerals Limited and its controlled entities (OZ Minerals or 
the 'Consolidated Entity') for the financial year ending 31 December 2022 (‘the year’) together with the 
Consolidated Financial Statements for the year. OZ Minerals Limited (OZ Minerals or the ‘Company’) is a 
Company limited by shares that is incorporated and domiciled in Australia.
Directors
The Directors of OZ Minerals Limited in office at any time during or since the end of the 2022 financial year and information on the Directors 
(including qualifications, experience and directorships of listed companies held by the Directors at any time in the last three years); and the 
number of Directors’ meetings held (including meetings of committees of the Board) and the number of meetings attended by each of the 
Directors of OZ Minerals during the financial year are set out under the governance statement on pages 15 to 18.
Principal activities
The principal activities of the Consolidated Entity during the year were the mining and processing of ore containing copper, gold and silver; sales 
of concentrate; undertaking exploration activities and the development of mining projects. For additional information on the activities of the 
Consolidated Entity, refer to the Financial Review section in the Directors’ Report (page 26).
Significant changes in state of affairs
1. Proposed acquisition of all of the issued shares in OZ Minerals by way of scheme of arrangement under the Corporations Act 2001 (Cth) 
('Scheme') by BHP Lonsdale Investments Pty Ltd ('BHP'), a wholly owned subsidiary of BHP Group Limited, with a Scheme Implementation 
Deed signed on 22 December 2022. The Scheme is subject to various conditions including approval by OZ Minerals shareholders at a Scheme 
meeting expected to be held in April 2023
2. Final investment approval to develop fourth operating asset, the West Musgrave copper-nickel project in Western Australia
3. Capacity of Prominent Hill hoisting shaft increased to 6.5Mtpa
4. Carrapateena cave safely propogated to surface
5. Agreed terms with Havilah Resources Limited for the option to acquire the Kalkaroo copper project in South Australia, with a study period of 
up to 18 months to evaluate the potential of the Kalkaroo project. The option period may be extended in certain circumstances, provided the 
option period does not exceed 30 months.
Dividends
The details relating to dividends announced or paid since 1 January 2021 are set out below:
Table 1 – Dividends
Record date
Date of payment
Fully franked
Total dividends
Dividend 
reinvestment 
plan (DRP)
cents per share
$m
1 September 2022
16 September 2022
8
26.8
No
25 February 2022
11 March 2022
18
60.2
Yes
24 August 2021
7 September 2021
16(a)
53.3
Yes
12 March 2021
26 March 2021
17
56.4
Yes
(a)
Included a special dividend of 8 cents per share.
On 22 December 2022, OZ Minerals entered into a Scheme Implementation Deed with BHP Lonsdale Investments Pty Ltd ('BHP'), a wholly 
owned subsidiary of BHP Group Limited, in relation to the proposed acquisition by BHP of all of the issued shares in OZ Minerals by way 
of scheme of arrangement under the Corporations Act 2001 (Cth) ('Scheme'). The Scheme Implementation Deed permits, subject to certain 
conditions, OZ Minerals to declare and pay OZ Minerals shareholders a special dividend prior to implementation of the Scheme.
Prior to the Scheme meeting (which is currently expected to be held in mid-April 2023), the Board intends to declare a fully franked special 
dividend of $1.75 per share, such dividend conditional on the Scheme becoming effective. If the Scheme does become effective the special 
dividend will be paid on the date the Scheme is implemented to OZ Minerals shareholders who hold OZ Minerals shares on the special dividend 
record date. The special dividend record date will be three days before the Scheme record date, with both record dates currently expected to be 
in late-April 2023.
Assuming the special dividend of $1.75 per share is paid, the consideration payable by BHP under the Scheme will be reduced by this amount. 
OZ Minerals shareholders who hold shares on both the special dividend record date and the Scheme record date will receive total consideration 
of $28.25 per share on the date the Scheme is implemented, with $1.75 being a fully franked special dividend paid by OZ Minerals and $26.50 
being Scheme Consideration paid by BHP.
As stated above, if the Scheme does not become effective the special dividend will not be paid. In that case, the Board will continue to consider 
the payment of dividends against its current policy of paying sustainable dividends from pre-growth cash flow, after taking into consideration the 
Company’s near term identified capital investment opportunities and maintaining a strong balance sheet.

Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
23
Directors' interest
Table 2 – Directors’ interests in the ordinary shares of OZ Minerals Limited
Director
Shares number
Rebecca McGrath
56,292
Andrew Cole
917,736
Tonianne Dwyer
19,900
Sarah Ryan
8,500
Charles Sartain
80,000
Richard Seville
16,750
Peter Wasow
20,000
Total
1,119,178
No rights or options over OZ Minerals Limited are held by any of our Non-executive Directors. Our Managing Director and CEO, Andrew Cole, 
holds rights over OZ Minerals Limited shares, granted under the OZ Minerals equity incentive offers. You can find more details about this in our 
Remuneration Report on pages 36 to 57.
Officers
The Executive Leadership Team and Company Secretaries of OZ Minerals Limited in office at any time during the 2022 financial year and their 
qualifications and experience are set out under the governance statement on pages 19 to 21.
Environmental regulation
OZ Minerals and its activities in Australia, Brazil and other international locations are subject to strict environmental regulations. OZ Minerals’ 
operations, development, exploration and concentrate shipping activities operate under various licences and permits under state, federal and 
territory laws in Australia, Brazil and other overseas jurisdictions.
OZ Minerals regularly monitors its compliance with licenses and permits in various ways, including through its own environmental audits as 
well as those conducted by regulatory authorities and other third parties. OZ Minerals uses a documented process to classify and report any 
exceedance of a licence or permit condition as well as any incident reportable to the relevant authorities.
All instances of reportable environmental non-compliance and significant incidents are reviewed by the Executive Leadership Team and the 
Sustainability Committee of the Board as a part of this process. A formal report is also prepared to identify the factors that contributed to the 
incident or non-compliance and the actions taken to prevent any reoccurrence.
During the year, OZ Minerals submitted its energy and emissions report to the Clean Energy Regulator in accordance with the National 
Greenhouse and Energy Reporting Act 2007 (NGER Act). KPMG provided reasonable assurance over OZ Minerals’ energy and emissions report.
KPMG has also provided limited assurance over selected metrics and disclosures made in this document and on the OZ Minerals website with 
reference to the Global Reporting Initiative Standard. KPMG’s assurance report is available on pages 67 to 68.
The Company has not incurred any significant liabilities under any environmental legislation during the financial year.
Insurance and indemnity
During the financial year, OZ Minerals paid premiums with respect to a contract insuring Directors and Officers of the Company and its related 
bodies corporate against certain liabilities incurred while acting in that capacity. The insurance contract prohibits disclosure of the liability’s nature 
and the amount of the insurance premium.
The Company’s Constitution also requires OZ Minerals to provide a full indemnity, to the extent permitted by law, to Officers of the Company or 
its related bodies corporate in relation to all losses, liabilities, costs, charges and expenses incurred by an Officer when acting in that capacity on 
behalf of the Company or a related body corporate.
The Consolidated Entity has granted indemnities under deeds of indemnity with current and former Executive and Non-executive Directors, 
current and former Officers, the former General Counsel (Special Projects), the former Group Treasurers and each employee who was a 
Director or Officer of a controlled entity of the Consolidated Entity, or an associate of the Consolidated Entity, to conform with Rule 10.2 of 
the Constitution.
Each deed of indemnity indemnifies the relevant Director, Officer or employee to the fullest extent permitted by law for liabilities incurred while 
acting as an Officer of OZ Minerals, its related bodies corporate and any associated entity, where such an office is or was held at the request of 
the Company. The Consolidated Entity has a policy that it will, as a general rule, support and hold harmless an employee who, while acting in 
good faith, incurs personal liability to others as a result of working for the Consolidated Entity.
During the year and as at the date of this Directors’ report, no indemnity in favour of a current or former Director or Officer of the Group, or any 
auditor of the Consolidated Entity in their capacity as auditor of the Consolidated Entity, has been called on.
Proceedings on behalf of OZ Minerals Limited
At the date of this Report there are no leave applications or proceedings brought in respect of or on behalf of OZ Minerals Limited under section 
237 of the Corporations Act 2001.

Directorsʼ Report continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
24
Audit and non-audit services
KPMG continues in office as OZ Minerals' external auditor in accordance with the Corporations Act 2001. A copy of the lead auditor’s 
independence declaration is set out on page 74 as required under section 307C of the Corporations Act 2001 and this forms part of the 
Directors’ Report.
OZ Minerals, with the approval of the Audit Committee, may decide to employ the external auditor on assignments additional to their statutory 
audit duties where the auditor’s expertise and experience with the Consolidated Entity are important and where these services do not impair the 
external auditor’s independence.
Table 3 – Amounts paid or payable to the external auditor (KPMG) and its network firms for audit and non-audit services
Audit and review services
$
Audit and review of financial statements - Group
606,200
Total fee for the audit and review services
606,200
Assurance services
Sustainability and NGERS assurance
100,800
Other assurance services
15,000
Total fee for audit, review and assurance services
722,000
Other services
Transaction advisory services
33,200
Total fee
755,200
Following the Audit Committee’s consideration of KPMG providing non-audit services and its subsequent recommendation to the Board, the 
Board is satisfied that provision of the non-audit services is compatible with the general standard of independence for auditors imposed by 
the Corporations Act 2001. The Directors are satisfied that the non-audit services provided by the auditor did not compromise the auditor 
independence requirements of the Corporations Act 2001 because:
›
all non-audit services were reviewed by the Audit Committee to ensure they did not impact the integrity and objectivity of the external 
auditor; and
›
none of the services undermined the general principles relating to auditor independence as set out in APES 110 Code of Ethics for 
Professional Accountants. These include reviewing or auditing the auditor’s own work, acting in a management or a decision-making capacity 
for OZ Minerals or its controlled entities, acting as advocate for the Company or jointly sharing economic risk and rewards.
Matters subsequent to the end of the financial year
There have been no other events that have occurred subsequent to the reporting date that have significantly affected or may significantly affect 
the Consolidated Entity's operations, results of those operations or state of affairs in future years.
Rounding of amounts
The Company is of a kind referred to in ASIC Corporations Instrument 2016/191 (Rounding in Financial/ Directors’ Reports). Amounts in the 
Financial Statements and Directors’ Report have been rounded off in accordance with the Instrument to the nearest million dollars to one
decimal place, or in certain cases, to the nearest dollar. All amounts are in Australian dollars, unless otherwise stated.
Operating and financial review
Our operations are reviewed on pages 10 to 14 and OZ Minerals Risk Management is on pages 30 to 35. These sections and the Financial 
Review (pages 26 to 29) form part of the Operating and Financial Review.
Remuneration report
The Remuneration Report which has been audited by KPMG is set out on pages 36 to 57 and forms part of the Directors’ Report.
Business strategies and prospects for future financial years
The Operating Review on pages 10 to 14 and the Financial Review on pages 26 to 29 of this document set out information on OZ Minerals’ 
business strategies. Information in the Operating Review and the Financial Review is provided to enable shareholders to make an informed 
assessment about the business strategies of OZ Minerals. Information that is likely to result in unreasonable prejudice to OZ Minerals, for 
example, information that is commercially sensitive, confidential or could give a third party a commercial advantage, has not been included.
Other than the information set out in the Operating Review and the Financial Review, information about other likely developments in OZ 
Minerals’ operations and the expected results of these operations in future financial years has not been included.

Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
25
Corporate governance
The Board is committed to achieving and demonstrating the highest standards of corporate governance. The Board continues to refine and 
improve the OZWay Governance Framework and has practices in place to ensure they meet the interests of shareholders. The Corporate 
Governance Section (page 15 to 21), including details of directors and officers and Board meetings attended by Directors during the reporting 
period, forms part of this Directors' Report.
 
Signed in accordance with a resolution of the Directors.
 
Rebecca McGrath
Chairman
22 February 2023
Andrew Cole
Managing Director & CEO
22 February 2023

Financial Review
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
26
OZ Minerals is a modern mining company 
based in South Australia and is listed on the 
Australian Securities Exchange. Our strategy is 
to produce modern minerals from a portfolio 
of long life, low cost mines located in 
safe and stable countries. We are a growth 
company and we seek to create value for 
all our stakeholders: workforce, shareholders, 
communities, governments, customers and 
suppliers. We believe that only when we create 
value for all our stakeholders will we be successful 
and sustainable.
Review of financial results
FINANCIAL REVIEW
OZ Minerals’ Net Profit After Tax (NPAT) for the year was 
$207.3 million compared to $530.7 million for 2021. Net Revenue
was lower due to lower realised AUD copper prices, and lower 
production attributable to a number of one-off events in the first
half of the year including adverse weather, materials handling system 
disruptions at Carrapateena, and COVID related absenteeism. With 
a large proportion of operating costs fixed in nature, the impacts to 
first half production together with inflationary pressures and supply 
chain disruptions resulted in unfavourable unit cost performance. The 
second half demonstrated a much improved production performance 
through programs implemented to address the disrupted first
half, with progressively decreasing COVID absenteeism, a more 
continuous material flow and increased equipment availability leading 
to less constrained processing at Carrapateena, and Prominent Hill’s 
underground operations providing higher copper grades and elevating 
plant performance.
Despite the impact to production and costs, the Company’s 
operating margin for earnings before interest, tax, depreciation, and 
amortisation (EBITDA) was 36 per cent, reflecting the maintenance 
of a strong operating performance despite the challenging operating 
environment in the first half.
Whilst the US dollar copper price remained elevated for most of the 
year, market influences saw it decline late in the second quarter driven 
by concern over the risk of recession due to inflationary pressures. 
The gold price weakened during the first half with rising interest 
rates and a stronger USD, but high inflation and ongoing geopolitical 
risks increased prices in the fourth quarter. With commodity prices 
denominated in USD, the weaker AUD resulted in a marginally lower 
impact on net revenue.
During the year, a significant number of construction and expansion 
activities were undertaken at all our operations as we implement 
our growth strategy, resulting in an increase to our Property, plant 
and equipment balances. The West Musgrave study progressed 
during the year with a positive final investment decision taken in 
September. Construction of Prominent Hill’s Wira Shaft expansion 
and Carrapateena’s Block Cave expansion continued to progress, with 
capital development and other related activities advancing throughout 
the year.
The Company ended the year with a net debt position of 
$253.9 million (cash $136.7 million and debt of $390.6 million)
after investment in growth projects and income tax payments. In 
May 2022, the corporate revolving credit facility was renewed for 
a further five-year period on favourable terms and was increased 
from $483.0 million to $700.0 million, providing an increased liquidity
buffer and further funding flexibility to enable working capital liquidity 
management against revenue flows whilst we invest in our major 
brownfield expansion projects at Carrapateena and Prominent Hill. 
In October 2022 we entered into a new $1.2 billion, 18-month
syndicated term loan facility with a number of our relationship banks 
to support the development of the West Musgrave Project. We made 
cash tax payments of $68.4 million and also paid dividends amounting
to $78.6 million (net of the DRP) to shareholders.
Variance analysis – Net Profit After Tax for the period ended 31 December 2022
$ million
530.7
530.7
(128.1)
(128.1)
(70.3)
(70.3)
34.0
34.0
7.6
7.6
(176.4)
(176.4)
(87.0)
(87.0)
(29.9)
(29.9)
126.7
126.7
207.3
207.3
NPAT for
year ended
31
December
2021
Sales
volume
Sales price
2021 Gold
Hedge
TCRC and
royalties
Production
costs
Exploration
and
corporate
development
Other costs
and income
Tax and
interest
NPAT for
year ended
31
December
2022
0
100
200
300
400
500
600

Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
27
REVENUE
Gross revenue for the year (before treatment charges and refining
costs) was $1,977.1 million, $198.4 million lower than the
comparative period before gold hedging, mainly due to a reduced 
sales volume and weaker copper prices. Contained copper in 
concentrate sold was ~2 per cent (2,900 tonnes) lower while gold 
sold was lower by ~16 per cent (40,200 ounces). The lower gold 
sales were mainly the result of the depletion of high grade gold 
ore stockpiles at Prominent Hill in the prior year. The realised copper 
price in Australian dollars was ~7 per cent lower compared to the 
previous period, with gold ~7 per cent higher. A hedging loss on 
the high-grade gold stockpiles of $34.0 million was recognised within
gross revenue in the prior period.
REALISATION COSTS
Treatment charges and refining costs (TCRCs) were $10.7 million
higher due to lower copper concentrate grades combined with 
increased copper treatment and refining charges. Royalty expense 
decreased by $18.3 million, reflective of the reduced revenue.
PRODUCTION COSTS
Total production costs of concentrate sold were $176.4 million
higher than the comparative period. The increase reflects the 
challenging operating environment with the one-off disruptions in 
the first half, inflationary pressures felt industry wide, and additional 
labour and equipment requirements for production optimisation. 
An extreme weather event during the first quarter and isolated 
conveyor belt failures at Carrapateena led to an increase in mining 
costs with repairs to the materials handling system (including the 
mobilisation of additional underground fleet to truck material to 
surface), and repairs to the Western Access Road. The impact of the 
downtime was partially offset by reduced power usage and running 
costs, together with opportune maintenance scheduling. Operating 
assets experienced COVID related disruptions and absenteeism 
requiring additional support from contractors, increased labour and 
equipment requirements for production optimisation, and industry 
wide inflationary pressures, including uplifts in hourly rates for both 
operator and maintenance crews as pressure amplified from the 
interstate market and turnover rates, and increases to diesel and 
utilities prices. A larger proportion of mining activity was attributed 
to production related activities at Carrapateena, resulting in a higher 
proportion of common costs expensed over capitalised development. 
The prior year result also included a $18.0 million benefit on restating 
ore stockpile values. At the Carajás East Hub, production costs were 
impacted by initial set-up costs for the Antas pit tailings deposition 
and improvements to the Pedra Branca logistics structure, together 
with general increases in insurance premiums and inflation.
EXPLORATION AND CORPORATE DEVELOPMENT
Exploration and corporate development expenditure of $143.3 million
was incurred during the year net of $6.1 million received as part
of the consideration for the Jericho/Eloise Joint Venture divestment. 
This was $87.0 million higher than the comparative period mainly
due to payments relating to the Carajás Hub, the ramping up of 
activity following an easing of COVID related access restrictions to 
some tenements, and Kalkaroo spend of $6.9 million following the
Havilah Resources transaction. Items of expenditure relating to the 
Carajás Hub included:
›
Production based contingent payment for the Pedra Branca mine 
$14.5 million
›
Acquisition costs for the Pantera project $20.3 million
›
Tenement holdings review $16.4 million
›
General exploration and development expenditure $25.6 million.
TAX, INTEREST AND OTHER
Income tax expense of $102.9 million was $123.0 million lower than
the comparative period mainly due to a reduced profit position. 
The net financing expense of $35.4 million marginally decreased by
$3.7 million with the capitalisation of $9.8 million of borrowing costs
related to growth projects with increased utilisation of the corporate 
revolving credit facility over the period. Other expenses and income 
increased by $29.9 million over the comparative period due to lower
foreign exchange gains than the prior year of $12.2 million, an
increase in corporate general and administration costs of $16.7 million
mainly due to the general market increase in insurance premiums and 
costs related to the proposed BHP acquisition, and lower other income 
of $1.0 million.

Financial Review continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
28
Cash flow analysis
Cash balance and cash flow for the period ended 31 December 2022
$ million
215.4
215.4
647.6
647.6
224.5
224.5
(951.0)
(951.0)
0.2
0.2
136.7
136.7
Opening 1 January
2022 cash balance
Operating activities
Financing activities
Investing activities
Effect of exchange
rate changes
Closing 31 December
2022 cash balance
0
300
600
900
1,200
OPERATING CASH FLOWS
Operating cash flows of $647.6 million for the year were
$323.4 million lower than in the comparative period.
Customer receipts during the year were lower by $135.9 million
in line with lower revenues and timing of receivables. Payments to 
suppliers and employees were higher, reflective of a full period of 
ramped up operations at Carrapateena and the Carajás, the impact of 
inflationary pressures, one-off production events in the first half of the 
year and the focus on production optimisation. Higher freight costs 
also contributed to the increase in payments.
Payments for exploration and corporate development increased by 
$46.6 million, reflecting payments made in relation to the Carajás Hub 
and increased exploration activity during the year.
Progressive tax payments were lower than the comparative period 
with lower tax expense for the current year, and the application of a 
deduction under the temporary full expensing provisions announced 
in the 2021 Federal Budget, in so far as it applies to certain assets.
Financing costs included in operating cashflow decreased marginally 
during the year by $3.3 million, mainly due to capitalisation of
$9.8 million of borrowing costs related to growth projects with
increased utilisation of the corporate revolving credit facility over 
the period, and a reduction in lease finance charges on powerline 
infrastructure, offset by new service contracts accounted for as right 
of use assets.
INVESTING CASH FLOWS
Net investing cash flows of $951.0 million were attributable to
investments in our brownfield expansion projects at Carrapateena and 
Prominent Hill, mine development and sustaining capital expenditure 
at all our operations, and investment at West Musgrave. Payments 
incurred included:
›
Carrapateena Plant and Equipment, and mine development costs 
$358.3 million
›
Prominent Hill development $235.5 million
›
West Musgrave costs $165.8 million
›
Sustaining capital expenditure $114.7 million
›
Carajás East capital expenditure $29.8 million
FINANCING ACTIVITIES
Net cash inflows relating to financing activities were $224.5 million,
comprising $375.0 million utilisation of the company’s corporate
revolving credit facility and $15.6 million utilisation of the West
Musgrave syndicated term loan facility; partly offset by $78.6 million
dividend (net of the DRP) paid to shareholders; and $87.5 million in
lease principal repayments.

Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
29
Balance sheet
The total equity of the Group increased by $182.9 million to
$3,912.6 million. The increase was mainly the result of the net profit
performance for the year of $207.3 million, an increase in foreign
currency translation reserve due to the weaker AUD of $30.7 million,
share based payments of $25.8 million; partially offset by dividend
payments of $78.6 million (net of DRP).
The Company ended the year with a net debt position of 
$253.9 million (cash of $136.7 million and borrowings of
$390.6 million) after investment in brownfield and greenfield growth 
projects, net of $375.0 million drawdown on its corporate revolving
credit facility, and $15.6 million drawdown on its West Musgrave
syndicated term loan facility. The Group revolving credit facility 
was extended in May 2022 for a further five years, increasing by 
$217.0 million to $700.0 million, and in October 2022 the Group
entered into a new $1.2 billion, 18-month syndicated term loan
facility to support the development of the West Musgrave Project.
During the year, net operating cashflows were invested in ongoing 
growth projects at Carrapateena, Prominent Hill and West Musgrave; 
investment in Property, Plant and Equipment (PP&E); tax payments; 
and dividend payments to shareholders. The West Musgrave asset 
was reclassified from an exploration asset to a development asset 
triggered by a final investment decision in September. The Group 
had a $56.6 million tax receivable balance following finalisation
of its December 2021 income tax liability and an assessment of 
its eligibility for a deduction under the temporary full expensing 
provisions announced in the 2021 Federal Budget, in so far as it 
applies to certain assets.
Inventories at 31 December 2022 were $359.1 million, a reduction
from the comparative period as stockpiled open pit material continues 
to supplement Prominent Hill's underground production. Trade 
Receivables increased because of timing of shipments.
PP&E and Exploration assets increased during the year due to 
capital expenditure at Carrapateena, continuing capitalisation of 
underground development at Prominent Hill, capitalised West 
Musgrave costs, and general sustaining capital expenditure.
Additional right-of-use (ROU) lease assets and liabilities were 
recognised during the year associated with the recognition of a lease 
in relation to aviation services for a five year period, ending in 2027.
The movement in the net assets of the Company for the year ended 
31 December 2022 is provided below.
Balance sheet movement for the year ended 31 December 2022
$ million
3,729.7
3,729.7
(78.7)
(78.7)
(49.6)
(49.6)
59.5
59.5
759.3
759.3
15.8
15.8
(94.8)
(94.8)
(390.6)
(390.6)
(38.0)
(38.0)
3,912.6
3,912.6
Net Assets
31
December
2021
Cash
Inventory
Trade
Receivables
PP&E and
Exploration
assets
Net lease
and other
assets
Trade
payables
Borrowings
Tax and
other
liabilities
Net Assets
31
December
2022
2,500
3,000
3,500
4,000
4,500
5,000

The Company recognises that timely identification 
and management of opportunities and threats 
are fundamental to sound management and 
superior outcomes for our stakeholder groups. 
OZ Minerals’ operating performance, financial 
results, and Strategy delivery are subject to a 
wide range of risks. 
These risks comprise political, environmental, social, market, 
economic, strategic, and operational factors which create both 
threats and opportunities for the Company. Proactively minimising 
threats and maximising opportunities allows us to manage both 
sides of risk.
The Company manages existing, new and emerging risks as an 
integrated part of our operating environment to minimise adverse 
impacts and optmise beneficial outcomes. Through our Risk 
Management Framework, emphasis is placed on risk-aware decision-
making to deliver our Strategy, and contribute to the achievement 
of value creation for our six stakeholder groups and our Purpose of 
Going beyond what’s possible to make lives better.
Risk management accountability and oversight is a central part of our 
OZWay Governance Framework. The Board, its Committees and the 
Executive Leadership Team oversee risk management. Collectively, 
they are responsible for ensuring the Company maintains an effective 
risk management and internal control environment, with risks 
assessed according to the potential impact on each stakeholder.
Risk management oversight and governance 
The Board sets the Company’s risk appetite and oversees the management framework and effectiveness of the systems of internal 
control and risk management. The Board reviews the Risk Framework and appetite to ensure it remains adequate to identify and 
manage threats and opportunities.
It also reviews and monitors the Material Risks of the Company. Reporting of Material Risks to the Board includes an overview of 
Company risks, a summary of key changes to the risk profile, critical control updates, and the actions implemented to reduce the 
level of uncertainty and improve the manageability of risks. The Board requires the CEO and Executive Leadership to implement a 
system of controls for identifying, assessing, managing, and reporting risks in line with the Risk Management Framework. 
BOARD
MANAGEMENT
The Executive Leadership Team (ELT) is responsible for the effective implementation of the Risk Management Framework and 
system of control for identifying, assessing, managing, and reporting risk across the Company. The ELT reviews, and the CEO 
approves, the risk profile for the organisation and ensures Assets and Corporate Functions embed risk management process, 
practice, and culture into everyday business systems and activities. 
CORPORATE RISK FUNCTION
The Corporate Risk Function supports and champions the implementation of the Risk Management Framework, ensures risk 
management is embedded into core business processes, and builds risk management capability and a risk-aware culture across the 
business. The Corporate Risk Function oversees OZ Minerals’ Risk Management Framework and develops, governs, supports and 
reports on the effective implementation of risk management to the ELT, the Board and its Committees.
BOARD COMMITTEES
Committees review risk management reports covering risks, controls and actions 
to manage risks to the business within their respective remits
AUDIT COMMITTEE
	› Financial reporting
	› Audit
	› Disclosure processes
	› Cyber & digital risk 
	› Internal financial controls
	› Funding 
SUSTAINABILITY COMMITTEE
	› HSEC – Health, 
Safety, Environment 
& Community
	› Social performance 
	› Climate change
	› Cultural heritage
	› Human rights
	› Compliance & Regulation 
PEOPLE & REMUNERATION
	› Performance 
management
	› Company culture
	› Succession planning
	› Rewards & remuneration
	› Diversity & inclusion
NOMINATION COMMITEE
	› Board composition
	› Director & CEO 
succession & 
development 
	› Board performance 
Risk Management
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
30

Risk and control owners apply Process and 
Performance Standards to identify risks, implement 
controls and verify control effectiveness
Statutory and Regulatory 
Audits conducted by third 
parties
Internal Audits conducted in 
accordance with an approved 
Internal Audit Plan
Asset and Corporate Function Leads 
validate first line activities to assure risks 
are managed effectively
IDENTIFY AND IMPLEMENT
ENABLE AND MONITOR
INDEPENDENT THIRD 
LINE ASSURANCE
EXTERNAL 
AUDITS
04
03
02
01
RISK MANAGEMENT
AUDIT AND ASSURANCE
Our risk approach and culture
The Company uses risk management to plan and prioritise our work 
and support key decision making in line with our Risk Management 
Framework at all levels. The Framework enables us to focus 
on informed risk-based work activities that create value for all 
stakeholders, eliminate non-value adding tasks and allow fast and 
calculated decisions to be made at the right level in line with our 
risk appetite. 
In 2022, we initiated a Risk Evolution Project to drive further risk 
maturity across the business. The Project takes a ‘whole-of-system’ 
approach to protect and enhance value to support growth and 
performance. The Project is focused on improving risk maturity 
across the board with further development of risk artefacts, 
processes and outcomes. 
Management is continuing to mature the Company’s approach to 
risk, focussed on developing and owning a top-down (Context) 
and bottom-up (Performance) risk system. Under this system, all 
Performance risks are assessed as risks to the base case reflected in 
our annual Business Plan. A review of Context Risks and draft controls 
formed a core component of the Board Strategy sessions in 2022.
Material risks 
Management undertakes a regular review of the Company’s risks 
and refer outcomes to the Board. Material risks are subsequently 
managed in the context of supporting the successful delivery of 
OZ Minerals' Strategy and Business Plan. 
Discussion of material risks
ADVANCED TECHNOLOGY AND ITS APPLICATION
The rate at which technology is advancing means it is no longer 
a barrier for organisations. This is due to shorter lifecycles, lower 
deployment costs and reduction in Intellectual Property constraints, 
and has resulted in a shift in how technology can be applied by 
organisations to enhance not only what they do, but how they do it. 
For OZ Minerals, taking advantage of the pace of technological 
change has the potential to enable us to: 
	› operate and adapt faster 
	› create greater value faster for our stakeholders 
	› build a culture and workforce that is adaptive, innovative and able 
to continually use emerging technology to improve what we do 
and how we work. 
Technology provides us with an advantage in the short-term, 
if improvements are easily replicated, and a longer-term advantage 
if we are able to disrupt the industry via technological application. 
Technology has also enabled a proactive response to the accelerated 
focus on Environmental, Social and Governance (ESG) themes and is 
recognised as a critical enabler to accelerate our Strategic Aspirations 
of being a data-driven Modern Mining Company that ethically and 
responsibly mines copper and other minerals that contribute to a low 
carbon future. 
Our technology focus and innovative approach include health and 
safety, decarbonisation and electrification, process and decision 
intelligence, automation and ways of working. Our unique innovation 
approach is aimed at attracting the best expertise inside and outside 
the industry sector to find new and efficient ways to solve complex 
challenges while maximising value creation. However, there can be no 
assurance that OZ Minerals will be able to continue to attract or retain 
capable staff to drive innovation.
OZ Minerals operates a four-level line of defense in risk management governance model
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CYBER SECURITY 
The impact of cyber security incidents on privacy in Australia has 
been widely publicised through incidents involving large corporate 
organisations. The exposure of personal data leads to malicious 
activities such as extortion, targeted phishing and identity theft. 
The increasing rate of technology advancement and dependency 
on it, as well as greater accessibility, has resulted in a greater actual 
and potential negative impacts on organisations and individuals. 
The growing volume and sophistication of cyber threats, both locally 
and globally, is increasing the likelihood of compromised data.
The regulatory landscape continues to evolve, placing further 
obligations on organisations. More control is also being given to 
individuals and increasing the penalty regime for organisations who 
experience security breaches.
We recognise that our increasing use of data and digital technology 
is an immediate threat that can result in potential safety, reputation 
and financial harm when things go wrong, either due to malicious 
intent or by accident. We continually monitor for cyber threats and 
have various data loss prevention controls to safeguard data. We 
have also taken significant steps in investment to elevate our control 
strategies for the prevention, detection, response and recovery of 
our digital assets. 
STAKEHOLDER AND SOCIETAL EXPECTATIONS
There are increasing expectations around the quality and method 
of production for both final products and the components along 
their full value chain. 
Furthermore, society now expects companies to deliver financial 
returns and to have net positive impacts on the environment and 
society more broadly.
OZ Minerals and our contracting parties’ performance may directly, 
indirectly or cumulatively adversely impact the social, economic and 
cultural values of stakeholders and communities. This can affect 
access to land and resources, delay approvals and ultimately impact 
the delivery of our Strategy.
Our success depends on how we partner with stakeholders 
to co‑develop specific and fit-for-purpose processes based on 
transparent, fair and informed consent that drives value creation 
for the businesses and the community.
At OZ Minerals, we have begun embedding a higher purpose and 
our unique value creation approach in our governance framework, 
resulting in an opportunity to create greater value and perform above 
expectations of stakeholders. 
CLIMATE CHANGE
The physical and non-physical impacts of climate change may affect 
OZ Minerals’ Assets, our productivity, the markets in which we 
sell our products, and the communities in which we operate. Risks 
related to the physical impacts of climate change include acute risks 
resulting from increased severity of extreme weather events and 
chronic risks resulting from longer-term changes in climate patterns. 
Non-physical risks arise from a variety of policy, regulatory, legal, 
technology, financial and market responses to the challenges posed 
by climate change and the transition to a lower-carbon economy. 
Any changes to government regulation or policy relating to climate 
change, including changes relating to greenhouse gas emissions or 
energy intensive assets, may directly or indirectly impact costs and 
operational efficiency.
Climate change and emissions reductions have continued to increase 
in materiality across the sector, creating a range of opportunities and 
threats. The impacts of climate change and emissions reductions have 
been integrated into our Strategic Aspirations, one of which is to 
produce products that are high purity, support a decarbonising world, 
have a zero carbon footprint and are traceable from mine to end user. 
We continue to work closely with key stakeholders on issues relating 
to climate change and emissions reductions.
OZ Minerals is exposed to some climate related risks within our assets, 
such as a risk to delivery of plans, including against OZ Minerals’ 
stakeholder value creation metrics. The physical impacts of climate 
change continue to manifest rapidly in the form of extreme weather 
events such as increasing temperatures, increasing rainfall and 
flooding. The occurrence of such events could have an adverse effect 
on the operations of the OZ Minerals business.
Decarbonisation represents a strategic opportunity for OZ Minerals. 
We produce copper and nickel, minerals critical for a decarbonising 
world. The opportunity is to responsibly produce these commodities. 
We are actively working on reducing our carbon footprint and 
published our Decarbonisation Roadmap in February 2022 which sets 
out a pathway to a 50 per cent reduction in emissions by 2027 and 
to achieve net zero1 Scope 1 and Scope 2 emissions by 2030. 
WORKFORCE SUPPLY 
Macroeconomic conditions caused by COVID-19 have forced a new 
and accelerated approach to workforce management. There are more 
open roles in major developed economies than there are people 
looking for work, providing leverage for the workforce for the first 
time in many decades. This leverage is enabling the workforce to 
exercise choices in a number of areas. 
Workers are reporting a strong desire to retain control over their 
personal life that flexible hours and remote working during the 
pandemic has given them. They are also more driven towards looking 
for purposeful work in a company that cares with a culture they can 
thrive in.
Labour supply tensions have resulted in significant workforce 
movement in lower paying roles, where there has traditionally been 
stagnant real wage growth. 
1.	 Our approach requires all technically and economically feasible emissions reduction options to be exhausted prior to the application of certificates, in the form of offsets and/or 
renewable energy certificates.
Risk Management continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
32

In addition, some of the employees at OZ Minerals’ Assets are 
represented by labour unions under various collective labour 
agreements. OZ Minerals (or its relevant joint venture partners) may 
not be able to satisfactorily renegotiate collective labour agreements 
when they expire and may face higher wages and changes in 
benefits. In addition, existing labour agreements may not prevent 
strikes or work stoppages in the future, and any strike or other 
work stoppage could have an adverse effect on the operations and 
financial results of OZ Minerals.
A lack of cross-border workers has been exacerbated by higher 
turnover and a net loss of industry knowledge requiring the industry 
to pivot to distributed responsibility and leadership across almost 
all roles while positioning it as an attractive sector for the next 
generation of workers. Societal risks and mental health are similar 
factors. Attracting top talent for the future will require further focus 
on a diverse, inclusive and continuous improvement culture. In 
response, we have adapted our operating model to manage activities 
in a more agile way, increasing flexibility and evolving application 
of our Fly-In-Fly-Out labour pool. 
OZ Minerals has many of the foundational elements in place to be a 
powerful talent attractor due to an existing focus on creating value 
for stakeholders, including our workforce. Responding to the needs 
of the workforce also provides an opportunity for us to challenge 
existing ways of working for the better.
COMMODITY MARKET CYCLE
Commodity markets are influenced by a broad range of 
macroeconomic conditions that can influence trade flows, supply, 
demand and price. Commodity market cycles can have significant 
negative impacts on organisations but can also provide material 
opportunities during peaks, troughs and mid-curve with the cycle. 
An increase in demand for zero emissions energy is expected 
to increase the demand for copper and nickel. The long-term 
commodity price outlooks under the Paris-Agreement goals 
continue to reflect copper and nickel benefiting from the rapid pace 
of electrification, which has been accelerated under the current 
government policy. 
However, threat exposure may increase due to a rise in inflation, 
shortage of critical labour skills and global supply chain costs due 
to the operating environment and geopolitical tensions.
OZ Minerals ensures a resilient, adaptive and high performing business 
to provide an opportunity to make use of commodity cycles with 
the potential to diversify into other strong performing minerals while 
optimising the risk/return trade-off. 
INFLATION, PRODUCTIVITY AND SUPPLY CHAIN
Long term structural trends combined with an increasing rate of 
change has resulted in increased costs globally. As a result of global 
events, short term inflationary cycles are being felt across industries 
with ties to COVID-19 and the Ukraine/Russia war. 
In the short term, OZ Minerals has been impacted by labour shortages 
and increased absenteeism as a result of COVID-19. Input costs have 
been impacted by a range of supply chain factors over the year. 
In the long term, this will be offset by our ability to outperform peers via 
relatively higher productivity achieved through the successful application 
of new technology and leveraging The OZWay. 
GEOPOLITICAL INSTABILITY 
A combination of global and regional geopolitical tensions combined 
with COVID-19 related supply constraints have the potential to 
impact the industry. Threats of trade wars between global leaders, 
the rise of global movements protesting matters from racial injustice 
to climate change to COVID-19 restrictions means the current global 
political environment remains dynamic and fraught with contentious 
issues. Emerging impacts across the mining sector include cost 
inflation and availability of critical labour skills and equipment. 
OZ Mineral’s operations could be adversely affected by government 
actions, political instability or trade restrictions involving countries 
in which it has operational exposures (such as Brazil), investment 
or exploration interests, or into which it makes sales (in particular, 
countries in Asia). These circumstances include, but are not limited to, 
the introduction of, amendment to or changes in the interpretation 
of legislation, guidelines and regulations in relation to mining and 
resources exploration and production, industrial materials processing, 
taxation, the environment, carbon emissions, competition policy, 
export duties, and import duties, tariffs, quotas, bans or restrictions, 
as well as an inability to ensure the security of our assets and people. 
Such actions could impact land access, the granting of licences 
and permits, the approval of project developments and ancillary 
infrastructure requirements, the sale of products, the supply of 
materials, and the cost of compliance. Any such government action 
may require increased capital commitments in order to ensure 
compliance or could delay or even prevent certain operation/activities 
of OZ Minerals. Such actions could therefore have a material adverse 
effect on OZ Minerals’ financial standing.
We continually review availability with our supply partners and 
collectively identify controls to manage our exposure through initiatives 
such as forward ordering and alternative supply options.
OPERATIONAL RISK 
The ability of OZ Minerals to meet operating (including production 
targets) and capital expenditure estimates has uncertainty. These 
uncertainties are more pronounced over a longer period. OZ Minerals’ 
assets and mining operations are subject to uncertainty with respect 
to, among other things, ore tonnes, grade, metallurgical recovery 
and impurities, ground conditions, operational environment, funding 
for development, availability of power supply, regulatory changes, 
accidents, contractual risks and other unforeseen circumstances such 
as unplanned mechanical failure of plant or equipment, cyclones, 
storms, floods, bushfires or other natural disasters, or outbreaks, 
continuations or escalations of disease (including pandemics). 
Costs of production may be affected by a variety of factors, 
including changing waste-to-ore ratios, geotechnical issues, 
unforeseen difficulties associated with power supply, water supply 
and infrastructure, ore grade, metallurgy, labour costs, changes 
to applicable laws and regulations, general inflationary pressures 
and currency exchange rates. OZ Minerals’ revenue could also be 
adversely impacted by increased prices for diesel, reagents and other 
supply chain factors, commodities, increased cost of labour, and 
other input costs. These circumstances could result in OZ Minerals 
not realising its operational or development plans, or in such 
plans costing more than expected, or taking longer to realise than 
expected. Any of these outcomes could have an adverse effect on 
OZ Minerals’ financial and operational performance.
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HEALTH AND SAFETY
There are numerous occupational health and safety risks associated 
with mining processes such as travel to and from remote operations, 
the operation of heavy and complex machinery in challenging 
geographic locations and exposure to hazardous substances. These 
hazards may cause personal injury and/or loss of life to OZ Minerals 
employees, contractors, suppliers, customers or other third parties, 
damage to property and contamination of the environment, which 
may result in the suspension of operations and the imposition of civil 
or criminal penalties, including fines, expenses for remediation and 
claims brought by governmental entities or third parties, as well as 
reputational damage.
BALANCE SHEET, LIQUIDITY AND FUNDING
OZ Minerals’ continued ability to operate our business and effectively 
implement our Business Plan over time will depend in part on our 
ability to raise additional funds for future operations and to repay 
or refinance debts as they fall due. At present, no assurance can be 
given that any such additional financing will be available or that, if 
available, it will be available on terms acceptable to OZ Minerals or 
OZ Minerals’ Shareholders. 
If additional funds are raised through the issue of equity securities, 
the capital raising may be dilutive to OZ Minerals Shareholders (if 
OZ Minerals determines that a pro-rata entitlement offer is not the 
most appropriate method of equity fundraising or shareholders elect 
not to participate in such entitlement offers) and such securities may, 
subject to any requisite shareholder approval, have rights, preferences 
or privileges senior to those currently holding OZ Minerals’ shares. 
While OZ Minerals will be subject to the constraints of the Listing 
Rules regarding the percentage of capital that it is able to issue within 
a 12 month period without shareholder approval (other than where 
exceptions apply), OZ Minerals’ Shareholders at the time may be 
diluted as a result of such issues of OZ Minerals shares. 
OZ Minerals has existing debt facilities. In the future, OZ Minerals may 
need to renegotiate or refinance the terms of these debt facilities or 
may seek further facilities or replacement facilities with alternative 
financiers to satisfy our capital requirements. The terms on which 
debt financiers are willing to offer finance may vary from time to 
time depending on macro-economic conditions, the performance 
of OZ Minerals and an assessment of the risks and intended use of 
funds. Debt finance, if available on terms acceptable to OZ Minerals, 
may involve restrictions on financing and operating activities. 
If sufficient funds are not available from either debt or equity markets 
to satisfy the OZ Minerals’ short, medium or long-term capital 
requirements, when required, this may adversely impact OZ Minerals’ 
operations, financial performance and financial position.
CORPORATE AND REGULATORY COMPLIANCE
Companies engaged in the development and operation of mines 
and related facilities are subject to increased costs, and delays in 
production and other schedules as a result of the need to comply 
with applicable environment and planning laws, regulations and 
permitting requirements. There can be no assurance that approvals 
and permits required to commence construction, development or 
operation of OZ Minerals’ exploration and development projects will 
be obtained. Additional permits, studies and approvals will need 
to be obtained or completed prior to operation of OZ Minerals’ 
exploration and development projects. These may include the 
requirement for environmental impact studies to be conducted 
before permits can be obtained. 
There can be no assurance that OZ Minerals will be able to obtain 
or maintain all necessary licences, approvals and permits that may 
be required to commence construction, development or operation 
of our projects promptly to avoid delays in production and other 
schedules or on terms which enable operations to be conducted 
at economically justifiable costs. 
Company risk categories and material risks
The allocation of our Material Risks against the Company’s primary 
risk categories is shown in the following table. In identifying our 
Material Risks, we have considered the likelihood and potential 
impact of the related events. Key changes to our inherent Material 
Risks during the financial year, primarily due to the external 
environment and ongoing global instability are presented within the 
following table. Changes are determined based on the inherent risk 
before the application of controls and response plans to reflect these 
uncertainties. The Company applies strategic controls and actions to 
prevent, reduce or mitigate downside risk events and increase the 
likelihood of opportunities being realised. 
Risk Management continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
34

Changes to our Material Risks in 2022
GROWTH
PROJECTS
PEOPLE
CORPORATE AFFAIRS
SOCIAL 
PERFORMANCE
SUSTAINABILITY 
& ENVIRONMENT
TECHNOLOGY
FINANCIAL 
MANAGEMENT 
& GOVERNANCE
SUB-CATEGORIES
PRIMARY 
CATEGORY
Financial Planning & 
Forecasting (inc. Cost 
Control)
Balance Sheet, 
Liquidity Funding 
& Insurance  
(incl. credit risk)
Business 
Performance 
Monitoring 
& (internal 
/ external) 
Reporting
Capital 
Allocation & 
Planning
Geopolitical 
Stability / 
Macroeconomics
Tax 
Management
LEGAL
Corporate & 
Regulatory 
Compliance
Bribery & 
Corruption
Contracts & 
Agreements (inc. 
counterparty 
risk)
Litigation
OPERATIONS
Plan Execution & 
Optimisation 
Asset Expansion 
& Augmentation 
(inc. Ops 
Readiness)
Asset & Critical 
Infrastructure 
Integrity & 
Performance
Ops Logistics, 
Supply Chain 
& Procurement
Production 
Planning & 
Forecasting
Orebody 
Knowledge 
(geology, 
geotech., 
hydrology)
Concentrate 
Quality
Health, Safety & 
Wellbeing (inc. 
Fatality Risks)
Employee 
Relations
Strategy Formation, 
Planning & 
Acceleration (inc. 
Competitor & Market 
Intelligence)
Customer 
Expectations, 
Sales & 
Marketing
Joint Ventures 
& Strategic 
Partnerships
Brownfields 
& Provincial 
Exploration
Mergers, 
Acquisitions, 
Divestments & 
(Dis)Integration
Greenfield 
Exploration
Commodity 
Market Cycles & 
Portfolio Returns
Early Studies Strategy 
& Development
Project 
Execution (inc. 
Contractor & 
Partner Strategy)
Advanced 
Studies Strategy 
& Development
Project 
Optimisation
Strategic Sourcing
Organisational 
Culture
Government 
Engagement
Brand & 
Communications 
(Internal & 
External)
Shareholder 
& Market 
Expectations & 
Engagement
Land Access & Tenure 
(inc. Mining Leases)
Cultural Heritage
Human Rights / 
Modern Slavery
Community 
& Societal 
Expectations
Decarbonisation 
& Climate Change 
Adaptation
Closure & 
Rehabilitation
Emissions. 
Water & Waste 
Management
Land & Eco-
System Impacts
Digital Security, 
Data & Privacy 
Management
Digital 
Innovation & 
Transformation
Digital 
Integration / 
Automation & 
Robotics
Digital Systems 
Availability & 
Reliability
Data Integrity 
(Relevancy & 
Accuracy)
Mining 
Value Chain 
Technologies 
(Mineral 
Extraction, 
Processing & 
Energy)
Decreased threat
Increased threat
No material movement
Increased opportunity
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Remuneration Overview and Report
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
36
Letter from the Chair of the People and Remuneration Committee
DEAR SHAREHOLDERS,
On behalf of the Board of Directors, I am pleased to provide you with 
the 2022 Remuneration Report for OZ Minerals.
2022 was a challenging year from an operational perspective with 
adverse weather conditions, supply chain challenges and the effects 
of over a half a year of COVID related absenteeism necessitating a 
revision to production and cost guidance. However, the adaptability 
of our culture and workforce enabled us to recalibrate performance 
and deliver against revised guidance including record group quarterly 
copper production in Q4 with Prominent Hill exceeding its original 
copper guidance for an eighth consecutive year.  Considerable
progress was also made on our growth strategy with the West 
Musgrave copper nickel project approved and now in construction, 
expansions at both Prominent Hill and Carrapateena well underway 
and Pedra Branca mine ramped up to full production ahead 
of schedule.
Our quality long life assets, our demonstrated ability to deliver 
a growth portfolio and our agile culture of innovation and 
collaboration ultimately resulted in the proposal by BHP to acquire 
OZ Minerals for $28.25 per share, marking considerable value creation 
for shareholders.
2022 Stakeholder Value Creation Outcomes
Our focus on value creation for multiple stakeholder groups is a 
key differentiator for OZ Minerals and has been at the core of 
our Strategy since 2015. In 2022 we reviewed the Company’s 
Strategy, evolving our focus from Copper to Modern Minerals, 
adding a sixth stakeholder group of ‘Customers’ and broadening 
our ‘Employee’ stakeholder group to 'Workforce' to reflect the 
importance of all people who contribute directly to OZ Minerals' 
success. Our stakeholder value creation metrics were first published 
in our 2020 Annual & Sustainability Report and inform targets 
in our Executive remuneration framework. They are an important 
performance assessment tool that focusses our work and behaviour 
and support the achievement of our Purpose, Going beyond what’s 
possible to make lives better.
We have shown how our performance against these metrics has 
created value for our stakeholder groups (page 5). 
2022 shareholder value creation highlights:
›
Net Profit After Tax of $207.3m.
›
Interim dividend of 8 cents per share paid in September 2022.  The
Board has not declared a final dividend for 2022 but intends 
to declare a special dividend in connection with the Scheme 
before the Scheme meeting, conditional on the Scheme becoming 
effective. Full details are set out in the Scheme Booklet to be sent
to shareholders in early March.
›
Total shareholder returns of 167% over the 3 year period of 
1 January 2020 to 31 December 2022, finishing the period at the 
85th percentile of our peer group.
›
Advancing our organic growth projects to unlock province 
potential with progression of the Carrapateena Block Cave and 
Prominent Hill Wira Shaft expansions.
›
The acquisition in August of an option to acquire the Kalkaroo 
project, one of the largest undeveloped copper-gold deposits 
in Australia.
›
Commencing construction on the West Musgrave Project following 
a positive Final Investment Decision in September.
›
Ramp up of Pedra Branca ahead of schedule and an accelerated 
study program for the Santa Lucia project.
›
Publication of our Decarbonisation Roadmap and the completion 
of the Scope 3 Reduction Plan which focuses on a data centric, 
multi year phased approach to identifying and mitigating Scope 
3 emissions.
›
An increase in our MSCI ESG rating from 7.9 to 8.5, maintaining 
our classification as AA.
Of course, from a shareholder perspective, the most significant event 
to occur in 2022 was the proposal by BHP to acquire OZ Minerals. 
The Board rejected an initial approach in August at $25 per share 
but following a period of engagement the Board reached agreement 
with BHP to recommend a proposal at $28.25 per share representing 
a premium of 49.3% to the closing share price on 5 August 2022, 
subject to the independent expert concluding and continuing to 
conclude that the transaction is in the best interests of shareholders, 
and there being no superior proposal.
Full details of BHP's proposal will be sent to shareholders in a Scheme 
Booklet in early March ahead of a Shareholder meeting to pass a 
resolution approving the Scheme which is anticipated to be held in 
April 2023.
Remuneration outcomes in 2022
In assessing remuneration outcomes during 2022, the Board believes 
the following outcomes are a strong reflection of the Company’s 
performance and are aligned with the experience of shareholders:
›
Executive salaries were increased as communicated in last year’s 
report, in line with our remuneration philosophy and supported by 
market data.
›
Notwithstanding our notable achievements outlined above, we 
were disappointed that our total recordable injury frequency rate 
(TRIFR) increased from 4.40 in 2021 to 6.99 in 2022.  Whilst there
were several contributing factors (workforce turnover, challenging 
underground operating conditions and a ramp up in both 
greenfield and brownfield execution activities), a deterioration in 
TRIFR is an unacceptable trend and this along with the need 
to revise production and cost guidance is reflected in the score 
of zero for the EBITDA, production and safety components of 
the Company scorecard resulting in a Corporate Performance 
score of 2.18 out of 5. The details can be found in section 
3.2.  The impact of these adjustments is reflected in the Short 
Term Incentive (STI) payments which are also detailed in section 
3.2, demonstrating clear links between business performance and 
remuneration outcomes.
›
Reflecting Company performance and his leadership of OZ 
Minerals through a milestone year, an STI award of 49 per cent 
of his maximum STI opportunity ($771,750), was made to the 
Managing Director & Chief Executive Officer, Andrew Cole.
›
Corporate and individual performances resulted in the award to 
the CFO / Finance & Governance Executive Lead, Warrick Ranson, 
of 63 per cent ($422,100), to the Operations Executive Lead, 
Matthew Reed of 60 per cent ($371,875), to the Strategy & 
Growth Executive Lead Bryan Quinn(1) of 70 per cent ($320,178) 
and to the Projects Executive Lead Debbie Morrow(2) of 67 per 
cent ($157,013) of their maximum STI opportunity. No STI award 
was made to the former Projects Executive Lead Mark Irwin who 
left the business in May 2022. Thirty per cent of the 2022 STI 
awards have been paid in performance rights vesting in normal 
(1)
Mr Quinn was appointed as KMP upon commencement with OZ Minerals on 11 April 2022.
(2)
Ms Morrow was appointed as KMP upon commencement with OZ Minerals on 15 August 2022.

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circumstances after two years. Treatment of these performance 
rights in the event of a change of control is addressed below.
›
The 2020 LTI performance rights vested at 100 per cent in 
December 2022 following top quartile relative Total Shareholder 
Returns (rTSR) (85.71 percentile) and strong All-in Sustaining 
Costs (AISC) performance (132.4 USc/lb) over the three-year 
performance period. This resulted in the vesting of 128,287 
performance rights for Andrew Cole, 49,519 for Warrick Ranson 
and 37,775 for Mark Irwin(1) . Details can be found in section 3.3. 
The one-off grant of 19,296 Performance Rights made in 2021 to 
Mark Irwin lapsed following his departure.
Remuneration changes for 2023
In accordance with our usual practice, during the second half of the 
year, we conducted a review of employee and Executive salaries with 
the Board resolving to approve a Company-wide remuneration review 
of four per cent with effect from 1 January 2023 and for that to apply 
also at Executive level. Accordingly, the Board resolved to increase the
fixed remuneration of:
›
Managing Director & CEO, Andrew Cole, from $1,050,000 
to $1,092,000. Mr Cole's fixed remuneration remains low by 
comparison with peers.
›
CFO / Finance and Governance Executive Lead, Warrick Ranson, 
from $670,000 to $700,000 noting that Mr Ranson received a 
4.5% increase to ensure his remuneration remained in line with 
market peers.
›
Operations Executive Lead, Matthew Reed, from $625,000 
to $650,000.
›
Strategy and Growth Executive Lead, Bryan Quinn, from $630,000 
to $655,000; and
›
Projects Executive Lead, Debbie Morrow, from $620,000 
to $645,000.
Further, in accordance with our remuneration framework and our 
usual practice, Key Management Personnel (KMP) will be issued 
performance rights under 2023–25 LTI offers with vesting measures 
unchanged from 2022 namely, 60 per cent by rTSR and 20 per 
cent by each of AISC and Environment, Social and Governance 
(ESG) performance. Similarly, there will be no changes to the
comparator group.
In October 2022, the Board reviewed Non-executive Directors' fees 
and determined to increase, with effect from 1 January 2023, the 
Board Chair’s fee to $425,000 per annum and the Board base 
fee received by other Non-executive Directors to $160,000 per 
annum, noting that the last increase in these fees was 1 January 
2021. These fee increases will increase overall Board remuneration by
approximately $100,000 per annum representing an overall increase 
of seven per cent.
Remuneration implications of the approval of 
the Scheme
Treatment of all outstanding performance rights in the event of a 
change of control will be addressed in the Scheme Booklet in relation 
to the BHP proposal to be issued to shareholders in early March 2023.
In summary, should the Scheme be approved, it has been agreed 
with BHP that all outstanding performance rights (including those 
issued in relation to outstanding LTI, STI and Performance Rights plans) 
will vest in full but excluding performance rights granted under the 
2023 LTI offer to Executive KMP. In accordance with Accounting 
Standards, a provision has been made in the accounts for 2022 
for the remuneration consequences of the Scheme resulting in an 
incremented charge of $1.7 million in relation to Executive KMP.
Further details are provided in section 5.
In the case of the 2023 STI awards, if the Scheme is approved 
and completes during the 2023 financial year, pro-rata STI awards 
will be assessed and paid on the basis of Company and individual 
performance for the period from 1 January 2023 to the effective date 
of the Scheme.
It has been a privilege to Chair the People & Remuneration Committee 
and see the delivery of continuous value creation for shareholders and 
all stakeholders that OZ Minerals has become recognised for. 
We thank you for your support of OZ Minerals.
Tonianne Dwyer 
Chair 
People & 
Remuneration Committee
22 February 2023
(1)
LTI award pro-rated for period to cessation of employment on 13 May 2022.

Remuneration Overview
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
38
Remuneration to Executive Key Management Personnel (KMP) in 2022
Full details of the audited cost to the Company of Executive KMP remuneration, calculated in accordance with the accounting standards and the 
Corporations Act 2001, are available in section 5 of the Remuneration Report.
The table below (unaudited) which includes details of remuneration actually delivered to Executive KMP in 2022, has been prepared to be 
transparent with our shareholders regarding remuneration outcomes.
The KMP remuneration received in 2022 reflects the Company performance across the year and the more than doubling of the share price over 
the three-year period of the Long Term Incentive Scheme. Shareholders who invested in the Company over the period will have benefited in this 
share price growth alongside Management through the strong alignment of remuneration outcomes with Company performance.
Actual 2022 remuneration paid to Executive Key Management Personnel
Cash Salary
Paid Short 
Term 
Incentives(a)
Vesting 
Deferred 
Short Term
Incentives(b)
Vesting Long 
Term 
Incentives(c)
Contributed 
super-
annuation(d)
Termination 
Benefits
Total 
remuneration
$
$
$
$
$
$
$
Andrew Cole
Managing Director 
& CEO
2022
1,025,570
771,750
512,438
3,581,773
24,430
-
5,915,961
2021
958,138
628,425
709,185
3,762,327
22,631
-
6,080,706
Warrick Ranson
CFO / Finance 
& Governance
Executive Lead
2022
645,570
295,470
219,026
1,382,570
24,430
-
2,567,067
2021
587,369
343,735
363,178
1,500,495
22,631
-
2,817,408
Matthew Reed
Operations 
Executive Lead
2022
596,992
260,313
-
-
24,430
-
881,735
2021
189,108
112,237
-
-
5,892
-
307,237
Bryan Quinn
Strategy and 
Growth Executive(e)
2022
438,962
224,125
-
-
18,538
-
681,625
-
-
-
-
-
-
-
Debbie Morrow
Projects Executive Lead(f)
2022
223,224
109,909
-
-
12,646
-
345,779
-
-
-
-
-
Mark Irwin
Projects Executive Lead(g)
2022
221,639
-
217,179
1,054,678
20,215
580,847
2,094,558
2021
577,369
331,800
324,916
1,447,382
22,631
-
2,704,098
(a)
This amount represents 70 per cent of total STI which was paid in cash for 2022. In addition, 30 per cent of total STI will be granted in performance rights to Mr Ranson (4,535), 
Mr Reed (3,996), Mr Quinn (3,440) and Ms Morrow (1,687), which vest after 2 years provided certain conditions are satisfied (refer section 3.2). If the Scheme of Arrangement 
pursuant to which BHP will acquire all of the shares in OZ Minerals ('Scheme') becomes effective then these perfomance rights will automatically vest and be exercised, and the 
resulting shares will be transferred to BHP under the Scheme in exchange for $28.25 per share. For the Managing Director & CEO, Andrew Cole, the value of his deferred 2022 
STI rights issue has been assessed at $231,525. If the Scheme becomes effective this amount will be paid to Mr Cole in cash. If the Scheme does not become effective, subject 
to shareholder approval being obtained at a general meeting of the Company, this amount will be satisfied via an issue of performance rights in accordance with the OZ Minerals 
Omnibus Incentive Plan Rules ('Plan Rules'). Mark Irwin ceased employment on 13 May 2022 and did not participate in the 2022 STI Plan.
(b)
On 31 December 2022, the 2020 STI vested resulting in the award of 18,029 shares to Mr Cole (see section 3.2) and 7,706 shares to Mr Ranson, and 7,641 shares to Mr Irwin. 
The value of the deferred short term incentives which vested is calculated by multiplying the number of performance rights vested by the volume weighted average price (VWAP) of 
$27.58 over the 20 day trading period 1 December to 30 December 2022 and adding the related equivalent dividends paid.
(c)
On 31 December 2022, the 2020 LTI performance rights vested resulting in the award of 128,287 shares to Mr Cole (see section 3.3) and 49,519 shares to Mr Ranson and 37,775 
shares to Mr Irwin. The value of the long term incentives which vested is calculated by multiplying the number of performance rights vested by the volume weighted average price 
(VWAP) of $27.58 over the 20 day trading period 1 December to 30 December 2022. The performance rights were awarded on the basis of a VWAP (20 trading days from 1 to 
30 January 2020) share price of $10.52.
(d)
Represents direct contributions to superannuation funds based on quarterly contribution limits under Super Guarantee Charge regulations. Amounts greater than the maximum 
superannuation level have been included in cash salary.
(e)
Mr Quinn joined OZ Minerals and became KMP on 11 April 2022.
(f)
Ms Morrow joined OZ Minerals and became KMP on 15 August 2022.
(g)
Mr. Irwin ceased employment with OZ Minerals and as KMP on 13 May 2022. Termination benefits paid in accordance with cessation of employment arrangements.

Remuneration Report
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The Directors of OZ Minerals Limited present the Remuneration Report for the Company and the 
Consolidated Entity for the year ended 31 December 2022. This Remuneration Report forms part of the 
Directors’ Report and has been audited in accordance with the Corporations Act 2001.
1 Key Management Personnel
The Consolidated Entity’s KMP during 2022 are listed in Table 1 and consist of the Non-executive Directors (NED) and Executive KMP who are 
accountable for planning, directing and controlling the affairs of the Company and its controlled entities.
Table 1 – KMP during 2022
Position
Period as KMP during the year
Executive KMP
Andrew Cole
Managing Director & CEO
All of 2022
Warrick Ranson
CFO / Finance & 
Governance Executive
All of 2022
Matthew Reed
Operations Executive
All of 2022
Bryan Quinn
Strategy & Growth Executive
From 11 April 2022
Debbie Morrow
Projects Executive
From 15 August 2022
Mark Irwin
Projects Executive
Until 13 May 2022
Non-executive Directors
Rebecca McGrath
Independent Chairman
All of 2022
Tonianne Dwyer
Independent NED
All of 2022
Peter Wasow
Independent NED
All of 2022
Charles Sartain
Independent NED
All of 2022
Richard Seville
Independent NED
All of 2022
Sarah Ryan
Independent NED
All of 2022
 
2 Remuneration Strategy
2.1 Remuneration Philosophy
OZ Minerals seeks to attract and retain high performing Executives. Our approach to remuneration is to provide Executives with market 
competitive fixed remuneration and to reward outperformance through performance-linked, ‘at risk’ remuneration which is aligned to the 
shareholder experience. Accordingly, we seek to position the fixed remuneration of our Executives at a market competitive level that is informed 
by relevant benchmarks, with the opportunity to earn upper quartile total remuneration for delivering outperformance.

Remuneration Report continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
40
2.2 Remuneration Principles
Our remuneration principles that are set out below (Table 2), demonstrate the linkage between remuneration and the delivery of our business 
strategies and objectives. The overriding business objective is to build value for all our stakeholders with ‘Creating Shared Value’ at the heart of 
the OZ Minerals Strategy.
Table 2 – Remuneration Principles
Business needs and 
market alignment
OZ Minerals’ remuneration framework is focused on achieving our corporate objectives and structured so that 
outcomes are aligned with stakeholder value creation. The framework is informed by market practice.
Simplicity and equity
OZ Minerals’ remuneration philosophy, principles and framework are simple to understand, communicate and 
implement, and are equitable across the Company and its diverse workforce.
Performance and 
reward linkages
A well-designed remuneration framework supports and drives Company and team performance and encourages 
the demonstration of desired behaviours. Performance measures and targets are few in number, outcome-
focused and customised at an individual level to maximise performance, accountability and reward linkages.
Market positioning and 
remuneration mix
Fixed remuneration is set at a competitive level and positioned to take into account the challenges of 
attracting and retaining high performers in business critical roles, particularly in the mining industry. The ‘at-risk’ 
components of remuneration are based on challenging goals designed to incentivise Executives to achieve 
business critical objectives and create stakeholder value including shareholder returns. A substantial portion of 
remuneration is paid in equity and ‘locked in’ to encourage focus on longer term outcomes.
Talent management
The remuneration framework is closely aligned with our performance and talent management frameworks to 
ensure that we appropriately reward employees who deliver upon their role accountabilities and our corporate 
objectives and to engage future leaders.
Governance, transparency 
and communication 
with shareholders
OZ Minerals is committed to developing and maintaining remuneration practices that promote the creation 
of shared value for stakeholders. We openly communicate these practices to shareholders and other relevant 
stakeholders, and will always be within legal, regulatory and industry requirements. The Board has absolute 
discretion to develop, implement and review all aspects of remuneration.
2.3 Remuneration framework
The OZ Minerals Remuneration Framework seeks to attract high performing people to deliver the OZ Minerals Strategy, offering fixed and 
variable (at-risk) pay that incentivises both short term and longer term performance in alignment with business objective to build value for all 
our stakeholders.
Element
Structure
Performance Measures
Link to delivery of 
corporate Strategy
Total Fixed 
Remuneration 
(TFR)
Base cash salary, statutory 
superannuation contributions and salary 
sacrificed benefits (provided that no 
extra cost is incurred by the Company 
for these benefits).
TFR is determined based on 
factors including external market 
benchmarking, relativity to peers and 
individual performance.
Fixed remuneration is set at a 
competitive level to take into account 
the challenges of attracting and retaining 
high performers in business critical roles.
Short Term 
Incentive (STI)
Mix of 70 per cent cash and 30 per cent 
performance rights, with a subsequent 
two-year service period.
STI is determined based on performance 
against challenging, clearly defined
and measurable corporate and 
individual targets.
The short term ‘at-risk’ component of 
remuneration is focused on incentivising 
Executives to achieve business critical 
objectives and demonstrate OZ Minerals’ 
desired ways of working.
Long Term 
Incentive (LTI)
Performance rights with a three-year 
vesting period subject to an additional 
two-year holding lock period.
LTI is assessed against three(a) 
performance hurdles:
›
Relative Total Shareholder Return 
(rTSR):60 per cent
›
All-in Sustaining Costs (AISC): 20 
per cent
›
Environment, Social and Governance 
(ESG) measure: 20 per cent
The long term ‘at-risk’ component of 
remuneration rewards the delivery of 
shareholder returns and a sustainable 
business whilst encouraging decision 
making aligned to long term shareholder 
value creation.
Minimum 
Shareholding 
Requirements 
(MSR)
All Executives are expected to accumulate and hold a minimum level of vested 
shares in OZ Minerals over a reasonable period. There are different shareholding 
requirements for each level of Management, which are expressed as a percentage 
of their TFR.
This requirement increases the sense of 
ownership of the Company amongst our 
Executives and enhances the degree to 
which our reward arrangements align 
the interests of our Executives with the 
shareholder experience.
(a)
Applicable to LTI awards from the 2022 LTI onwards.

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2.4 Review of Executive KMP remuneration
Executive KMP remuneration levels are reviewed annually by the Board with support from the People & Remuneration Committee and 
external remuneration consultants, as required. The review ensures that Executive KMP remuneration remains consistent with the Company’s 
remuneration framework and guiding principles, and considers:
›
the Company’s remuneration philosophy
›
relevant market benchmarks using remuneration survey data from the Australian and global industrial and resources sectors
›
the skills and experience required of each role in order to grade positions accurately and attract high calibre people
›
individual performance against role expectations, set objectives, leadership behaviours and development plans
›
Company Strategy, business plans and budgets.
2.5 Executive KMP remuneration components
2.5.1 Remuneration mix
The mix of fixed and at-risk remuneration varies depending on the role and grading of Executives as well as the performance of the Company 
and individual Executives. More senior positions have a greater proportion of at-risk remuneration. If ‘at target’ and ‘at maximum’ at-risk 
remuneration is earned, the ratios of fixed to at-risk remuneration for KMP would be as follows.
Remuneration mix at Target
28%
28%
38%
38%
30%
30%
27%
27%
42%
42%
35%
35%
Fixed
STI
LTI
Managing Director & CEO
Other Executive KMP
Remuneration mix at Maximum
24%
24%
34%
34%
38%
38%
34%
34%
38%
38%
32%
32%
Fixed
STI
LTI
Managing Director & CEO
Other Executive KMP
2.5.2 Total fixed remuneration (TFR)
What is included in TFR?
An Executive KMP’s TFR comprises salary, certain other benefits (including statutory superannuation contributions) and salary sacrificed benefits
(provided that no extra cost is incurred by the Company for these benefits).
When and how is TFR reviewed?
TFR is reviewed annually. Any adjustments to the TFR for the Managing Director & CEO and other Executive KMP must be approved by the Board 
after recommendations from the People & Remuneration Committee. Market benchmarking of Executive remuneration was conducted in 2022, 
mindful of the need to continue to retain our key employees in a competitive market and operating environment, whilst staying alert to the 
impact of commodity cycle pricing.
Are there any changes to how TFR is determined?
No changes to our approach to determine TFR were implemented in 2022. We will continue to review our Executive remuneration levels annually 
to ensure pay levels remain competitive to attract, motivate and retain the best talent for OZ Minerals.
2.5.3 Short term incentive (STI)
Why does the Board consider that a STI is an appropriate element of remuneration?
The purpose of the STI is to ensure that the award of a significant proportion of the total reward package is subject to meeting various targets 
linked to OZ Minerals’ business objectives.
The STI is considered to be an appropriate component of the total reward package as it:
›
rewards Executives who contribute to OZ Minerals' success during the performance year
›
ensures that a significant portion of the total remuneration package is linked to the achievement of various targets linked to OZ Minerals'
corporate performance, business objectives and value creation for all stakeholders
›
avoids the necessity of much higher levels of TFR and is designed to focus and motivate employees to achieve outcomes which deliver the
Company Strategy
›
through its STI funding approach, provides OZ Minerals with the flexibility to manage the overall cost of the STI and remuneration in line with
the achievement of corporate performance outcomes.

Remuneration Report continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
42
In addition, a reward structure that provides variable performance-based remuneration is also a necessary component of a competitive 
remuneration package in the Australian and broader global marketplace for Executives.
OZ Minerals reviews the STI annually to ensure it remains aligned to market practice and continues to incentivise participants in alignment with 
Company strategy and business objectives.
How is Performance assessed?
In 2022 performance was assessed across objectives and targets in the following categories: (a) Company Goals, (b) Individual Goals and (c) our 
How We Work Together (HWWT) principles.
The Company Goals in 2022 determined 80 per cent of the STI award for the Managing Director & CEO with Individual Goals determining the 
balance of 20 per cent. The Company Goals determined 50 per cent of the STI award for the other Executive KMP with the balance determined 
by attainment of Individual Goals (25 per cent) and the demonstration of behaviours exemplifying the Company’s HWWT principles (25 per cent). 
This is consistent with prior years.
Company Goals are set through a robust process that cascades our Stakeholder Value Creation Metrics and overall annual business plan into 
a series of Company priorities with detailed goals and measurable objectives defining threshold, on-target and maximum rating achievement. 
Once Company Goals are approved by the Board each January they are cascaded into Board approved Individual Goals for each Executive KMP, 
ensuring alignment of focus throughout the organisation. The table below shows a summary of the goals and objectives set for the Company 
and individual KMP and demonstrates how they align to our Stakeholder Value Creation Metrics.
Table 3.1 – Goals in 2022 that applied to current KMP
% of Target STI
Managing Director 
& CEO
CFO/ Finance and 
Governance 
Executive
Operations 
Executive
Strategy & 
Growth Executive
Projects Executive
Company Goals 
Common to all KMP - 
See Table 5
80
50
50
50
50
Individual Goals
Shareholder Value
Strategy refresh
Portfolio 
rationalisation
Organic and 
inorganic growth
Financial 
performance and 
value maximisation
Business Plan
Business improvement 
programs
Execution of 
Prominent Hill, 
Carrapateena 
and West 
Musgrave projects
Organic and 
inorganic growth
West Musgrave FID 
and commencement 
of construction
Projects 
portfolio execution
Government Value
Decarbonisation and 
clean concentrate
Value creation metrics
Decarbonisation and 
clean concentrate
Autonomous 
operations roadmaps
Net Zero pathway
Stakeholder value 
creation investment 
framework
West Musgrave 
ESG roadmaps
Community Value
Supplier Value
Employee Value
Safety
Culture, capability 
and capacity
Zero tolerance
Safety
Team culture, 
capability and capacity
Safety
Zero tolerance
Systematisation 
of devolved 
operating model
Safety
Team culture, 
capability 
and capacity
Safety
Inclusion & Diversity
Cultural 
awareness capability
Individual Goals
20
25
25
25
25
HWWT
The How We Work 
Together principles are 
the same for all 
Executive KMP and they 
are based on the 
following elements:
Thinking and acting differently
Building a culture of respect that enables our people to succeed
Focusing on partnerships and collaboration, not hierarchy
Delivering superior results through effective planning and agile deployment
Doing what we say we will do and taking action
Acting with integrity and engaging with our stakeholders
HWWT
Part of 
Individual Goals
25
25
25
25
Total
100
100
100
100
100

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Is there an overriding financial performance condition or other condition?
Yes. The availability and funding of the STI pool is at the discretion of the Board, which takes into account the interests of the Company and 
shareholders. In its discretion, the Board can choose not to pay or reduce the amount of the STI awards otherwise payable.
How is the STI structured to reward exceptional performance?
›
The STI is designed to reward Executive KMP for the achievement of identified objectives any point in between threshold and maximum 
performance levels.
›
Threshold performance represents the minimum level of performance required for an STI award to be paid.
›
Target performance represents the achievement of planned or budgeted performance, set at a challenging level.
›
Maximum performance represents outstanding performance, set at a stretch level.
What is the value of the STI opportunity?
Table 3.2 – The Target and Maximum STI reward opportunity for Executive KMP in 2022
Executive KMP
STI at Target(a) as % of TFR
Maximum STI as % of TFR
Andrew Cole
105
150
Warrick Ranson
70
100
Matthew Reed
70
100
Bryan Quinn(b)
70
100
Debbie Morrow(c)
70
100
(a)
Annualised STI target.
(b)
Mr Quinn became KMP on 11 April 2022.
(c)
Ms Morrow became KMP on 15 August 2022.
How is STI assessed?
Company Goals: Comprehensive data against each separate measure within the Company Goals is collated and reviewed by the People & 
Remuneration Committee and the Board to assess the performance of the Company against the Company Goals and determine a rating for the 
Company Goal element of the STI.
Individual Goals: The People & Remuneration Committee and Board assess the performance of the Managing Director & CEO for achievement 
against his agreed individual performance targets and objectives and determine a rating for the Individual Goal element of his STI.
The Managing Director & CEO assesses the performance of each Executive KMP throughout the year for achievement against their 
individual performance targets and objectives and arrives at a summary year end assessment for discussion with the People & Remuneration 
Committee and the Board. The Board also reviews the performance assessment of all other Executives who report directly to the Managing 
Director & CEO, with a view to understanding, endorsing and/or discussing individual circumstances, performance, leadership behaviours and 
future development.
What happens to STI awards when an Executive ceases employment?
If the cessation of employment is due to resignation, performance reasons, or as a result of gross misconduct, the Executive will not be eligible 
to receive any STI award in the year of cessation of employment. If an Executive KMP ceases employment with OZ Minerals as a result of 
retrenchment, retirement, permanent incapacity or death and subject to the Executive’s contract and Board approval, the STI may be granted on 
a pro rata basis in relation to the period of service completed. If an Executive leaves as a Good Leaver, performance rights unvested remain on 
foot to vest in the normal course.
How is the STI settled?
70 per cent of STI is paid in cash and 30 per cent of STI is awarded in performance rights which vest, subject to fulfillment of a further service 
condition of an additional two years with the Company.
Have the arrangements changed from last year?
No.
2.5.4 Long term incentive (LTI)
Why does the Board consider that a LTI is an appropriate element of remuneration?
It is the view of the Board that an appropriately structured LTI:
›
focuses and motivates Executives to achieve superior longer term performance outcomes
›
ensures that business decisions and strategic planning take into account the Company’s long term performance
›
is consistent with contemporary remuneration governance standards and guidelines
›
is consistent and competitive with current practices across comparable companies
›
creates an ownership mindset among the Executives, aligning them with shareholders by linking a substantial portion of their potential total 
reward to OZ Minerals’ shareholder returns.
How is the award delivered?
Awards under the LTI are granted using performance rights (detailed in Table 3.3). The performance rights have a three-year performance period. 
Post vesting, they are subject to a two-year holding lock period.

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2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
44
Was a grant made in 2022?
Yes. As detailed in Table 3.3, a grant was made to all Executive KMP (including the Managing Director & CEO). Grants were made applying a 
face value approach, the number of performance rights granted to each Executive was calculated as their LTI dollar opportunity divided by the 
adjusted twenty-day VWAP of OZ Minerals as at the start of the performance period of $27.01. The performance period for the 2022 LTI grant is 
1 January 2022 to 31 December 2024.
What was the value of the 2022 grant for Executive KMP?
Table 3.3 – The LTI granted to Executive KMP in 2022
Executive KMP
2022 LTI Grant 
(as % of TFR)
2022 LTI Grant 
Value ($)
2022 LTI Grant 
Rights
Andrew Cole
150%
1,575,000
58,312
Warrick Ranson
90%
603,000
22,325
Matthew Reed
90%
562,500
20,826
Bryan Quinn(a)
90%
519,356
19,229
Debbie Morrow(b)
90%
210,970
7,811
Mark Irwin(c)
90%
567,000
20,992
(a)
Mr Quinn became KMP on 11 April 2022.
(b)
Ms Morrow became KMP on 15 August 2022.
(c)
Mr Irwin ceased employment 13 May 2022. 18,406 of his 2022 LTI grant listed in the table lapsed on termination.
What are the performance and service conditions?
In order for any vesting of the 2022 LTI grant to occur, the following conditions must be satisfied: (a) OZ Minerals meeting the LTI performance 
conditions/hurdles; and (b) the Executive KMP meeting the service condition.
Were there any changes to the 2022 LTI from the previous year?
As foreshadowed in the 2021 Annual & Sustainability Report, the LTI performance conditions for the 2022 offers have been expanded to include 
a third performance hurdle category in the form of an Environment, Social and Governance (ESG) measure. This ESG measure applies the MSCI 
ESG Ratings Metals and Mining – Non-Precious Metals as a performance hurdle. The respective weightings of the performance hurdles are set 
out below:
Performance Hurdles
2022 LTI Weighting
2021 LTI Weighting
Relative Total Shareholder Return
60%
70%
All-in Sustaining Costs
20%
30%
Environment, Social and Governance
20%
N/A

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The performance hurdles for the 2022 offers are set out in further detail below:
1. Relative Total Shareholder Return (rTSR)
Relative TSR is the primary LTI performance hurdle measured against a comparator group. The Board considers rTSR to be an appropriate 
performance measure because it ensures that a proportion of each participant’s remuneration is linked to value creation for shareholders and 
that participants only receive a benefit where there is a corresponding direct benefit to our shareholders as reflected in the relative economic 
return to shareholders.
TSR reflects benefits received by shareholders through share price growth and dividend yield and it is the most widely used long term 
incentive measure in Australia. The Company employs an independent organisation to calculate the TSR ranking to ensure an objective 
assessment of the relative TSR comparison. Performance rights in respect to this hurdle vest in accordance with the following table.
Table 3.4 – Performance rights vesting according to relative Total Shareholder Return
TSR of OZ Minerals relative to TSRs of constituents of the 
nominated peer group
Proportion of performance rights that vest
Below 50th percentile
Nil
50th percentile
50%
Between 50th percentile and 75th percentile
Straight line vesting between 50% and 100%
75th percentile or above
100%
The rTSR performance hurdle accounts for 60 per cent of the LTI award.
2. All-in Sustaining Costs (AISC)
AISC is an industry accepted measure of the total operating cost of producing a unit of metal. Comparative data is sourced from CRU’s global 
copper mine database. The annual AISC performance is recalculated across the full three-year period (total three-year absolute costs divided 
by total three-year copper metal production). The comparison is to the average published AISC benchmark across that same period.
Performance in relation to this hurdle is measured over the three-year performance period and vests in accordance with the following table.
Table 3.5 – Performance rights vesting according to All-in Sustaining Costs
OZ Minerals AISC over the performance period
Proportion of performance rights that vest
Above 50th percentile
Nil
50th percentile
50%
Between 50th percentile and 25th percentile (lowest cost)
Straight line vesting between 50% and 100%
25th percentile or below
100%
The AISC hurdle accounts for 20 per cent of the LTI award.
3. Environment, Social and Governance (ESG)
The Rights subject to the ESG measure have the MSCI ESG Ratings Metals and Mining – Non-Precious Metals as a performance hurdle.
MSCI ESG Ratings measures a company’s resilience to long term ESG risks based on publicly available information, is independent and 
transparent. Performance rights in respect of this hurdle will vest in accordance with the following table:
Table 3.6 – Performance rights vesting according to ESG
MSCI ESG Ratings Metals & Mining: Non-Precious Metals 
(FIAS score out of 10)
MSCI Band
Level of vesting
Below 7.143
A
Nil
7.143
AA
50%
Between 7.143 and 8.23
AA
Straight line vesting between 50% 
and 100%
8.23 or above
AA
100%
The ESG hurdle accounts for 20 per cent of the LTI award.
Service condition
In general, if Executives cease employment as a ‘Good Leaver’ prior to vesting of their rights at the end of the performance period, a pro rata 
portion of their rights, having regard to the portion of the performance period that has elapsed, will continue on foot and be subject to their 
original terms as though they had not ceased employment. Any remaining rights will lapse immediately. Their shares still subject to a holding 
lock, will continue on foot and be subject to their original terms as though they had not ceased employment.
Why were these measures chosen?
It is standard market practice to link individual Executive performance (including mandatory service periods) and Company performance to the 
vesting of performance rights. The conditions link Executives’ retention and performance directly to rewards, but only where shareholder returns 
are realised (TSR), the operating cost of producing a unit of metal is kept competitive (AISC) and ESG risks are managed appropriately. The 

Remuneration Report continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
46
focus on employee-held equity is also part of a deliberate policy to strengthen engagement and direct personal interest to achieve returns 
for shareholders.
What is the Comparator Group?
The comparator companies selected for the LTI are considered to be alternative investment vehicles for local and global investors seeking 
exposure to copper and nickel. They are impacted by commodity prices and cyclical factors in a similar way to OZ Minerals. The Comparator 
Group is reviewed annually for market changes, as reflected in the table below.
Table 3.7 – Long Term Incentive Comparator Groups
2020 Vested
2021 in Flight
2022 in Flight
2023
Antofagasta
Antofagasta
Antofagasta
Antofagasta
Boliden AB
Boliden AB
Boliden AB
Boliden AB
Central Asia Metals Plc
Ero Copper Corp
Capstone Mining Corp
Capstone Mining Corp
Ero Copper Corp
First Quantum Minerals
Ero Copper Corp
Ero Copper Corp
First Quantum Minerals
Freeport McMoran
First Quantum Minerals
First Quantum Minerals
Freeport McMoran
Hudbay Minerals Inc
Freeport McMoran
Freeport McMoran
Hudbay Minerals Inc
IGO Limited(a)
Hudbay Minerals Inc
Hudbay Minerals Inc
Independence Group
Jiangxi Copper Company
IGO Limited
IGO Limited
Jiangxi Copper Company
KGHM Polska
Jiangxi Copper Company
Jiangxi Copper Company
Kaz Minerals Plc(b)
Lundin Mining Corporation
KGHM Polska
KGHM Polska
KGHM Polska
Nickel Mines
Lundin Mining Corporation
Lundin Mining Corporation
Lundin Mining Corporation
Sandfire Resources
Nickel Mines
Nickel Industries(c)
Sandfire Resources
Zijin Mining Group
Sandfire Resources
Sandfire Resources
Taseko Mines
South32
South32
Zijin Mining Group
29Metals
29Metals
(a)
Formerly Independence Group.
(b)
Removed due to delisting following takeover by Nova Resources in 2021.
(c)
Formerly Nickel Mines.
Are any changes to the LTI proposed for 2023?
Noting the addition of the ESG performance hurdle in 2022, no changes are proposed for 2023.
What happens to performance rights granted under the LTI when an Executive ceases employment?
If the Executive’s employment is terminated for cause, all unvested performance rights will lapse unless the Board determines otherwise. In all 
other circumstances, unless the Board determines otherwise, a pro rata portion of the Executive’s performance rights, calculated by reference to 
the portion of the performance period that has elapsed, will remain on foot. If and when these performance rights vest, shares will be allocated 
(or a cash equivalent amount will be paid) in accordance with OZ Minerals Limited Omnibus Incentive Plan Rules and any other conditions 
of grant.
What happens in the event of a change of control?
In the event of a takeover or change of control at OZ Minerals, the Board has the discretion to determine that the vesting of all or some of the 
performance rights should be accelerated. The treatment of performance rights in connection with the Scheme will be set out in the Scheme 
Booklet to be sent to shareholders in early March.
Is there any ability for the Company to ‘clawback’ LTI awards?
In the event of fraud, dishonesty, gross misconduct or material misstatement of the financial statements, the Board may make a determination 
that could include the lapsing of unvested performance rights, the forfeiture of shares allocated on vesting of performance rights, and/or 
repayment of any cash payment or dividends to ensure that no unfair benefit was obtained.
The Board can also adjust awards granted under the STI or LTI offers in the event that there is a catastrophic safety, environmental, or other 
event, in which an adjustment is warranted.
Does the Company have a policy in relation to margin loans and hedging at risk remuneration?
Under the Company’s Securities Trading requirements, all Executives, Directors and Officers are prohibited from entering into financing
arrangements where the monies owed to the lender are secured against a mortgage over OZ Minerals’ shares.
The Company’s Securities Trading Policy also prohibits Executives and employees from entering into any hedging arrangement over unvested 
securities issued pursuant to any share scheme, performance rights plan or option plan.

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2.6 Remuneration consultants
The Board of Directors and the People & Remuneration Committee seek and consider advice from independent remuneration consultants to 
ensure that they have all of the relevant information at their disposal to determine Executive KMP remuneration. Remuneration consultant 
engagement is governed by internal protocols that set the parameters around the interaction between Management and consultants to minimise 
the risk of any undue influence and ensure compliance with the Corporations Act 2001.
Protocols
Under the protocols adopted by the Board and the People & Remuneration Committee:
›
remuneration consultants are engaged by and report directly to the Board or the People & Remuneration Committee
›
the Committee must, in deciding whether to approve the engagement, have regard to any potential conflicts of interest including factors that 
may influence independence such as previous and future work performed by the Committee and any relationships that exist between any 
Executive KMP and the consultant
›
communication between the remuneration consultants and Executive KMP is restricted to minimise the risk of undue influence on the 
remuneration consultant
›
where the consultant is also engaged to perform work that does not involve the provision of a remuneration recommendation, prior approval 
of the Board or People & Remuneration Committee must be obtained in certain circumstances where the consultant continues to be engaged 
to provide remuneration recommendations.
The Board and the People & Remuneration Committee use remuneration consultants’ advice and recommendations from time to time. The 
Board makes its decisions after it considers the issues and the advice from the People & Remuneration Committee and consultants.
During 2022, SW Corporate was engaged to undertake market benchmarking for the Managing Director & CEO’s remuneration, Executive KMP 
remuneration and for the Non-executive Directors' fees. In addition, SW Corporate provided insight on market practice for the information of 
the People & Remuneration Committee. The analysis and insight from SW Corporate was considered by the Board and People & Remuneration 
Committee in forming their views on remuneration matters. The work completed did not constitute a remuneration recommendation in 
accordance with the Corporations Act 2001.
3 Company performance and remuneration outcomes
Our remuneration framework is designed to reward Executives for the creation of value for our stakeholders. We recognise the importance of 
clearly demonstrating the link between business performance and value creation over time and Executive remuneration outcomes.
3.1 Company performance over time
Over time Executive performance rewarded via both Short Term and Long Term Incentives has reflected the year on year creation of value across 
a range of measures.
Table 4 – Company performance(a)
Measure(b)
2018
2019
2020
2021
2022
EBITDA – $ million
534.5
462.4
606.3
1,162
692.7
Net profit after income tax – $ million
222.4
163.9
212.6
530.7
207.3
Net cash inflow from operating activities – 
$ million
449.6
510.6
550.4
971
647.6
Basic earnings per share – cents
71.5
50.7
65.2
159.6
62
Share price at end of year – $
8.8
10.6
18.9
28.2
27.9
Dividend per share declared - cents
23
23
23
34
8(c)
Total Shareholder Return – %(d)
5.1
26.2
78.9
48.2
-0.1
Market Capitalisation - $ billion
2.84
3.11
6.25
9.4
9.3
Relative Total Shareholder Return – Percentile 
Ranking - %(e)
66.7
75.0
92.3
76.9
85.7
All-in Sustaining Cost – ‘USc/lb’(f)
117.7
111
56.9
134.3
189.7
All-in Sustaining Cost – Quartile(g)
Q1
Q1
Q1
Q1
Q1
(a)
Refer to the Financial Review section page 26 in the Directors’ Report for a commentary on the consolidated results, including performance of the Consolidated Entity.
(b)
Refer to the Financial Review section page 26 in the Directors’ Report for a commentary on the consolidated results, including performance of the Consolidated Entity.
(c)
Interim dividend of 8 cents per share paid in September 2022. The Board has not declared a final dividend for 2022 but intends to declare a special dividend of $1.75 per share in 
connection with the Scheme before the Scheme meeting, conditional on the Scheme becoming effective. Full details are set out in the Scheme Booklet to be sent to shareholders in 
early March 2023.
(d)
Absolute TSR in the year.
(e)
Relative TSR percentile ranking in the relevant comparator group for the three-year performance period ending in that year.
(f)
Absolute AISC in the year.
(g)
Quartile position AISC in the year as determined by data sourced from CRU.

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2022 Annual Report
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2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
48
3.2 Company performance and STI outcomes for 2022
In keeping with prior years, the 2022 Company Goals (which represent 80 per cent per cent of the STI for the Managing Director & CEO and 
50% for other Executive KMP) were set based on key company priorities that, in line with our value creation Strategy, are intended to drive value 
creation for all of our stakeholder groups.
A series of measures encompassing Shareholder Value, Government Value, Community Value, Supplier Value and Employee Value were set to 
ensure that Company performance is holistically assessed. The rating criteria for each measure is threshold (2), on-target (3) and maximum (5).
Performance was tracked throughout the year and assessed at year end with a detailed review by the Board on delivery against set targets.
Shareholder Value
›
In a challenging operating environment we achieved an EBITDA of $692.7 million against Flexed Plan of EBITDA of $1,167 
million.
›
2022 CuEq production was 168kt against a Flexed production plan of 188kt, reflecting an underperformance of 20kt, or 11 per cent, just 
below the threshold hurdle.
›
Significant progress on our growth strategy with the West Musgrave Copper Nickel project approved and now in construction.
›
Material advances in our expansions at both Prominent Hill and Carrapateena. 
›
The acquisition of an option to acquire the Kalkaroo project in South Australia.
›
Strong, operational performance at Pedra Branca, which ramped up ahead of schedule.
Government Value
›
Endorsement and publication of the Carbon Roadmap.
›
Development of the Carbon Offsets Plan which considers stakeholder value from a holistic perspective.
›
In-situ recovery trials in Kapunda, established partnering with EnviroLeach.
›
Scope 3 implementation plan complete, with an anticipated 45 per cent reduction in emissions from our charter flights.
›
Emission reduction activities for Prominent Hill, Carrapateena, West Musgrave and Carajas incorporated into the 2023-27 Base Plan.
Community Value
›
Development and implementation of an 'Educating the Next Generation' program (graduates, partnerships, community) with identified
baseline metrics for year on year improvement.
›
Ranked in the top quartile in five of the six indices on which we focus: MSCI = top 7% (AA), DJSI = top 14% (86th percentile), Sustainalytics 
= 11% (14/132), ISS = 20% (second decile), ACSI = second quintile (Detailed), FTSE 69%.
Supplier Value
›
A 32% increase in on-time payments from the prior year moving from 57% to 75%.
›
A fully autonomous roadmap supported by an end-to-end value chain model completed.
›
Productivity uplifts resulting from automation case studies such as Smart Vision, IOT and EDGE Automation and Drill & Blast Automation.
Employee Value
›
Rolling 12 month TRIFR of 6.99 against plan of 3.39.
›
14% improvement in total female workforce.
›
19% improvement in employee female leadership.
›
Achievement of industry leadership in WGEA gender pay gap analysis.
Board’s assessment of Corporate Performance Score
Although 2022 saw significant achievements, it was an operationally challenging year with adverse weather conditions, supply chain challenges 
and the ongoing impacts of COVID related absenteeism in the first half necessitating, in June, a downward revision to production and cost 
guidance for the first time in seven years. However, the adaptability of our culture and workforce enabled us to recalibrate performance and
deliver against revised guidance including our highest group quarterly copper production on record in Q4 and delivery against Prominent Hill’s 
original copper guidance for an eighth consecutive year. 
Nevertheless, as a result of the challenges earlier in the year, our 2022 performance against the key financial metrics of EBITDA and Net Profit
After Tax was below target. Further, our total recordable injury frequency rate (TRIFR) increased from 4.40 in 2021 to 6.99 in 2022 which is 
a disappointing outcome given our focus on safety and employee well being. Whilst there were a number of contributing factors including
workforce turnover, challenging underground operating conditions and a ramp up in both greenfield and brownfield execution activities, a 
deterioration in TRIFR is not an acceptable trend. These outcomes are reflected in the Board attributing a score of zero for the EBITDA, 
production and safety components of the Company scorecard, and an overall rating of 2.18 out of 5 which is a reduction of approximately 36% 
on the prior year and in alignment with our philosophy on ‘at risk’ pay. The Board’s assessment of achievements against the targets set for the
year for each component of the Company Score is set out below.

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Table 5 – Company performance indicators and outcomes 2022
Outcome
Not Achieved
Partially Achieved
Achieved
Exceeded
Threshold
Stakeholder 
Group
Performance 
not achieved
Threshold 
Performance 
50%
Target 
Performance 
70% 
Maximum 
Performance 
100%
Weighting Target
0
2
3
4
5
Shareholder 
Value
25%
 › Flexed EBITDA
 › Production (CuEq)
Shareholder 
Value
15%
 › Study execution and acceleration
Government 
Value
15%
 › Emissions reduction strategy
Community 
Value
15%
 › Partnering with our Communities
 › Zero land disturbances
Supplier Value
15%
 › On-time payments
 › Data enable the Supply Chain (inc Autonomous Roadmap)
Employee 
Value
7.5%
 › Safety – TRIF & Zero Fatalities
Employee 
Value
7.5%
 › OZWay Capability
 › Inclusion & Diversity
100%
Company KPI Performance 
Total Outcome: 2.18

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OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
50
STI awards for KMP
The assessment of Company scores and individual outcomes resulted in the following % awards of STI to KMP.
Table 6 – STI award percentage for Executive KMP
Name
Company KPI 
Performance as 
per cent of 
maximum 
performance
Individual KPI 
Performance
as per cent of 
maximum 
performance(a)
Overall 
Performance 
Outcome as per 
cent of 
maximum 
performance(b)
%
%
%
Andrew Cole
41.3
77.5
49.0
Warrick Ranson
41.3
76.0
63.0
Matthew Reed
41.3
71.5
59.5
Bryan Quinn
41.3
82.0
70.0
Debbie Morrow
41.3
80.5
66.5
Mark Irwin(c)
0
0
0
(a)
Individual KPI considers the assessment of Individual Goals and HWWT principles.
(b)
Mr Cole’s STI composition is 80 per cent Company and 20 per cent Individual. Remaining Executive KMP are 50 per cent Company, 25 per cent Individual, and 25 per cent HWWT.
(c)
Mr Irwin ceased employment on 13 May 2022 and as per Plan Rules was not eligible for a 2022 STI award.
Details of STI payments made to Executive KMP in February 2022 are included in the table below:
Table 7 – STI payments to Executive KMP in 2022
Name
Total Payment
Maximum 
potential value 
of payment(a)
Percentage of 
maximum 
grant awarded
Percentage of 
maximum 
grant forfeited
Cash Payment
(70%)
Performance 
Rights Payment 
(30%)
$
$
%
%
$
$
Andrew Cole(b)
771,750
1,575,000
49.0
51.0
771,750
0 (b)
Warrick Ranson
422,100
670,000
63.0
37.0
295,470
126,630
Matthew Reed
371,875
625,000
59.5
40.5
260,313
111,563
Bryan Quinn(c)
320,178
459,288
70.0
30.0
224,125
96,053
Debbie Morrow(d)
157,013
234,411
66.5
33.5
109,909
47,104
Mark Irwin(e)
0
0
0
0
0
0
(a)
The maximum potential value of payment represents the achievement of stretch target. The minimum potential value of the payments was nil.
(b)
For the Managing Director & CEO Andrew Cole, the value of his deferred 2022 STI performance rights issue has been assessed at $231,525 which represents 30% of his total STI 
payment. If the Scheme becomes effective, this amount will be paid to Mr Cole in cash. If the Scheme does not become effective, subject to shareholder approval being obtained at
a general meeting of the Company, this amount will be satisfied via an issue of performance rights in accordance with the Plan Rules.
(c)
Mr. Quinn became KMP on 11 April 2022.
(d)
Ms. Morrow became KMP on 15 August 2022.
(e)
Mr Irwin ceased employment 13 May 2022, and as per Plan Rules was not eligible for a 2022 STI award.

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Table 8 – Deferred STI awards on foot (30% of total STI award)
Year
Total Value
Rights(a)
Service Period
Expiry Date
Vesting 
outcomes
Andrew Cole(b)
2022
$231,525
0
01/01/2023 - 31/12/2024
15/02/2025
Subject to 
Scheme(c)
2021
$269,325
9,971
01/01/2022 - 31/12/2023
15/02/2024
Subject to 
Scheme
2020
$357,615
18,029
01/01/2021 - 31/12/2022
15/02/2023
100% Vested
Warrick Ranson
2022
$126,630
4,535
01/01/2023 - 31/12/2024
15/02/2025
Subject to 
Scheme
2021
$147,315
5,454
01/01/2022 - 31/12/2023
15/02/2024
Subject to 
Scheme
2020
$152,856
7,706
01/01/2021 - 31/12/2022
15/02/2023
100% Vested
Mark Irwin(d)
2022
-
-
-
-
-
2021
$142,200
5,265
01/01/2022 - 31/12/2023
15/02/2024
Subject to 
Scheme
2020
$151,553
7,641
01/01/2021 - 31/12/2022
15/02/2023
100% Vested
Matthew Reed
2022
$111,563
3,996
01/01/2023 - 31/12/2024
15/02/2025
Subject to 
Scheme
2021
$48,101
1,781
01/01/2022 - 31/12/2023
15/02/2024
Subject to 
Scheme
Bryan Quinn
2022
$96,053
3,440
01/01/2023 - 31/12/2024
15/02/2025
Subject to 
Scheme
Debbie Morrow
2022
$47,104
1,687
01/01/2023 - 31/12/2024
15/02/2025
Subject to 
Scheme
(a)
The number of performance rights for 2022 were calculated by dividing 30 per cent of STI by $27.92 being the VWAP over the period 3 January to 31 January 2023.
(b)
For the Managing Director & CEO, Andrew Cole, the value of his deferred 2022 STI performance rights has been assessed at $231,525. If the Scheme becomes effective, this 
amount will be paid to Mr Cole in cash. If the Scheme does not become effective, subject to shareholder approval being obtained at a general meeting of the Company, this 
amount will be satisfied via an issue of perfomance rights in acccordance with the Plan Rules.
(c)
The Board has exercised its discretion for all of these outstanding Performance Rights to vest, subject to the Scheme becoming effective. If the Scheme does not become effective,
the Performance Rights will remain on issue and will vest according to the existing vesting conditions, as determined by the Board.
(d)
Mr Irwin ceased employment on 13 May 2022 and as per Plan Rules was not eligible for a 2022 STI award.
3.3 LTI performance and outcomes
Performance rights granted under the OZ Minerals LTI offers are granted for no consideration. Performance rights granted under the LTI offers 
carry no dividend or voting rights. One ordinary share in the Company will be allocated on vesting of a performance right. For grants from 
2020 to 2021 the performance hurdles are relative TSR and AISC performance weighted at 70 per cent and 30 per cent respectively. From 2022 
onwards the performance hurdles are:
Performance Hurdles
LTI Weighting
Relative TSR
60%
AISC
20%
Environment, Social and Governance
20%
In regard to the 2020 LTI offers, over the performance period of 1 January 2020 to 31 December 2022, the Company achieved top quartile 
performance against the 2020 Comparator Group with a relative TSR ranking (assessed independently by Orient Capital) of 85.71 percentile. As 
a result, the rTSR component of the LTI vested at 100 per cent in accordance with the vesting schedule.
The OZL average AISC across the 2020-2022 vesting period was 132.4 USc/lb, which is below the 25th percentile of the Average CRU AISC over 
the same period (133.9 USc/lb), confirming OZ Minerals continues to be a leading low cost producer. As a result, the AISC component of the LTI 
vested at 100 per cent vesting as per the conditions outlined in Table 9.

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Message from Chairman and CEO
Strategy
Operating Review
52
Table 9 – 2020–2022 CY Average CRU All-in Sustaining Costs(a)
US$/t
US$/t
USc/lb
USc/lb
USc/lb
Measure
25th Percentile
50th Percentile
25th Percentile
50th Percentile
OZL
2020 AISC
2,700
3,701
>>>
Convert to lb
@2204.62
122.5
167.9
56.9
2021 AISC
2,923
3,892
132.6
176.5
134.3
2022 AISC
3,230
4,441
146.5
201.4
189.7
Average AISC
2,951
4,011
133.9
182
132.4
(a)
Source: CRU Global Copper Mine Database (at 17 January 2023).
The LTI awards history are detailed below:
Table 10 – LTI awards on foot
Grant Date
Rights
Maximum 
value of grant 
$(a)
Weighted
average fair
value
$(b)
Performance 
Period
Expiry Date(c)
Vesting 
outcomes
Andrew Cole
8 April 2022
58,312
1,734,782
17.93
01/01/2022 - 
31/12/2024
15/02/2025
Subject to 
Scheme(d)
1 April 2021
75,622
2,165,058
17.93
01/01/2021 - 
31/12/2023
15/02/2024
Subject to 
Scheme
17 April 2020
128,287
2,532,385
6.73
01/01/2020 - 
31/12/2022
15/02/2023
100% Vested
Warrick Ranson
28 February 
2022
22,325
664,169
17.99
01/01/2022 - 
31/12/2024
15/02/2025
Subject to 
Scheme
26 February 
2021
27,678
792,421
16.26
01/01/2021 - 
31/12/2023
15/02/2024
Subject to 
Scheme
24 February 
2020
49,519
977,505
6.71
01/01/2020 - 
31/12/2022
15/02/2023
100% Vested
Matthew Reed
28 February 
2022
20,826
619,574
17.99
01/01/2022 - 
31/12/2024
15/02/2025
Subject to 
Scheme
26 February 
2021
14,752
422,350
16.26
01/10/2021 - 
31/12/2023
15/02/2024
Subject to 
Scheme
Bryan Quinn
22 April 2022
19,229
572,063
17.74
01/01/2022 - 
31/12/2024
15/02/2025
Subject to 
Scheme
Debbie Morrow
11 November 
2022
7,811
232,377
20.54
01/01/2022 - 
31/12/2024
15/02/2025
Subject to 
Scheme
Mark Irwin(e)
28 February 
2022
2,586
76,934
17.99
01/01/2022 - 
31/12/2024
15/02/2025
Subject to 
Scheme
26 February 
2021
12,431
355,900
16.26
01/01/2021 - 
31/12/2023
15/02/2024
Subject to 
Scheme
24 February 
2020
37,775
745,678
6.71
01/01/2020 - 
31/12/2022
15/02/2023
100% Vested
(a)
The minimum value of each grant is nil. The maximum value of grant is calculated by applying the highest price of OZ Minerals’ shares during the year in which the rights were 
issued (2022 at $29.75).
(b)
The weighted average fair values were calculated proportional to the fair value of each hurdle. In accordance with the requirements of applicable Accounting Standards, 
remuneration includes a proportion of the notional value of performance rights as compensation granted or outstanding during the year. The notional value of performance rights 
granted as compensation is determined as at the grant date and progressively allocated over the vesting period. The amount included as remuneration is not related to or indicative 
of the benefit (if any) that individual Executives may in fact receive. The values were calculated by an external third party based on a Monte-Carlo simulation model.
(c)
Expiry date does not consider holding lock periods.
(d)
The Board has exercised its discretion for all of these outstanding Performance Rights to vest, subject to the Scheme becoming effective. If the Scheme does not become effective,
the Performance Rights will remain on issue and will vest according to the existing vesting conditions, as determined by the Board.
(e)
Mr Irwin's 2020, 2021 and 2022 LTI awards were adjusted in accordance with his cessation agreement. There have been no fair value changes for the awards.

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53
3.4 Minimum shareholding requirement
All Executives and certain senior management are expected to accumulate and hold a minimum level of vested shares in OZ Minerals over a 
reasonable period. Table 11 shows the extent of compliance.
Name
Shareholding 
requirement
(% TFR)
Shareholding
(% TFR)(a)
Executive KMP
Andrew Cole
100
2,437
Warrick Ranson
50
700
Matthew Reed
50
25
Bryan Quinn
50
15
Debbie Morrow
50
8
(a)
Includes shares owned and exercisable and performance rights awarded where vesting is only contingent on a service condition being satisfied. Information at 31 December 2022 
based on share price at that date. With expected levels of vesting of the deferred equity element of the STI and LTI, it is anticipated that all executive KMP should meet their 
minimum shareholding requirement within the required timeframe.
4 Executive KMP employment arrangements
Remuneration arrangements for Executive KMP are formalised in Executive Service Agreements. Each agreement provides for the payment of 
fixed remuneration, performance-related cash and equity bonuses under the STI, other benefits, and participation in the Company’s LTI.
Table 12 – Current executive KMP key provisions
Name
Term of contract
2022 TFR 
$
Notice period
Termination benefit
Current
Andrew Cole
Permanent – ongoing until 
notice has been given by 
either party.
1,050,000
›
Twelve months’ notice by the Company.
›
Six months’ notice by Andrew Cole.
›
Company may elect to make payment in 
lieu of notice.
›
No notice period required for termination by 
Company for cause.
Twelve months fixed
remuneration in the case of 
termination by the Company.
Warrick Ranson
Permanent – ongoing until 
notice has been given by 
either party.
670,000
›
Three months’ notice by either party.
›
Company may elect to make payment in 
lieu of notice.
›
No notice required for termination by 
Company for cause.
Nine months fixed
remuneration in the case of 
termination by the Company.
Matthew Reed
Permanent – ongoing until 
notice has been given by 
either party.
625,000
›
Three months’ notice by either party.
›
Company may elect to make payment in 
lieu of notice.
›
No notice required for termination by 
Company for cause.
Nine months fixed
remuneration in the case of 
termination by the Company.
Bryan Quinn
Permanent – ongoing until 
notice has been given by 
either party.
630,000
›
Three months’ notice by either party.
›
Company may elect to make payment in 
lieu of notice.
›
No notice required for termination by 
Company for cause.
Nine months fixed
remuneration in the case of 
termination by the Company.
Debbie Morrow
Permanent – ongoing until 
notice has been given by 
either party.
620,000
›
Three months’ notice by either party.
›
Company may elect to make payment in 
lieu of notice.
›
No notice required for termination by 
Company for cause.
Nine months fixed
remuneration in the case of 
termination by the Company.

Remuneration Report continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
54
5 Executive KMP Remuneration
Table 13 – Total rewards to Executive KMP as per Accounting Standards
Short Term Benefits
Long Term Benefits
Salary, 
Fees & 
Allow-
ances
Accrued 
annual 
leave(a)
Super-
annuation(b)
Term-
ination
Benefits
(c)
Short 
Term 
Incentive
(d)
Other 
Long 
Term 
Benefits(e)
Value of 
perfor-
mance 
rights(f)
Value of 
perfor-
mance 
rights 
(STI 
deferred)
(g)
Accounting 
Impact of 
Scheme(h)
Total 
remun-
eration
Perform-
ance 
Related
$
$
$
$
$
$
$
$
$
$
%
Andrew 
Cole
Managing 
Director & 
CEO
2022
1,025,570
53,400
24,430
-
555,421
36,417
1,087,807
286,155
842,264
3,911,464
70.9%
2021
958,138
(10,754)
22,631
-
648,680
40,759
1,057,927
297,792
-
3,015,173
66.5%
Warrick 
Ranson
CFO / 
Finance & 
Governance 
Executive
2022
645,570
24,871
24,430
-
303,176
31,328
394,429
142,267
334,399
1,900,470
61.8%
2021
587,369
19,985
22,631
-
354,108
20,837
387,560
145,539
-
1,538,029
57.7%
Matthew 
Reed
Operations 
Executive
2022
596,992
21,975
24,430
-
260,313
7,307
204,951
53,222
256,257
1,425,447
54.4%
2021
189,108
11,047
5,892
-
112,237
2,082
27,900
16,034
-
364,300
42.9%
Bryan 
Quinn
Strategy 
and 
Growth 
Executive(i)
2022
438,962
16,624
18,538
-
224,125
1,689
90,843
23,286
186,045
1,000,112
52.4%
-
-
-
-
-
-
-
-
-
-
-
Debbie 
Morrow
Projects 
Executive(j)
2022
223,224
4,082
12,646
-
109,909
272
25,662
8,121
81,516
465,432
48.4%
-
-
-
-
-
-
-
-
-
-
-
Mark Irwin
Projects 
Executive(k)
2022
221,639
(29,359)
20,215
580,847
7,641
(44,204)
116,558
145,318
-
1,018,655
26.5%
2021(l)
577,369
9,255
22,631
-
341,080
24,791
400,480
138,608
-
1,514,214
58.1%
Total
2022
3,151,957
91,593
124,689
580,847 1,460,585
32,809
1,920,251
658,369 1,700,481
9,721,580
41.3%
Total
2021
2,311,984
29,533
73,785
- 1,456,105
88,469
1,873,867
597,973
-
6,431,716
61.1%
(a)
Annual leave has been separately categorised and is measured on an accrual basis and reflects the movement in the accrual over the twelve month period. Any reduction in accrued 
annual leave reflects more leave taken/cashed out than that which accrued in the period.
(b)
Represents direct contributions to superannuation funds. Amounts greater than the maximum superannuation level have been paid and included in cash salary.
(c)
Termination benefits paid to Mr Irwin in accordance with cessation of employment arrangements. No other Benefits or Allowances paid to Executive KMP.
(d)
For 2022 it includes the cash proportion of 2022 STI and the equivalent dividends paid for 2020 STI deferred.
(e)
Represents the net accrual movement for Long Service Leave (LSL) over the twelve-month period which will only be paid if Executive KMP meets the required service conditions.
(f)
The fair values were calculated as at the grant dates. In accordance with the requirements of applicable Accounting Standards, remuneration includes a proportion of the notional 
value of equity rights compensation granted or outstanding during the year. The notional value of equity rights granted as compensation which do not vest during the reporting 
period is determined as at the grant date and progressively allocated over the vesting period. The amount included as remuneration is not related to or indicative of the benefit (if 
any) that individual Executives may in fact receive. The values were calculated by an external third party based on a Monte Carlo simulation model.
(g)
Reflects actual value of deferred STI, which is provided in the form of performance rights. The total value of the deferred STI is recognised proportionally over the period the 
Executive is required to provide service. For the Managing Director & CEO, Andrew Cole, the value of his deferred 2022 STI performance rights has been assessed at $231,525. If 
the Scheme becomes effective, this amount will be paid to Mr Cole in cash. If the Scheme does not become effective, subject to shareholder approval being obtained at a general 
meeting of the Company, this amount will be satisfied via an issue of perfomance rights in accordance with the Plan Rules.
(h)
On 22 December 2022, OZ Minerals entered into a Scheme Implementation Deed with BHP Lonsdale Investments Pty Ltd ('BHP'), a wholly owned subsidiary of BHP Group Limited, 
in relation to the proposed acquisition by BHP of all of the issued shares in OZ Minerals by way of scheme of arrangement under the Corporations Act 2001 (Cth) ('Scheme'). 
Subject to the Scheme becoming effective, all unvested performance rights (other than performance rights granted under the 2023 LTI offer to Executive KMP) will automatically 
vest and be exercised, with one OZ Minerals Share issued per performance right. If the Scheme does not become effective, the unvested performance rights continue on foot on 
their current terms. OZ Minerals Management must assess the likelihood of the Scheme becoming effective and the performance rights therefore automatically vesting and being 
exercised, and has determined that it is more likely than not that the Scheme will become effective. As such, share based payments have been calculated on the basis that the 
Scheme becomes effective and all of the performance rights (other than performance rights granted under the 2023 LTI offer to Executive KMP) vest and are exercised on Scheme 
effective date, with the cumulative impact of the revision to original estimates recognised in the income statement with a corresponding adjustment to equity.
(i)
Mr Quinn became KMP on 11 April 2022.
(j)
Ms Morrow became KMP on15 August 2022.
(k)
Mr Irwin ceased employment on 13 May 2022. Mr Irwin's 2020, 2021 and 2022 LTI awards were adjusted in accordance with his cessation agreement. There have been no fair 
value changes for the awards. Termination benefits paid in accordance with cessation of employment arrangements.
(l)
Retention Award cash component included under 'Other Long Term Benefits' and performance rights component under 'Value of Performance Rights' for Mr. Irwin.

Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
55
6 Non-executive Director remuneration
6.1 Non-executive Director remuneration policy
Non-executive Director remuneration is reviewed annually by the Board. Non-executive Directors receive a fixed remuneration consisting of a 
base fee and additional fees for Committee roles. Consistent with best practice, Non-executive Directors do not receive any form of equity 
incentive entitlement, bonuses, options, other incentive payments or retirement benefits. As approved at the OZ Minerals General Meeting on 
18 July 2008, the maximum fees payable per annum are $2.7 million in total.
All Directors (including the Chairman) are entitled to superannuation contributions (or cash in lieu thereof) in line with Australian Superannuation 
Rules calculated on base Board and Committee fees and are entitled to be reimbursed for travel and other expenses properly incurred by them in 
attending any meeting or otherwise in connection with the business or affairs of the Company, in accordance with the Company’s constitution. 
The Chairman of the Board does not receive additional fees for being a member of any Board Committee.
Table 14 – Details of Board Fees in 2022
Fees per Annum (including super)
Chair $
Member $
Board
394,376
145,912
Audit
47,362
23,681
Sustainability
40,000
20,000
People & Remuneration
40,000
20,000
Nomination
12,500
6.2 Total fees paid to Non-executive Directors
In 2022, Non-executive Directors received $1.43 million (2021: $1.3 million) in total fees, compared to the maximum approved fees payable of
$2.7 million.
Table 15 – Total remuneration paid to NEDs
Board fees and 
cash benefits
Committee 
fees
Non- monetary 
benefits
Superannuation(a)
Total fixed
remuneration
$
$
$
$
$
Rebecca McGrath
Chairman
2022
369,946
-
-
24,430
394,376
2021
380,800
-
-
11,784
392,584
Tonianne Dwyer
Non-executive Director
2022
132,347
57,761
-
19,485
209,593
2021
132,345
49,671
-
17,745
199,761
Peter Wasow
Non-executive Director(b)
2022
145,912
67,362
-
-
213,274
2021
141,947
61,193
-
4,724
207,864
Charlie Sartain
Non-executive Director
2022
132,347
69,099
-
20,647
222,093
2021
132,345
49,671
-
17,745
199,761
Richard Seville
Non-executive Director
2022
132,347
36,282
-
17,283
185,912
2021
132,345
30,952
-
15,914
179,211
Sarah Ryan
Non-executive Director(c)
2022
145,912
56,181
-
-
202,093
2021
91,068
24,479
-
115,547
Total
2022
1,058,811
286,685
-
81,845
1,427,341
2021
1,010,850
215,966
-
67,912
1,294,728
(a)
Represents direct contributions to superannuation funds. Any amounts greater than the superannuation maximum contribution base have been paid and included in board fees 
and cash benefits.
(b)
Mr Wasow has established a Superannuation Guarantee Employer Shortfall Exemption Certificate to reduce his superannuation contribution with OZ Minerals.
(c)
Ms Ryan has established a Superannuation Guarantee Employer Shortfall Exemption Certificate to reduce her superannuation contribution with OZ Minerals. Ms Ryan became an 
Independent NED on 17 May 2021.

Remuneration Report continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
56
6.3 Minimum shareholding requirements Non-executive Directors
Non-executive Directors are required to accumulate and maintain a holding in OZ Minerals’ shares that is equivalent to at least 100 per cent of 
the Non-executive Directors base fee (calculated on the purchase price of shares) within five years from the date of appointment as a Director or 
as a Chair.
Table 16 – NED Minimum Shareholding Requirements in 2022(a)
Name
Shareholding
(% of annual 
base fee)(b)
Deadline
NED
Rebecca McGrath
121
24/05/2022
Tonianne Dwyer
112
22/03/2022
Peter Wasow
130
01/11/2022
Charlie Sartain
478
01/08/2023
Richard Seville
157
01/11/2024
Sarah Ryan
139
17/05/2026
(a)
Information at 31 December 2022.
(b)
Calculated as the total amounts paid per Share divided by the directors' annual base fees.
7 Equity instrument disclosure relating to KMP
The movement in the number of shares held by each KMP during the year is set out below:
Table 17 – NED and Executive KMP shareholdings
Balance at 
1 January 2022 
or date 
becoming KMP
Shares 
acquired on 
exercise of 
rights
Net other 
movements
Balance at 
31 December 
2022 or date 
ceasing to be 
KMP
Non-executive Directors
Rebecca McGrath
52,292
-
4,000
56,292
Tonianne Dwyer
19,900
-
-
19,900
Peter Wasow
20,000
-
-
20,000
Charlie Sartain
80,000
-
-
80,000
Richard Seville
11,665
-
5,085
16,750
Sarah Ryan
8,500
-
-
8,500
Executive KMP
Andrew Cole
607,831
163,589
-
771,420
Warrick Ranson
62,745
68,111
- 28,000
102,856
Matthew Reed
-
-
-
-
Bryan Quinn
-
-
-
-
Debbie Morrow
-
-
-
-
Total
862,933
231,700
- 18,915
1,075,718
Information Only
Mark Irwin
63,700
64,793
- 99,150
29,343

Governance
Directorsʼ Report
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Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
57
Table 18 – Executive KMP performance rights holdings
Balance 
at 
1/01/2022
Granted as 
remuneration
(a)
Value of 
rights 
granted(b)
Vested
Exercised
Value of 
rights 
vested(c)
Lapsed(d)
Balance at 
31/12/2022
Vested & 
Exercisable(e)
$
$
Andrew Cole
385,527
68,283
1,314,859
146,316
163,589
4,034,912
-
290,221
146,316
Warrick 
Ranson
153,014
27,779
548,942
57,225
68,111
1,578,077
-
112,682
57,225
Matthew 
Reed
14,752
22,607
422,761
-
-
-
-
37,359
-
Bryan Quinn
-
19,229
341,122
-
-
-
-
19,229
-
Debbie 
Morrow
-
7,811
160,438
-
-
-
-
7,811
-
Mark Irwin(f)
166,762
26,257
519,846
45,416
64,793
1,252,423
(62,528)
65,698
45,416
Total
720,055
171,966
3,307,969
248,957
296,493
6,865,413
(62,528)
533,000
248,957
(a)
Does not include performance rights from the 2022 STI that will be granted. Table 8 contains details of rights granted subsequent to year end.
(b)
The value of performance rights granted represents the sum of LTI: performance rights issued during the year multiplied by the fair value per instrument at grant date as set out in 
table 10, performance rights issued under the Retention Plan during the year multiplied by the fair value of each instrument at grant date as set out in table 10, and the total value 
of STI awards for the 2021 STI for which performance rights were issued in February 2022.
(c)
Value of rights vested calculated as number of rights vested times VWAP over the period 1 December to 30 December 2022 ($27.58).
(d)
Forfeiture of Mr Irwin's performance rights on cessation of employment.
(e)
Rights vested and exercisable are considered in the Balance at 31 December 2022. They represent rights which vested on 31 December 2022 for which shares are issued in 
early 2023.
(f)
Mr Irwin ceased to be KMP on 13 May 2022.
8 Other transactions with Executive KMP or NEDs
There were no loans made to Executive KMP, NEDs or their related parties during the year. There were no other transactions between the 
Company and any Executive KMP, NEDs or their related parties other than those within the normal employee, customer or supplier relationship 
on terms no more favourable than arm’s length.

Sustainability Review
1. 2022 sustainability reporting & disclosures
For 2022, we have adopted a new format for our Sustainability 
reporting, reflecting contextual changes including stakeholder 
expectations and our macroenvironment. Our Sustainability 
Review focuses on our 2022 performance and activities, such as 
our Stakeholder Value Creation Metrics, Strategic Aspirations, 
and material sustainability topics, including risks (opportunities 
and threats) at OZ Minerals. The Review is accompanied by broader 
disclosures regarding our approach to managing material sustainability 
topics and supporting performance data available in the Sustainability 
section of our website. The new format builds on our history of 
reporting our sustainability performance, which we commenced in 
2008 as a separate report. In 2016, we combined our disclosures 
into a single Annual & Sustainability Report to demonstrate the 
interconnectivity and interdependency of sustainability with Company 
performance. Stakeholder value creation is the centre of our 
Company Strategy and the lens through which we view sustainability. 
Our 2022 Sustainability Review covers the performance of our Australian 
assets Prominent Hill, Carrapateena, and West Musgrave (WMP) 1, and 
our Brazilian assets in the Carajás Province.
1.1	
Structure of our 2022 Sustainability reporting & disclosures 
2022 sustainability 
performance and activities 
› Sustainability the
OZWay – approach,
materiality assessment,
external recognition
› Social – safety, workforce,
culture, host communities
› Environment –
decarbonisation and
emissions, waste, tailings,
water, land & biodiversity
Management approaches 
and detailed disclosures
› Governance
› Social performance
management
› Environmental
management
Sustainability data 
2022 performance data 
and basis of preparation
SUSTAINABILITY REVIEW
SUSTAINABILITY SECTION 
OF OUR WEBSITE
2. Sustainability the OZWay
Value creation for our six stakeholder groups is at the centre 
of our Strategy (see page 8). The OZWay embeds the concept of 
value creation across our Company via our governance systems and 
processes, how we conduct our business activities, and manage risk 
while delivering performance across our devolved operating model 
to exceed stakeholder expectations (see page 8 of Annual Report 
for further overview of The OZWay).
Our Strategic Aspirations (see page 9) paint an ambitious and 
motivational picture of the future we strive to achieve for our people 
and other stakeholders. They help focus our work on a few high-
impact activities under each element of our Strategy in pursuit of our 
Purpose: Going beyond what’s possible to make lives better. 
Sustainability is embedded across The OZWay through our Strategic 
Aspirations, organisational model, and our governance systems 
and processes, including our Board Sustainability Committee, 
Stakeholder Value Creation Policies, Global Process and Performance 
Standards, and Stakeholder Value Creation Metrics (see page 5). 
This ensures sustainability is part of OZ Minerals as a Modern Mining 
Company focused on Modern Minerals. Our 2022 Sustainability 
Review discusses how the elements of sustainability align across 
our Stakeholders. 
2.1	
Strategic Aspirations and Stakeholder Value 
Creation Metrics
Our Strategic Aspirations are just that, ‘aspirational’. They paint an 
ambitious and motivational picture of the future we strive to achieve 
for our people and other stakeholders. While they may not always 
be achieved and may be dependent on matters outside our control, 
we have found that aiming high helps us achieve beyond what most 
would think possible. Our Strategic Aspirations help focus our work 
on a few high-impact activities under each element of our Strategy 
(see page 8).
Our Stakeholder Value Creation Metrics (SVCMs) provide our six 
Stakeholder Groups transparency on how we are creating value 
(see page 5). The SVCMs also support our approach, performance, 
and our focus across material sustainability topics including: safety, 
health and wellbeing, governance, socio-economic contribution, 
emissions and energy, stakeholder engagement, human rights, 
cultural heritage, water and waste, land and biodiversity, diversity, 
equity and inclusion (DEI), and culture.
2.2	
Materiality Assessment 
Our annual Materiality Assessment identifies the topics most 
important to our Stakeholders and our Performance. Outcomes of 
the Materiality Assessment allow us to better understand our context 
and inform the choices that drive delivery of our Strategy, our Work 
and Performance. 
Our 2022 Assessment demonstrated that environmental and social 
topics are most material, alongside health, safety and wellbeing 
(figure below). Business ethics and economic performance decreased 
in materiality in 2022 compared with previous years. 
2.2.1	 2022 Materiality matrix 
Somewhat material
Most material
Least material
Business ethics,
anti-corruption
and transparency
Influence on stakeholder decisions
Impact on ESG performance
Somewhat material
Modern slavery, human rights
and responsible value chain
High
Low
High
Decarbonisation, water, waste
and tailings management
Local communities, Free, 
Prior and Informed Consent (FPIC) 
and social inclusion
Diversity, equity
and inclusion
Economic performance,
resilience and agility
Workforce risk
Health, safety and
wellbeing
First Nations and land
connected peoples
Biodiversity, ecology
and rehabilitation
1. WMP is not yet operational, and data and reporting are therefore limited.
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
58

3. External recognition, commitments and benchmarking
Our overall ESG risk rating was 
decreased to 26.7 (Medium) in 
2022, well ahead of the global 
diversified metals industry 
average of 44.3. This was 
alongside an increase of 4.7 in 
our risk management score to 
64.4 (High).
We retained our ‘C’ score, 
sitting in the second decile. 
Our score decreased by 
0.3, placing us in the 69th 
percentile in the Basic 
Materials, General Mining 
subsector.
Number 1 in Mining Industry 
for Gender Pay Equity 
(WGEA Compliance Report 
2021 - 2022)
Work 180 Employer of 
Choice for Women
Maintained our ‘AA’ rating, 
sitting within the top seven 
per cent of Metals and 
Mining – Non-precious 
metals companies.
Our overall score was 53 in 
2022, an increase of six from 
2021. We now sit in the 86th 
percentile within the Metals 
and Mining Industry in the S&P 
Global Corporate Sustainability 
Assessment (CSA).
We remained in the 
second‑to-top quintile 
(Detailed) in 2022. 
4. Social
Workforce 
Value
Community 
Value
Material topics: Free, Prior and Informed Consent, First Nations heritage, diversity and inclusion, health and safety
Strategic Aspirations: Partnering
SVCMs: Safety, workforce engagement, inclusion, diversity, partnering, social contribution, grievances, heritage incursions, human rights incidents
4.1	
Performance Standards
We aim to be welcome in the communities and regions that host our operations, and we endeavour to engage in genuine partnerships with 
local communities, suppliers, and all levels of government where we share opportunities and work collaboratively on threats and opportunities 
to achieve our common goals. First Nations Peoples and local land-connected peoples, as well as our host communities, rely on OZ Minerals to 
act with transparency and build sustainable partnerships based on trust and collaboration that helps us understand the impact of our activities. 
These partnerships deliver long-term benefits, maximising opportunities and minimising negative effects.
Our Global Social Performance Standards set out the minimum requirements for our Workforce and Suppliers to manage threats associated 
with specific activities or tasks, and to identify opportunities that have the potential to drive value creation for both OZ Minerals and the 
communities in which we operate, and wish to be welcome. These Standards are guided by the OECD Guidelines for Multinational Enterprises 
and align with the United Nations frameworks for human rights including:
› the UN Universal Declaration of Human Rights
› the UN Guiding Principles on Business and Human Rights; and
› the UN Declaration on the Rights of Indigenous Peoples
All statutory and legal requirements must be met, however, our Social Performance Standards impose additional requirements for stakeholder 
engagement and assessing and managing threats and opportunities arising from our operations. This includes how we manage heritage, 
land access, acquisition and resettlement as well as other human rights issues. For more information on our Social Performance Standards see 
(ozminerals.com/en/how-we-work/performance-standards).
As part of our Strategy (ozminerals.com/en/who-we-are/our-strategy), we prioritise Partnering relationships with our Communities that 
enhance education opportunities and build resilience and capability in ways that support the following UN SDGs: 
› Goal 4: Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
› Goal 8: Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
› Goal 9: Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
› Goal 16: Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable
and inclusive institutions at all levels
For more information on how we partner, see ozminerals.com/en/how-we-work/partnering-with-communities/how-we-engage. 
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
59

4.2	
Safety & Wellbeing
At OZ Minerals safety is everyone’s responsibility. We strive to 
create a culture where everyone is empowered to act. Our Global 
Safety, and Health and Wellbeing Performance Standards guide our 
approach to managing physical and psychosocial risks associated  
with mining activities and support us in protecting the safety of all 
parties undertaking work at our Assets, Corporate Functions and 
remote locations. 
We are committed to preventing workplace injuries and illnesses 
through continuous monitoring of key indicators. We investigate all 
safety incidents and implement corrective actions upon thorough 
investigation. The Learning Through Incidents and Risk Management 
Process Standards set out the process for identifying, evaluating 
and reporting incidents, including those pertaining to physical and 
psychosocial safety.
Incidents and near misses are rated internally against potential or 
actual consequence and likelihood. Every incident is also assessed 
for its impact on our six stakeholder groups. All significant safety 
incidents (actual or potential) are investigated thoroughly using the 
Incident–Cause–Analysis Method (ICAM).
The Board oversees our approach to managing safety risks through 
the Sustainability Committee. Our Global Safety Performance 
Standards are designed to be in line with the statutory requirements 
of the jurisdictions in which we operate at a minimum and guide our 
approach to risk evaluation.
4.3	
Workforce SVCMs
Our employees, contracting partners and contingent workforce are 
essential to the development and operations of OZ Minerals. They 
allow us to put our Purpose into action and drive value creation for 
all our Stakeholders.
Stakeholder Value Creation Metrics
SAFETY PERFORMANCE
WORKFORCE ENGAGEMENT
DIVERSITY
INCLUSION
We want to have an inclusive and diverse workplace that recognises 
everyone’s value and creates opportunities for everyone to fully 
contribute and thrive. Our approach is designed to drive cultural 
change through building inclusive systems, symbols, mindsets and 
behaviours, underpinned by How We Work Together Principles. 
This is embedded through People Process Standards and inclusive 
talent practices to counteract the risk of unconscious biases, 
Health and Wellbeing Performance Standards, OZWay Capability 
and Leadership programs. We also track lag and lead indicators 
of diversity and inclusion, and focus on continuing to mainstream 
flexible working practices through Work Life Plans. We have an 
annual calendar of Inclusion and Diversity events such as International 
Women’s Day and NAIDOC week. We regularly track progress 
around the experiences of our workforce through our independent 
workforce Pulse survey conducted every quarter. 
CASE STUDY 
GENDER PAY EQUITY
As part of our 2022 Salary Review we undertook a 
compa-ratio review of Gender Pay Equity at Pay Level,  
(not just ‘like for like’ roles) reducing our Gender Pay 
Gap from 2.3% to 0.9% for all OZ Minerals Australian 
Employees. We also updated our controls to systematise 
gender pay equity across the employee life cycle (hiring, 
promotions, annual review etc). Our 2021-22 WGEA 
Annual Compliance Report indicated OZ Minerals is 
number 1 in our Industry for Gender Pay Equity.
CASE STUDY 
STOP FOR SAFETY 2022
In August a company-wide Safety Stop was held across 
OZ Minerals following an increase in safety related 
incidents within a short period.
The day consisted of a series of interactive sessions held 
both in-person and virtually on how to achieve better safety 
outcomes. These included reviews of workplace hazards, 
area inspections and clean up activities, update of Work 
Life Plans, leader storytelling and team commitments to 
safety and wellbeing supported by incident trend and Pulse 
data (anonymous workforce feedback tool). We also held 
safety circles to share de-identified incidents of harassment 
and build ‘upstander’ capability. 
› TRIFR of 6.99 per million hours worked, an increase 
of 2.59 from year prior
› Company‑wide Stop for Safety Day, see case study
› Zero fatalities
2022 SNAPSHOT 
Sustainability Review continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
60

4.4	
Culture
Our commitment to prioritising the safety, health and wellbeing of 
our Workforce includes ensuring our work environment is physically 
and psychologically safe and everyone feels respected and included. 
At the heart is our How We Work Together principles and behaviours 
of caring for each other, looking after our own health and wellbeing 
and supporting others to do the same, and questioning behaviours 
that are not aligned with How We Work Together.
The recent attention on challenges of sexual harassment and bullying 
in our industry are a powerful reminder that we must continue to 
focus on building a culture of care and respect. We are identifying 
and assessing both physical and psychosocial risks and hazards and 
putting in place plans to address these. 
We measure our success using a series of Stakeholder Value Creation 
Metrics (SVCMs).
We have zero tolerance for harassment, bullying and discrimination 
in all its forms. In 2022 we took a number of actions to strengthen 
our controls and systematise zero tolerance into our operations. 
This includes:
	› CEO conversation circles to listen directly to workforce experiences 
of respect and inclusion (what is working well and where we 
can improve).
	› Increase in females in leadership from 18.6% to 22.1%.
	› Incidents involving behaviour which may result in prolonged 
physical or psychological harm to member(s) of the workforce are 
treated as significant incidents.
	› Sharing de-identified incidents through CEO broadcasts and safety 
circles on site to reinforce behavioural expectations and learning. 
	› Building capability in how to be an ‘upstander’ vs a bystander and 
proactively intervene early if people see or experience something 
that makes them or others feel uncomfortable.
	› Strengthening our Code of Conduct, Speak up and Incidents 
Process Standards and Global Health and Wellbeing Performance 
standards. 
	› Strengthening lag and lead indicators in our Pulse survey to 
measure effectiveness of our controls. 
	› Independent audit of our two Australian site facilities, processes and 
policies to identify opportunities to strengthen controls aligned to our 
commitment to safe, respectful work environments. 
	› We are in the process of training and establishing a Safe Space 
Network as an additional channel to support people who 
have seen or experienced inappropriate workplace behaviours 
(partnering with Blue Knot National Centre of Excellence for 
support for people impacted by trauma).
This work supports OZ Minerals’ pursuit of UN Sustainable Development 
Goal number 5, Achieve gender equality and empower all women 
and girls.
4.5	
Community SVCMs 
At OZ Minerals, we measure the value we create for our Communities 
through our approach to Social Performance with a set of metrics, 
our SVCMs, that help us understand and learn from our activities and 
their impacts (see page 5).
Community SVCMs
In 2022 we undertook a review of Community SVCMs to ensure that 
the Company is aiming high to achieve its targets and to collect rich 
data on emerging patterns and areas for learning and growth to 
support our Strategic Aspirations.
4.5.1	 How we engaged in 2022
We work to protect and respect country and culture by supporting 
the principles of Voice, Treaty and Truth and support the effort being 
made to achieve National Reconciliation. In 2019, we engaged in 
extensive consultation with our Traditional Owners with respect to 
the need for a collective company Reconciliation Action Plan (RAP). 
It was their view that our Partnering Agreements superseded a RAP. 
These agreements enshrine our commitment to work in the spirit of 
shared value and mutual obligation and inform the management of 
our production Assets’ specific Native Title Mining Agreements.
OZ Minerals recognises the collective rights of First Nations Peoples 
to self-determine and decision-make in regard to their lands and 
waters. This is the principle that underpins our work to ensure Free, 
Prior and Informed Consent. For more information on how we 
engage with Communities, develop Agreements and ensure that 
Free, Prior and Informed Consent is granted, see ozminerals.com/en/
how-we-work/partnering-with-communities/how-we-engage. 
Examples of successful partnerships undertaken in 2022 can be 
found at ozminerals.com/en/where-we-work. 
	› WGEA Report 2021 - 2022 identified OZ Minerals as #1  
in the mining industry for gender pay equity
	› Increased overall leadership gender balance from 20.7%  
to 23.7%
	› Increase in females in leadership from 18.6% to 22.1%
	› Achieved 40:40:20 gender target for Board and Executive
	› Executive LTI goals now carry 20% weighting on performance 
against ESG indices (Section 3, ESG benchmarking)
2022 SNAPSHOT 
PARTNERING CASE STUDIES
COMPLAINTS AND GRIEVANCES
AREA DISTURBED
CULTURAL HERITAGE INCIDENTS
WATER CONSUMED
HUMAN RIGHTS INCIDENTS
NON-MINERAL WASTE
SOCIAL CONTRIBUTION SPEND
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
61

In 2022 OZ Minerals supported initiatives to the value of $145,000.
In addition, OZ Minerals is a member of associations including 
the South Australian Chamber of Mines and Energy (SACOME), 
Association of Mining Exploration Companies (AMEC), United 
Nations Global Compact (UNGC), Committee for Economic 
Development of Australia (CEDA), Australia-Latin America Business 
Council (ALABC), Work180, Diversity Council of Australia, Pride in 
Diversity, Parents at Work and International Copper Association 
Australia (ICAA).
In 2022 OZ Minerals undertook a review and due diligence of 
industry association and memberships for alignment with our 
Stakeholder Value Creation Metrics. No material misalignments 
were identified. OZ Minerals has developed Membership Principles, 
linking them to our existing Anti Bribery and Corruption Global 
Process Standards which sets out our zero tolerance for donations 
to political parties, organisations or any political official on behalf of 
OZ Minerals.
4.6	
Human Rights
At OZ Minerals, we aim to advance and promote human rights 
throughout our value chain. We have zero tolerance of human 
rights abuse and modern slavery and expect this of our Workforce, 
Suppliers and partners. Our Human Rights Global Performance 
Standard (ozminerals.com/en/how-we-work/performance-standards) 
is guided by national and international guidelines, including:
› UN Guiding Principles on Business and Human Rights
› Universal Declaration on Human Rights
› Voluntary Principles on Security and Human Rights (VP)
› International Labour Organisations (ILO) Conventions on child
labour and freedom of association
› International Council on Mining and Metals (ICMM) Principles
› Australian Modern Slavery Act 2018 (Cth).
In addition to our Human Rights Performance standard we also manage 
human rights issues through dedicated actions for our workforce culture, 
safety, heritage management and land disturbance standards.
Where issues arise with our Community partners, we have robust 
processes to ensure these incidents are recorded, heard and responded 
to in a timely manner. These include processes for assessing and 
responding to human rights incidents, heritage incidents and 
community grievances. For more information on these processes see 
ozminerals.com/en/how-we-work/partnering-with-communities/how-
we-engage. 
In 2022 there were zero significant/material human rights incidents 
and zero significant/material cultural heritage breaches. One 
grievance was recorded at Carrapateena relating to a concern 
about an increased risk of Foot and Mouth Disease impacting 
local pastoral operations due to the disease’s spread in Asia. The 
grievance was responded to by being recorded in the Critical 
Risk Management portal, a risk assessment was undertaken and 
stakeholder communications were immediately initiated. This 
included the development of an infectious diseases protocol which 
was communicated to the workforce.
4.5.2	 How we invested in 2022
Our social investment decisions expand our community efforts 
beyond our immediate sphere of influence and allow us to develop 
sustainable legacies. This year, we contributed a total of $1.58 million 
in community support. We work to ensure that our decisions are 
defined, driven, informed by the needs of the community and provide 
long-term benefits. To learn more about how we invest in our 
communities visit ozminerals.com/en/how-we-work/partnering-with-
communities/social-investment. 
Our Educating the Next Generation Program was redeveloped in 
2022. The Program reflects what is front and centre of our Strategy – 
creating value for stakeholders – and through it, we have developed 
a number of partnerships to support our Communities. The Program 
now integrates OZ Minerals’ support through funding, internships, 
STEM innovation projects and volunteer and mentoring opportunities 
for our Workforce. The funding arm of this Program is being delivered 
through partnerships with The Clontarf Foundation, Shooting Stars 
and The Smith Family totalling $900,000 over the next three years as 
well as an ongoing contribution to the Royal Flying Doctor Service of 
$150,000 per year.
In 2022 we continued our COVID-19 Stakeholder Support Fund 
established at the onset of the pandemic. This year, the Fund 
contributed $150,000 to Foodbank SA for support of food security 
and supply issues arising from the pandemic.
Additionally, ad hoc sponsorship initiatives are undertaken by the 
Corporate centre and at each Asset. In developing social contribution 
initiatives, we seek to avoid creating dependency. Instead, we strive 
to support organisations or projects in achieving self-sustaining 
outcomes so communities close to our operations benefit from our 
presence. For more information on sponsorship guidelines, including 
priority areas for support (ozminerals.com/en/news/sponsorship). 
› Carrapateena human rights gap analysis completed
› Review of modern slavery internal and external capability
for enhancement
› Australian supplier-wide communication from CEO on
our human rights position
› Brazil human rights capability campaign
2022 SNAPSHOT 
Sustainability Review continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
62

In 2022 we continued progressing our Modern Slavery Plan, which 
included continuing high risk supplier due diligence and program 
enhancements via capability review of existing training modules.
In 2022 we did not identify any direct instances of modern slavery 
in our global Assets. OZ Minerals and multiple cross industry users 
in Australia were indirectly exposed to modern slavery in the rubber 
gloves supply chain in 2022. This exposure was a national issue 
and triggered further due diligence in collaboration with impacted 
suppliers (as distributors). This incident is currently being actively 
monitored as part of our ongoing modern slavery program. For 
further information on OZ Minerals’ approach to modern slavery, 
see the company’s 2021 Modern Slavery Statement (ozminerals.com/
en/working-with-us/modern-slavery-statement). The 2022 Modern 
Slavery Statement will be published later in 2023.
In 2022 the key human rights focus areas included an externally 
facilitated audit of the threat of ‘Occurance of Human Rights Breach’. 
This informed ongoing developments to the Carrapateena Human 
Rights Management Plan. Brazil commenced human rights capability 
enhancements including harassment, discrimination and First 
Nations heritage. At the West Musgrave Project (WMP), whilst still in 
greenfield state, the focus remained on cultural heritage approvals, 
community and First Nations engagement ozminerals.com/en/where-
we-work/west-musgrave.
5. Environmental performance
Government 
Value
Community 
Value
› Material topics: Decarbonisation, water, waste and tailings
management, biodiversity, ecology and rehabilitation
› Strategic Aspirations: Decarbonisation and traceability, closure,
waste and water
› SVCMs: Emissions, energy, water, waste, land and biodiversity
Together with our Stakeholders, we depend on the natural 
environment. As a Modern Mining Company, we recognise our 
global operations inherently impact the environment and our 
Stakeholders. We remain committed to exceeding the expectations 
of our Stakeholders through how we manage our interactions with 
the environment, our practices and Standards, compliance with 
statutory and regulatory requirements, reduction of our impact, 
and regeneration and rehabilitation of the land and ecosystems 
which support our business and our Stakeholders. For a detailed 
overview of our approach to environmental management, see the 
Environmental Performance section of our website.
No regulatory non-compliances were identified for the reporting 
period at any of our operations, however a reportable spill occurred 
at Carrapateena, a seepage of saline water which impacted 
vegetation. This was reported to the South Australian regulator 
consistent with statutory requirements.
5.1	
Climate change, decarbonisation and air emissions 
This section provides an overview of our 2022 performance and 
activities. More detailed disclosures aligned to the Recommendations 
of the Task Force on Climate-related Financial Disclosures (TCFD) 
can be found on our website (ozminerals.com/en/how-we-work/
performance-standards/climate-statement).
5.1.1 	 Climate change & decarbonisation 
Our Assets continued to execute detailed Decarbonisation Plans in 
2022 to implement and deliver against our Decarbonisation Roadmap 
(ozminerals.com/en/how-we-work/performance-standards/climate-
statement). At Carrapateena and Prominent Hill, progress has been 
made on construction of the electric materials handling systems 
and to execute trials of electrified concentrate haulage, loaders and 
light vehicles (LVs) throughout 2023. Our Brazil team developed a 
greenhouse gas inventory across Scope 1, 2 and 3 emissions2, from 
which they developed a Decarbonisation Plan for their operating 
context. In 2022 we announced FID to proceed with our West 
Musgrave Project which will be one of the lowest emissions intensity 
nickel mines globally. 
Reflecting these developments, our Company Strategy was updated 
to focus on Modern Minerals, uniquely placing us to capitalise on 
the growing demand for the modern minerals that are integral to the 
multi-decade electrification and decarbonisation transition (page 8). 
In 2022, we revised our approach to climate risk management to 
identify major enterprise risks for the Company, known as Context 
Risks (page 30). Climate change, encompassing both physical and 
transition risk (opportunities and threats), is identified as a Context 
Risk, owned by the Corporate Affairs Executive. Transition risks are 
managed by key Corporate roles including Sustainability and Strategy, 
as well as dedicated Asset roles overseeing the implementation 
of decarbonisation initiatives consistent with our Decarbonisation 
Roadmap. Specific physical climate-related risks have been identified as 
potential threats to our operational performance and are captured by 
our Assets as Performance Risks.
2. Brazil greenhouse gas inventory was prepared in alignment with Programa Brasileiro GHG Protocol and Greenhouse Gas Protocol requirements.
› First year of Decarbonisation Roadmap delivery
› Final Investment Decision to proceed with our WMP
which will be one of the lowest emissions intensity nickel
mines globally
› FY22 emissions:
Scope 1 95,387 tCO2-e, 0.7% increase
Scope 2 230,651 tCO2-e, 7.7% decrease
Scope 3 557,847 tCO2-e
2022 SNAPSHOT 
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
63

We also undertook a climate risk assessment of the Basis of Design 
for our Carrapateena Expansion. This builds on the physical risk 
assessments of our Assets in previous years (see 2021 Annual and 
Sustainability Report). The results of this assessment showed the 
current design to be resilient to physical risks (threats) under extreme 
climate change scenarios, with no Material threats identified 3. 
To support delivery of our net zero commitments and potential 
exposure to changing government policy settings, we have developed 
an Offsets Plan. The Plan is centred on value creation for our 
Stakeholders through the use of offsets and informs how we meet 
our abatement requirements and ensure integrity. Key elements of 
the Plan include working with Stakeholders to develop opportunities 
for new offsets projects and building our offsets portfolio based on 
our operating locations as well as other jurisdictions. 
We have developed a Reduction Plan for Scope 3 emissions which 
focuses on engaging our Suppliers and value chain partners, 
including our Customers, to identify opportunities to collaborate to 
reduce Scope 3 emissions.
In 2022, our total Scope 1 emissions were 95,387 tCO2-e, increasing 
0.7 per cent from FY21, consistent with the expected trajectory 
of our Decarbonisation Roadmap. Our Scope 2 emissions decreased 
over the same period by 7.7 per cent to 230,651 tCO2-e, despite 
an increase in energy consumption. This was largely due to a 
significant decrease in the emissions intensity of the South Australian 
electricity grid 4, attributable to increased renewable penetration 
of approximately 67.5 per cent 5 in 2022.
GHG Emissions - Scope 1 & 2 (tCO2-e)
400,000 tCO2-e
300,000
200,000
100,000
2018
2019
2020
2021
2022
Scope 1
Scope 2
0
We re-baselined our Scope 3 emissions in 2022 (Figure below), which 
totalled 557,847 tCO2-e. This increase was due primarily to a greater 
amount of smelting associated with our product. We also analysed 
our purchased goods and services in more detail which led to higher 
emissions for this category. 
At the same time, we are on track to achieve several reductions in 
Scope 3 emissions. Through moving to smaller aircraft for commuting 
to our mines and scheduling enhancements, we are anticipating 
a 45 per cent reduction 6 in emissions from our charter flights. 
We have also made changes to our inbound logistics movements 
at Carrapateena which we estimate has reduced Scope 3 emissions 
by 10 per cent. 
OZ Minerals' Scope 3 Emissions Profile (tCO2-e)
FY22
500,000
400,000
300,000
200,000
100,000
0
Purchased goods and services
Shipping
Waste
Employee commuting (charter flights)
Rail
Smelting
Business travel
Upstream logistics
5.1.2 Air emissions 
In 2022, Prominent Hill successfully completed trials applying dust 
suppression additives to the site access road and underground mining 
environment. In addition, speed restrictions were implemented along 
sections of the access road stocked with livestock. Together, the trials 
have reduced the impacts of dust on air quality on both the surface 
and underground and on local livestock neighbouring the operation.
Our Australian Assets, Prominent Hill and Carrapateena, anually 
report emissions of air pollutants via the National Pollutant Inventory 
(NPI). In FY22, emissions of carbon monoxide and oxides of nitrogen 
increased at Carrapateena, consistent with the increase in diesel 
consumption, while the inverse occurred at Prominent Hill. No 
emissions to surface water were identified at either Asset, while all 
emissions to land (including groundwater) decreased at Carrapateena 
and increased at Prominent Hill, reflecting the change in water 
volume in tailings slurry at each Asset respectively.
3.	 Refer to 2022 TCFD disclosures for details of the risk assessment.
4.	 Compilation No. 14 (July 2022), National Greenhouse and Energy Reporting (Measurement) Determination 2008.
5.	 OpenNEM.
6.	 Estimated reduction over full financial year. Aircraft and scheduling change commenced in June 2022.
Sustainability Review continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
64

5.2	
Non-mineral & mineral waste 
We have an Aspiration to eliminate waste from non-renewable 
sources at our operations. Our Assets maintain Waste Management 
Plans to manage non-mineral waste that are guided by the waste 
management hierarchy of avoid, reduce, reuse, recycle, recover, 
treat and dispose in accordance with our Non‑Mineral Waste and 
Wastewater Performance Standard.
In 2022, Prominent Hill undertook an initiative to remove disused 
infrastructure and equipment from site for recycling. This resulted in 
an additional 327 tonnes of metal being recycled. 
Carrapateena implemented timber and poly-pipe recycling initiatives 
whereby timber is reprocessed into wood chips for landscaping, 
and poly-pipe is granulated and supplied to manufacturers to be 
remoulded into new products.
We produced 2,497 tonnes of landfill waste across OZ Minerals 
Assets in 2022, slightly less than in 2021. We recycled nearly 
2,700 tonnes of solid material, slightly less than in 2021.
Non-mineral waste
2018
2019
2020
2021
2022
Solid recyled (t)
Liquid recyled (l)
Landfill (t)
Incineration (t)
On-site storage (t)
Hazardous transported (t)
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
5.3	
Tailings 
We recognise the importance of ensuring safe, long-term 
impoundment of mine tailings and residues to prevent any 
detrimental impact on the environment, downstream communities 
and Workforce facilities. OZ Minerals is committed to aligning with 
the Global Industry Standard on Tailings Management (GISTM). We 
recognise that achieving alignment with the GISTM is a multi-year 
journey and our Assets are developing their own plans reflective of 
local requirements, regulations and our internal governance system. 
We currently own and operate four active tailings facilities 
(Table below) at Prominent Hill and Carrapateena in South Australia 
and at the site of the Antas mine in the Carajás East Hub in Brazil. 
In the Carajás Hub, tailings are now deposited in the depleted Antas 
open pit. We currently do not have any closed tailings facilities. 
Detailed information of our governance and management 
approaches to tailings and detailed disclosures regarding our tailings 
facilities can be found in the Tailings section of on our website 
ozminerals.com/en/how-we-work/performance-standards/tailings.
OZ Minerals’ Tailings Storage Facilities
Tailings 
facility
Description
Initial 
operation 
date
Raising 
method
Current 
volume
Planned 
volume
Carrapateena Cross-valley 
embankment
March  
2020
Stage 2 
downstream, 
stages 3-6 
upstream
7.9 million m3 
(July 2022)
26.6 million 
m3 (2028, 
estimated)
Prominent 
Hill
Large 
circular dam
February 
2009
Downstream 51.6 million m3 
(July 2022)
65.1 million m3 
(2028)
Antas dam
Cross-valley 
embankment
March  
2016
Downstream 2.4 million m3 
(October 2022)
30,000m3 
(2023, 
estimated) 
 
 
8
Antas pit
Depleted 
Antas pit 7
April  
2022
Not 
applicable
0.3 million m3 5.8 million m3, 
estimated
7.	 The exhausted Antas pit is not considered a dam under Brazilian regulations.
8.	 The relatively low planned volume in the Antas dam is due to transfer of tailings to the exhausted Antas pit.
	› New Strategic Aspiration to eliminate waste and water from 
non-renewable sources in all our processes
	› Enhancements in data capture via SVCMs
2022 SNAPSHOT 
	› Four active tailings facilities owned and operated by 
OZ Minerals
	› All Assets completed assurance reviews against OZ Minerals’ 
Standards and gap analyses against the GISTM
	› Commitment to implementing the GISTM
2022 SNAPSHOT 
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
65

All Assets with active tailings facilities completed reviews against the 
GISTM in 2022 to identify any gaps and pathways to alignment. 
During the reporting period, Carrapateena completed stage two of 
the TSF, consisting of a 14m downstream raise using approximately 
1.6 million m3 of compacted mine rockfill. Stage two is expected to 
provide adequate tailings storage capacity until 2028. At Prominent 
Hill, the Tailings Operational Management Plan was reviewed and 
updated and the stage six uplift design completed ahead of activity 
planned for 2024/25. Geotechnical and geochemical investigations 
at both Carrapateena and Prominent Hill confirmed tailings to be 
Non‑Acid Forming (NAF). 
In Brazil, activities focussed on decommissioning the Antas facility 
through transferring existing tailings to the exhausted mine pit. 
As a result, no continuous operational activities were undertaken.
5.4	
Water 
	› New Strategic Aspiration to eliminate waste and water from 
non-renewable sources in all our processes
2022 SNAPSHOT 
While water is essential to sustain our operations, we have an 
Aspiration to eliminate water from non-renewable sources. 
Our Assets design, construct and operate water consuming 
activities and infrastructure with consideration to minimising water 
usage, including the adoption of new technologies. Our Australian 
operations are located in arid zones and rely on hyper‑saline 
groundwater drawn from nearby wellfields. These Assets do 
not draw from the Great Artesian Basin. Our operations in Brazil 
are in high rainfall zones and use a combination of surface and 
groundwater. None of our Assets are located in areas of extreme 
water stress 9.
Water withdrawal 
1,000
2,000
3,000
4,000
5,000
6,000
7,000
9,000
8,000
2018
2019
2020
2021
2022
0
Surface water (ML)
Groundwater (mine dewatering, ML)
Groundwater (wellfield, ML)
Rainwater (ML)
Municipal water supply (ML)
Total recycled (ML)
5.5	
Land, biodiversity, rehabilitation & closure
Recognising the need to further integrate nature into decision 
making, in 2022 we determined to implement the Task Force on 
Nature-Related Disclosures (TNFD) framework over a multi-year 
period, once the framework is finalised.
Our South Australian Assets have established Significant Environmental 
Benefit (SEB) offset areas on nearby land parcels. As an example the 
SEB area at Prominent Hill consists of a portion of the Mt Eba Pastoral 
Lease and undisturbed areas within the Mining Lease totalling 
approximately 12,415 ha (less project-related disturbances). The SEB 
areas contain several threatened flora and fauna species listed under 
State and Commonwealth legislation. 
During the reporting period, regulatory approvals were granted 
to disturb 5.23 ha of land at Prominent Hill, while 8.06 ha were 
rehabilitated onsite following the demolition of several work 
areas. In total, 10.2 ha was reseeded at Carrapateena with native 
plant species. 
6. Appendix 
6.1	
Organisational scope and boundary
Our sustainability data is disclosed in accordance with the Global 
Reporting Initiative (GRI) and Sustainability Accounting Standards 
Board (SASB) Metals and Mining Standard. We are also aware of 
emerging sustainability standards and frameworks, some elements 
of which are reflected in our Review. 
Our 2022 Sustainability Review covers the performance of our 
Australian Assets Prominent Hill, Carrapateena and West Musgrave 10, 
and our Brazilian Assets in the Carajás Province. These are facilities 
over which OZ Minerals had or gained operational control 11 during 
the 2022 calendar year. Joint ventures which we do not operate  
are excluded.
6.2	
Sustainability data
Data supporting the Sustainability Review is available from 
ozminerals.com/ArticleDocuments/358/230221_OZ%20Minerals% 
202022%20Sustainability%20Review_databook.xlsx.aspx. 
6.3	
Assurance
OZ Minerals engaged KPMG to undertake Reasonable Assurance over 
the energy and emissions data for our Australian Assets and Limited 
Assurance over other selected information in this Review. The full 
details of the process, scope of assurance and outcome are detailed 
in KPMG’s Assurance Statement on page 67.
9.	 According to the World Resources Institute Aqueduct Water Risk Atlas.
10.	 WMP is not yet operational and data and reporting is therefore limited.
11. 	As defined by the National Greenhouse and Energy Reporting Act 2007.
	› Determined to implement TNFD
	› Some rehabilitation works
2022 SNAPSHOT 
Sustainability Review continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
66

Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
67
Independent Limited Assurance Report to the Directors of Oz Minerals Ltd 
Conclusion
Based on the evidence we obtained from the procedures performed, we are not aware of any material misstatements in the Selected 
Sustainability Information which has been prepared by OZ Minerals Limited (the Company) in accordance with Global Reporting Initiative 
(GRI) Standards, the recommendations of the Taskforce on Climate- related Financial Disclosures (TCFD) and the Company specific
definitions outlined in the Sustainability Review section of the Company’s 2022 Annual Report and Sustainability Review on pages 58-66 
and the 2022 Sustainability Review Databook for the year ended 31 December 2022.
INFORMATION SUBJECT TO ASSURANCE
The Selected Sustainability Information, as presented in the Sustainability Review section of the Company’s 2022 Annual Report and 
Sustainability Review on pages 58-66 and the 2022 Sustainability Review Databook for the year ended 31 December 2022 and available 
on the Company website, comprises the following:
Selected Sustainability Information
Value assured
Location of disclosure
Greenhouse gas emissions Scope 1 1 July 2021 to 30 June 2022 
Australian operations
87,400t CO2-e
2022 Sustainability Review Databook 
tab “Environment 2022 Data”
Greenhouse gas emissions Scope 2 1 July 2021 to 30 June 2022 
Australian operations
227,546t CO2-e
Greenhouse gas emissions Scope 3 1 July 2021 to 30 June 2022
557,847t CO2-e
2022 Sustainability Review Databook 
tab “Scope 3 Emissions 2022”
Climate change, decarbonisation, and air emissions disclosure
N/A
OZ Minerals 2022 Annual Report and 
Sustainability Review pages 63-64
Fatalities
0
2022 Sustainability Review Databook 
tab “Social 2022 data”
Total Recordable Injury Frequency Rate (TRIFR)
6.99
Lost Time Injury Frequency Rate (LTIFR)
1.06
Significant safety incidents
58
Representation at leadership level (Employees, CY22):
›
Board
›
Senior Leaders
›
Total Employees
›
50% female
›
16.1% female
›
23.7% female
CRITERIA USED AS THE BASIS OF REPORTING
The criteria used in relation to the Selected Sustainability Information are the GRI Standards published by the GRI, Recommendations of the TCFD 
and Company specific definitions outlined in the Sustainability Review section of the Company’s 2022 Annual Report and Sustainability Review 
on pages 58-66 and the 2022 Sustainability Review Databook for the year ended 31 December 2022.
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional 
Standards Legislation.

OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
68
BASIS FOR CONCLUSION
We conducted our work in accordance with Australian Standard on Assurance Engagements ASAE 3000 Assurance Engagements Other Than 
Audits or Reviews of Historical Financial Information and ASAE 3410 Assurance Engagements on Greenhouse Gas Statements (Standards). In 
accordance with the Standards we have:
›
used our professional judgement to plan and perform the engagement to obtain limited assurance that we are not aware of any material 
misstatements in the Selected Sustainability Information, whether due to fraud or error;
›
considered relevant internal controls when designing our assurance procedures, however we do not express a conclusion on their 
effectiveness; and
›
ensured that the engagement team possess the appropriate knowledge, skills, and professional competencies.
SUMMARY OF PROCEDURES PERFORMED
Our limited assurance conclusion is based on the evidence obtained from performing the following procedures:
›
enquiries with relevant Company personnel to understand the internal controls, governance structure and reporting process relevant to the 
Selected Sustainability Information;
›
reviews of relevant documentation;
›
analytical procedures over the Selected Sustainability Information;
›
walkthroughs of the Selected Sustainability Information to source documentation;
›
a site visit to Prominent Hill and remote discussions with Corporate Head Office (Adelaide), Carrapateena, and Brazil Assets;
›
agreeing the Selected Sustainability Information to relevant underlying sources on a sample basis;
›
evaluating the appropriateness of the criteria with respect to the Selected Sustainability Information; and
›
reviewed the OZ Minerals Sustainability Review & Sustainability Review Databook in its entirety to ensure it is consistent with our overall 
knowledge of assurance engagement.
HOW THE STANDARD DEFINES LIMITED ASSURANCE AND MATERIAL MISSTATEMENT
The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for a reasonable 
assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the 
assurance that would have been obtained had a reasonable assurance engagement been performed.
Misstatements, including omissions, are considered material if, individually or in the aggregate, they could reasonably be expected to influence
relevant decisions of the Directors of OZ Minerals Limited.
USE OF THIS ASSURANCE REPORT
This report has been prepared for the Directors of OZ Minerals Limited for the purpose of providing an assurance conclusion on the Selected 
Sustainability Information and may not be suitable for another purpose. We disclaim any assumption of responsibility for any reliance on this 
report, to any person other than the Directors of OZ Minerals Limited or for any other purpose than that for which it was prepared.
MANAGEMENT’S RESPONSIBILITY
Management are responsible for:
›
determining that the criteria is appropriate to meet their needs and the needs of the Company stakeholders;
›
preparing and presenting the Selected Sustainability Information in accordance with the criteria; and
›
establishing internal controls that enable the preparation and presentation of the Selected Sustainability Information that is free from material 
misstatement, whether due to fraud or error; and
›
maintaining the integrity of the website.
OUR RESPONSIBILITY
Our responsibility is to perform a limited assurance engagement in relation to the Selected Sustainability Information for the year ended 
31 December 2022, and to issue an assurance report that includes our conclusion.
Our Independence and Quality Control We have complied with our independence and other relevant ethical requirements of the Code of 
Ethics for Professional Accountants (including Independence Standards) issued by the Australian Professional and Ethical Standards Board and 
complied with the applicable requirements of Australian Standard on Quality Management 1 to design, implement and operate a system of 
quality management.
KPMG
Julia Bilyanska
Partner
 
22 February 2023

Mineral Resources and Ore Reserves
As at 30 June each year OZ Minerals reports its Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of 
Exploration Results, Mineral Resources and Ore Reserves, December 2012 (the JORC Code) as required by the Australian Securities Exchange (ASX).
Overall, compared to the prior year the 2022 estimated Ore Reserves were stable at approximately 560 Mt. Total estimated Mineral Resources 
were also stable at approximately 1,800 Mt.
The Mineral Resource and Ore Reserve information in the table below is drawn from the following ASX releases:
Deposit
Release date
Prominent Hill Mineral Resource and Ore Reserve Statement as at 30 June 2022
21-Dec-22
Carrapateena 2022 Mineral Resources and Ore Reserves Statements and Explanatory Notes as at 30 June 2022
21-Dec-22
Fremantle Doctor 2022 Mineral Resources Statement and Explanatory Notes as at 30 June 2022
21-Dec-22
Maiden Succoth Resource Estimate (asx.com.au/asxpdf/20151207/pdf/433lsh4dgb91rs.pdf)
7-Dec-15
Maiden Jericho Resource and Cloncurry exploration update (asx.com.au/asxpdf/20200716/pdf/44kkzdc6ljty34.pdf)
16-Nov-21
West Musgrave Project Nebo-Babel Deposits 2022 Mineral Resource and Ore Reserve Statement and Explanatory Notes 
as at 23 September 2022
23-Sep-22
Antas North Mineral Resource included in “Summary of updated Mineral Resource & Ore Reserve Statements”
21-Dec-22
Pedra Branca Mineral Resource and Ore Reserve Statement and Explanatory Notes as at 30 June 2022
21-Dec-22
CentroGold Mineral Resource Estimate and Ore Reserve Statement as at 6 May 2019 and 24 June 2019
11-Jul-19
CentroGold Resources Increase 45% and Exceeds 1.8 Million Ounces 1 (asx.com.au/asxpdf/20171113/pdf/43p5by2k5xpcsl.pdf)
13-Nov-17
Santa Lúcia Mineral Resource Statement and Explanatory Notes as at 1 July 2021
24-Sep-21
Pantera Mineral Resource Statement and Explanatory Notes as at 1 October 2022
21-Dec-22
Note: All Mineral Resources and Ore Reserves are estimates. The OZ Minerals Mineral Resources and Ore Reserves statements and their accompanying explanatory notes can be 
viewed in full at: ozminerals.com/en/investing-in-us/resources-reserves
1.	 Announcement relates to Chega Tudo only
Summary of significant changes since 2021
PROMINENT HILL
The Prominent Hill Ore Reserves increased as a result of the upgrading 
of the Mineral Resource confidence due to the positive drilling results 
and the favourable long term copper price assumptions. The increase 
has resulted in an extension of the mine life.
Prominent Hill underground Mineral Resources increased due to 
a combination of favourable drilling results and a lower effective 
copper cut-off grade for the Mineral Resource. The Mineral Resource 
cut-off grade change was mostly the result of a more favourable long 
term copper price assumption.
CARRAPATEENA PROVINCE
The Carrapateena Mineral Resource and Ore Reserve decreased 
due to the inclusion of data from a drilling campaign of ~40 kms 
between July 2020 and June 2022 as well as mapping and sampling 
information collected from underground development resulting in 
refined interpretation and estimation. 
Fremantle Doctor Mineral Resource decreased due to changes 
in the interpretation, estimation technique and application of the 
reasonable prospects to be aligned with selectivity of the block 
caving mining method.
WEST MUSGRAVE PROVINCE
The 2022 Ore Reserve estimate increased by 17 million tonnes, 
20 thousand tonnes of nickel metal and 30 thousand tonnes of 
copper metal. The update is driven by favourable changes in the 
processing cost based on increased processing plant throughput 
and updated power cost assumptions, updated Mineral Resource, 
metal payability, mining modifying factors and offset by economic 
assumptions and logistics costs. 
There has been 304 infill drillholes incorporated into the Nebo-Babel 
Mineral Resource estimate since the previous Mineral Resource 
update published in December 2020 as part of the West Musgrave 
Project (WMP) Pre Feasibility Study Update (PFSU). Overall, Mineral 
Resource tonnes, grade and metal have remained stable. A decrease 
in the size of the optimised reporting pit shell, as a result of site 
limitations, has been offset by favourable changes in the net smelter 
return (NSR) cut-off value and changes in interpretation as a result 
of drilling. 
CARAJÁS PROVINCE
The Antas North Mineral Resource was reduced due to processing 
depletion of stockpiles. The Pedra Branca Ore Reserve and Mineral 
Resource were reduced due to mining depletion. 
A new Mineral Resource was released for Pantera.
OTHERS
There have been no changes to the Mineral Resource estimates of 
Santa Lúcia, Succoth, CentroGold or Chega Tudo throughout 2022.
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
69

2022
Mineral Resources
Measured
Indicated
Inferred
Total
Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag
Cu
Au
Ag
Mt
%
g/t
g/t
Mt
%
g/t
g/t
Mt
%
g/t
g/t
Mt
%
g/t
g/t
kt
koz
Moz
Copper
Prominent Hill 
underground
49
1.2
0.6
3.0
51
0.9
0.9
2.5
66
0.8
0.9
2.3
170
0.9
0.8
2.5
1,600
4,300
14
Prominent Hill 
surface stocks
0.35
0.7
0.5
2.0
–
–
–
–
–
–
–
–
0.35
0.7
0.5
2.0
2.3
5.4
0.02
Carrapateena
140
1.1
0.43
4.1
470
0.61
0.26
2.7
300
0.26
0.13
1.8
900
0.56
0.24
2.6
5,100
7,000
76
Fremantle 
Doctor
–
–
–
–
–
–
–
–
100
0.51
0.33
1.2
100
0.51
0.33
1.2
520
1,100
4.0
Succoth
–
–
–
–
–
–
–
–
156
0.60
–
–
156
0.60
–
–
943
–
–
Antas North
–
–
–
–
0.4
0.8
0.2
–
1.0
0.4
0.1
–
1.3
0.5
0.1
–
6.2
6.0
–
Pedra Branca
1.9
1.6
0.48
–
8.7
1.7
0.44
–
7.3
1.4
0.36
–
18
1.6
0.41
–
280
240
–
Santa Lúcia
–
–
–
–
0.91
6.1
0.97
9.2
4.9
1.3
0.24
3.9
5.8
2.1
0.35
4.8
120
66
0.89
Pantera
–
–
–
–
13
1.3
0.2
–
7.1
1.1
0.2
–
20
1.2
0.2
–
250
110
–
Total
190
1.1
0.5
3.7
540
0.7
0.3
2.6
650
0.5
0.2
1.3
1,400
0.6
0.3
2.1
8,800 13,000
94
Gold
Prominent Hill 
surface stocks
–
–
–
–
8.8
0.1
0.5
0.4
–
–
–
–
8.8
0.1
0.5
0.4
11
150
0.12
CentroGold
–
–
–
–
21
–
1.9
–
7.3
–
1.8
–
28
–
1.9
–
–
1,700
–
Chega Tudo
–
–
–
–
8.2
–
1.6
–
3.1
–
1.5
–
11.3
–
1.6
–
–
577
–
Total
–
–
–
–
38
0.03
1.5
0.1
10
–
1.7
–
48
0.02
1.6
0.1
11
2,400
0.12
Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au
Ni
Cu
Au
Mt
%
%
g/t
Mt
%
%
g/t
Mt
%
%
g/t
Mt
%
%
g/t
kt
kt
Moz
Nickel
Babel
91
0.31
0.36
0.06
190
0.28
0.31
0.05
58
0.32
0.35
0.06
340
0.30
0.33
0.06
1,000
1,100
0.6
Nebo
–
–
–
–
49
0.34
0.32
0.04
1.1
0.35
0.38
0.05
50
0.34
0.32
0.04
170
160
0.1
Total
91
0.31
0.36
0.06
240
0.29
0.31
0.05
59
0.32
0.35
0.06
390
0.30
0.33
0.06
1,200
1,300
0.7
Ore Reserves
Proved
Probable
Total
Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag
Cu
Au
Ag
Mt
%
g/t
g/t
Mt
%
g/t
g/t
Mt
%
g/t
g/t
kt
koz
Moz
Copper
Prominent Hill underground
29
1.2
0.6
2.9
30
0.9
0.7 
2.4
59
1.0
0.7
2.6
590
1,230
5.0
Prominent Hill surface stocks
0.35
0.7
0.5
2.0
–
–
–
–
0.35
0.7
0.5
2.0
2.3
5.4
0.02
Carrapateena
–
–
–
–
190
1.1
0.42
4.3
190
1.1
0.42
4.3
2,000
2,600
27
Pedra Branca
0.94
1.8
0.51
–
3.1
2.1
0.53
–
4.0
2.0
0.53
–
80
69
–
Total
30
1.2
0.6
2.8
230
1.0
0.5 
4.0
260
1.1
0.5
3.8
2,700
3,900
32
Gold
Prominent Hill surface stocks
–
–
–
–
8.8
0.1
0.5
0.4
8.8
0.1
0.5
0.4
11
150
0.12
CentroGold
–
–
–
–
20
–
1.7
–
20
–
1.7
–
–
1,100
–
Total
–
–
–
–
28
0.04
1.3
0.2
31
0.04
1.3
0.1
11
1,200
0.12
Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au
Ni
Cu
Au
Mt
%
%
g/t
Mt
%
%
g/t
Mt
%
% 
g/t
kt
kt
Moz
Nickel
Babel
–
–
–
–
236
0.30
0.34
0.06
236
0.30
0.34
0.06
705
791
0.5
Nebo
–
–
–
–
36
0.37
0.35
0.04
36
0.37
0.35
0.04
132
125
0.05
Total
–
–
–
–
270
0.31
0.34
0.06
270
0.31
0.34
0.06
840
920
0.5
Numbers in table subject to rounding. 
The Santa Lúcia project is 100% owned by Vale and the Brazil National Economic Development Bank (BNDES) holds a right to participate in up to 50% of the economic results of 
the project. OZ Minerals has an option to purchase Vale’s share of the project and is in discussions with BNDES regarding the possible acquisition of its option to acquire the other 
50% interest in the project. Data reported is on a 100% basis. Mineral Resources are inclusive of Ore Reserves.
Mineral Resources and Ore Reserves continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
70

2021
Mineral Resources
Measured
Indicated
Inferred
Total
Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag
Cu
Au
Ag
Mt
%
g/t
g/t
Mt
%
g/t
g/t
Mt
%
g/t
g/t
Mt
%
g/t
g/t
kt
koz
Moz
Copper
Prominent Hill 
underground
42
1.3
0.6
3.2
44
0.9
0.9
2.7
51
0.8
0.9
2.3
140
1.0
0.8
2.7
1,400
3,600
12
Prominent Hill 
surface stocks
2.4
0.6
0.4
1.7
–
–
–
–
–
–
–
–
2.4
0.6
0.4
1.7
14
28
0.1
Carrapateena
130
0.96
0.42
3.6
490
0.62
0.26
2.9
330
0.32
0.16
2.0
950
0.56
0.25
2.7
5,400
7,500
82
Fremantle 
Doctor
–
–
–
–
–
–
–
–
104
0.7
0.5
3
104
0.7
0.5
3
800
2,000
10
Succoth
–
–
–
–
–
–
–
–
156
0.60
–
–
156
0.60
–
–
943
–
–
Jericho
–
–
–
–
–
–
–
–
9.1
1.4
0.3
1.6
9.1
1.4
0.3
1.6
130
88
0.5
Antas North
0.1
0.7
0.3
–
0.4
0.8
0.2
–
1.1
0.3
0.1
–
1.5
0.5
0.1
–
7.1
6.6
–
Pedra Branca
2.3
1.6
0.5
–
11
1.6
0.4
–
4.8
1.5
0.4
–
19
1.6
0.4
–
300
270
–
Santa Lúcia
–
–
–
–
0.91
6.1
0.97
9.2
4.9
1.3
0.24
3.9
5.8
2.1
0.35
4.8
120
66
0.89
Total
170
1.0
0.5
3.4
550
0.7
0.3
2.8
660
0.5
0.2
1.7
1,400
0.6
0.3
2.3
9,000 13,000
100
Gold
Prominent Hill 
surface stocks
–
–
–
–
12
0.1
0.6
0.4
–
–
–
–
12
0.1
0.6
0.4
15
220
0.2
CentroGold
–
–
–
–
21
–
1.9
–
7.3
–
1.8
–
28
–
1.9
–
–
1,700
–
Chega Tudo
–
–
–
–
8.2
–
1.6
–
3.1
–
1.5
–
11.3
–
1.6
–
–
577
–
Total
–
–
–
–
41
0.04
1.5
0.1
10
–
1.7
–
51
0.03
1.5
0.1
15
2,500
0.2
Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au
Ni
Cu
Au
Mt
%
%
g/t
Mt
%
%
g/t
Mt
%
%
g/t
Mt
%
%
g/t
kt
kt
Moz
Nickel
Babel
–
–
–
–
260
0.30
0.34
0.06
79
0.32
0.37
0.06
340
0.31
0.35
0.06
1,000
1,200
0.7
Nebo
–
–
–
–
52
0.36
0.32
0.04
2.3
0.32
0.33
0.04
54
0.36
0.32
0.04
190
170
0.1
Total
–
–
–
–
310
0.31
0.34
0.06
82
0.32
0.37
0.06
390
0.31
0.34
0.06
1,200
1,300
0.7
Ore Reserves
Proved
Probable
Total
Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag Tonnes
Cu
Au
Ag
Cu
Au
Ag
Mt
%
g/t
g/t
Mt
%
g/t
g/t
Mt
%
g/t
g/t
kt
koz
Moz
Copper
Prominent Hill underground
25
1.3
0.6
3.2
24
1.0
0.7
2.8
48
1.2
0.7
3.0
560
1,100
4.7
Prominent Hill surface stocks
2.4
0.6
0.4
1.7
–
–
–
–
2.4
0.6
0.4
1.7
14
28
0.1
Carrapateena
–
–
–
–
210
1.1
0.44
4.3
210
1.1
0.44
4.3
2,300
3,000
30
Antas North
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Pedra Branca
1.1
1.9
0.6
–
3.9
2.1
0.5
–
5
2.1
0.5
–
104
89
–
Total
28
1.3
0.6
3.0
240
1.1
0.5
4.1
270
1.1
0.5
4
3,000
4,200
35
Gold
Prominent Hill surface stocks
–
–
–
–
12
0.1
0.6
0.4
12
0.1
0.6
0.4
14
210
0.2
CentroGold
–
–
–
–
20
–
1.7
–
20
–
1.7
–
–
1,100
–
Total
–
–
–
–
31
0.04
1.2
0.2
31
0.04
1.2
0.2
14
1,200
0.2
Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au Tonnes
Ni
Cu
Au
Ni
Cu
Au
Mt
%
%
g/t
Mt
%
%
g/t
Mt
%
%
g/t
kt
kt
Moz
Nickel
Babel
–
–
–
–
220
0.31
0.35
0.06
220
0.31
0.35
0.06
680
770
0.4
Nebo
–
–
–
–
33
0.41
0.36
0.04
33
0.41
0.36
0.04
140
120
0.05
Total
–
–
–
–
253
0.32
0.35
0.06
253
0.32
0.35
0.06
820
890
0.5
Numbers in table subject to rounding.
Mineral Resources are inclusive of Ore Reserves. 
In 2021 OZ Minerals had an 80 per cent ownership stake in the Jericho Joint Venture, however, the Mineral Resource was reported on a 100 per cent basis. 
Governance
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Material changes in the Mineral Resources and Ore Reserves estimates
OZ Minerals is not aware of anything that materially affects the information contained in any of the above-listed estimates since they were last 
reported, except for depletion due to mining. Depletion of the Ore Reserves between 30 June 2022 and 31 December 2022 is outlined below.
Asset
Tonnes (Mt)
Cu (%)
Au (g/t)
Ag (g/t)
Prominent Hill
4.3
0.8
0.6
2
Carrapateena
2.3
1.4
0.6
8
Pedra Branca
0.4
1.8
0.5
–
Competent Persons’ statements
The information in this report that relates to the Mineral Resources and Ore Reserves listed in the table below is based on, and fairly represents, 
information and supporting documentation prepared by the relevant Competent Person whose name appears in the same row. Each has 
sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which they 
have undertaken to qualify as a Competent Person as defined in the JORC Code (2012). As a whole, the Mineral Resources and Ore Reserves 
Statement in this report has been approved by each person named in the table below. Each person is a member of the Australasian Institute 
of Mining and Metallurgy, Australian Institute of Geoscientists or other Recognised Professional Organisations, and consents to the inclusion 
in this report of the matters based on their information in the form and context in which it appears.
Competent Persons may be shareholders in OZ Minerals Limited. OZ Minerals’ employees are entitled to participate in the OZ Minerals 
Performance Rights Plan.
Asset
Estimate
Name
Employer
Professional 
Organisation
Membership 
Number
Prominent Hill
Mineral Resource
Bruce Whittaker
OZ Minerals full time employee
AusIMM
222853
Prominent Hill
Ore Reserve
Anne-Marie Ebbels
OZ Minerals full time employee
AusIMM
111006
Carrapateena
Mineral Resource
Shaun Light
OZ Minerals full time employee
AusIMM
316591
Carrapateena
Ore Reserve
Matthew Fargher
OZ Minerals full time employee
AusIMM
305811
Fremantle Doctor
Mineral Resource
Shaun Light
OZ Minerals full time employee
AusIMM
316591
Antas North
Mineral Resource
Colin Lollo
OZ Minerals full time employee
AusIMM
225331
Pedra Branca
Mineral Resource
Colin Lollo
OZ Minerals full time employee
AusIMM
225331
Pedra Branca
Ore Reserve
Luiz Eduardo Pignatari Dompieri Tecnologia em 
Mineração Consultant
Comisión 
Minera
CH 20.235 
No 288
Santa Lúcia
Mineral Resource
Colin Lollo
OZ Minerals full time employee
AusIMM
225331
Pantera
Mineral Resource
Colin Lollo
OZ Minerals full time employee
AusIMM
225331
CentroGold
Mineral Resource
Aaron Green
CSA Global Pty Ltd full time employee
AIG
1719
CentroGold
Ore Reserve
Adriano Carneiro
Mining Plus full time employee
AusIMM
319595
Chega Tudo
Mineral Resource
Aaron Green
CSA Global Pty Ltd full time employee
AIG
1719
Succoth
Mineral Resource
Aaron Green
CSA Global Pty Ltd full time employee
AIG
1719
Nebo-Babel
Mineral Resource
Phillippa Ormond
OZ Minerals full time employee
AusIMM
226746
Nebo-Babel
Ore Reserve
Yohanes Sitorus
OZ Minerals full time employee
AusIMM
317702
Governance arrangements
OZ Minerals has established Mineral Resources and Ore Reserves estimation processes, which set Company-wide consistency, rigour and 
discipline in the preparation and reporting of Mineral Resources and Ore Reserves in accordance with industry best practice.
Updates to Mineral Resources and Ore Reserves estimates compiled during 2022 were completed in accordance with the OZ Minerals guiding 
principles, suitably modified to meet current Company structures, delegated authorities and estimate requirements.
These included:
	› reporting in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and 
Ore Reserves (JORC Code 2012 Edition)
	› suitably qualified and experienced Competent Persons
	› all Mineral Resources and Ore Reserves estimates being subject to independent review by suitably qualified practitioners, inclusive of the 
Competent Persons
	› review by the Mineral Resources and Ore Reserves Corporate Team
	› Board approval of the Mineral Resources and Ore Reserves estimates prior to release to the market.
Mineral Resources and Ore Reserves continued
OZ Minerals
2022 Annual Report
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2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
72

Financial 
Report
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OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
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74
Lead Auditor’s Independence Declaration 
under Section 307C of the Corporations Act 2001
 
To the Directors of OZ Minerals Limited:
 
I declare that, to the best of my knowledge and belief, in relation to the audit of 
OZ Minerals Limited for the financial year ended 31 December 2022 there have been:
 
1. no contraventions of the auditor independence requirements as set out in 
the Corporations Act 2001 in relation to the audit; and
2. no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
Chris Sargent
Partner
22 Feburary 2023
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional 
Standards Legislation.

Consolidated statement of 
comprehensive income
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75
For the year ended 31 December
Notes
2022
$m
2021
$m
Revenue
1
1,920.8
2,095.8
Other income
–
1.0
Mining
(657.1)
(516.3)
Processing
(306.1)
(281.0)
Freight
(100.8)
(80.4)
Site administration
(149.2)
(115.9)
Royalties
(75.4)
(93.6)
Inventory movement
(66.8)
(110.0)
Corporate administration
(78.4)
(61.7)
Exploration and corporate development
(143.3)
(56.3)
Foreign exchange gain
1.9
14.1
Profit before interest and income tax
345.6
795.7
Financing income
1.7
0.5
Financing expense
(37.1)
(39.6)
Profit before income tax
310.2
756.6
Income tax
3
(102.9)
(225.9)
Profit for the year attributable to equity holders of OZ Minerals Limited
207.3
530.7
Other comprehensive gain/(loss)
Items that will not be reclassified subsequently to future Income Statements
Change in fair value of investments in equity securities, net of tax
(2.3)
7.4
Items that may be reclassified subsequently to future to Income Statements
Cash flow hedges change in fair value
–
1.6
Cash flow hedges reclassified to profit and loss
–
23.8
Foreign operations - foreign currency translation differences
30.7
22.2
Other comprehensive gain/(loss) for the year, net of tax
28.4
55.0
Total comprehensive income for the year attributable to equity holders of OZ 
Minerals Limited
235.7
585.7
cents
cents
Basic earnings per share
2
62.0
159.6
Diluted earnings per share
2
61.7
158.5
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying Notes.

Consolidated statement of change in equity
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
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Strategy
Operating Review
76
For the year ended 31 December 2022
Notes
Issued 
Capital
Retained 
earnings
Cash flow
hedge 
reserve
Foreign 
currency 
translation 
reserve Total equity
$m
$m
$m
$m
$m
Balance as at 1 January 2022
2,400.3
1,315.5
–
13.9
3,729.7
Total comprehensive income for the year
Profit for the year
–
207.3
–
–
207.3
Other comprehensive income
–
(2.3)
–
30.7
28.4
Total comprehensive income for the year
–
205.0
–
30.7
235.7
Transactions with owners, recorded directly in equity
Dividends
4
8.4
(87.0)
–
–
(78.6)
Share-based payments
13
–
25.8
–
–
25.8
Total transactions with owners
8.4
(61.2)
–
–
(52.8)
Balance as at 31 December 2022
2,408.7
1,459.3
–
44.6
3,912.6
For the year ended 31 December 2021
Notes
Issued 
Capital
Retained 
earnings
Cash flow
hedge 
reserve
Foreign 
currency 
translation 
reserve
Total equity
$m
$m
$m
$m
$m
Balance as at 1 January 2021
2,371.4
873.7
(25.4)
(8.3)
3,211.4
Total comprehensive income for the year
Profit for the year
–
530.7
–
–
530.7
Other comprehensive income
–
7.4
25.4
22.2
55.0
Total comprehensive income for the year
–
538.1
25.4
22.2
585.7
Transactions with owners, recorded directly in equity
Dividends
4
28.9
(109.7)
–
–
(80.8)
Share-based payments
13
–
13.4
–
–
13.4
Total transactions with owners
28.9
(96.3)
–
–
(67.4)
Balance as at 31 December 2021
2,400.3
1,315.5
–
13.9
3,729.7
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying Notes.

Consolidated balance sheet
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77
At 31 December
Notes
2022
$m
2021
$m
Current assets
Cash and cash equivalents
136.7
215.4
Trade receivables
296.0
236.5
Other receivables
27.8
20.7
Tax receivables
56.6
–
Inventories
5
289.2
279.3
Prepayments
31.2
19.1
Total current assets
837.5
771.0
Non-current assets
Deferred tax assets
3
7.4
7.4
Inventories
5
69.9
129.4
Exploration assets
8
58.9
288.6
Property, plant and equipment
7
4,339.2
3,350.2
Right-of-Use Assets
9
739.8
733.6
Other assets
17.8
16.7
Total non-current assets
5,233.0
4,525.9
Total assets
6,070.5
5,296.9
Current liabilities
Trade payables and accruals
326.9
232.1
Other payables
17.2
9.9
Current tax provision
–
55.0
Employee benefits
29.2
26.0
Borrowings
14
375.0
–
Lease liabilities
14
97.2
80.5
Total current liabilities
845.5
403.5
Non-current liabilities
Deferred tax liabilities
3
504.2
356.4
Employee benefits
5.0
4.4
Provisions
10
130.2
139.5
Borrowings
14
15.6
–
Lease liabilities
14
657.4
663.4
Total non-current liabilities
1,312.4
1,163.7
Total liabilities
2,157.9
1,567.2
Net assets
3,912.6
3,729.7
Equity
Issued capital
12
2,408.7
2,400.3
Retained earnings
1,459.3
1,315.5
Foreign Currency Translation Reserve
44.6
13.9
Total equity attributable to equity holders of OZ Minerals Limited
3,912.6
3,729.7
The above Consolidated Balance Sheet should be read in conjunction with the accompanying Notes.

Consolidated statement of cash flows
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
78
For the year ended 31 December
Notes
2022
$m
2021
$m
Cash flows from operating activities
Receipts from customers
1,906.9
2,042.8
Payments to suppliers and employees
(1,052.8)
(830.0)
Payments for exploration and evaluation
(102.9)
(56.3)
Income tax paid
(68.2)
(145.6)
Financing costs
(37.1)
(40.4)
Interest received
1.7
0.5
Net cash inflows from operating activities
6
647.6
971.0
Cash flows from investing activities
Payments for property, plant and equipment
(849.8)
(571.8)
Payments for exploration assets(a)
(92.2)
(72.4)
Proceeds from/(payment for) equity investments
(9.0)
14.0
Net cash outflows from investing activities
(951.0)
(630.2)
Cash flows from financing activities
Dividends paid to shareholders
4
(78.6)
(80.8)
Proceeds from loans and borrowings
14
840.6
200.0
Payment for loans and borrowings
14
(450.0)
(300.0)
Lease payments
9
(87.5)
(76.0)
Net cash outflows from financing activities
224.5
(256.8)
Net (decrease)/increase in cash held
(78.9)
84.0
Cash and cash equivalents as at 1 January
215.4
131.7
Effects of exchange rate changes on foreign currency denominated cash balances
0.2
(0.3)
Cash and cash equivalents at the end of the year
136.7
215.4
(a)
Payments for West Musgrave study costs spent prior to the final investment decision in September 2022.
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying Notes.

Notes to the Consolidated Financial Statements
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INTRODUCTION
The principal business activities of OZ Minerals Limited (‘OZ Minerals’ or ‘the Company’) and its controlled entities (collectively the ‘Consolidated 
Entity’ or the ‘Group’) were the mining and processing of ore containing copper, gold and silver; undertaking exploration activities; and the 
development of mining projects.
The Company is incorporated and domiciled in Australia and limited by shares which are traded on the Australian Securities Exchange. OZ 
Minerals’ registered office is located at 2 Hamra Drive, Adelaide Airport, South Australia 5950, Australia.
The Consolidated Financial Statements of OZ Minerals Limited and its controlled entities for the year ended 31 December 2022:
›
are general purpose financial statements prepared in accordance with Australian Accounting Standards (AASBs) and the Corporations Act 
2001, and comply with International Financial Reporting Standards (IFRS)
›
are presented in Australian dollars which is also the functional currency of its major operations. The controlled entities of the Company have 
the functional currency of Australian dollars and US dollars. The financial statements of the Company include consolidation of its subsidiaries 
referred to in Note 17
›
have amounts rounded off to within the nearest million dollars to one decimal place unless otherwise stated, in accordance with Instrument
2016/191, issued by the Australian Securities and Investments Commission.
The Consolidated Financial Statements have been prepared on a going concern basis. The Group's current liabilities exceed its current assets by 
$8.0 million. The Group's working capital, investing and financing requirements are being actively managed through operating cash flows and 
utilisation of committed facilities.
The Consolidated Financial Statements have been prepared under the historical cost convention, except for the following items which are 
measured at fair value, or otherwise, in accordance with the provisions of applicable accounting standards:
›
financial instruments, including trade receivables
›
items of property, plant and equipment which have been written down in accordance with applicable accounting standards.
Globally economies are experiencing high inflationary pressures as they emerge out of the COVID-19 pandemic; and commodity prices and 
foreign exchange rates have been volatile. OZ Minerals' operations and project execution have been impacted by inflationary pressures, COVID 
related absenteeism and supply chain disruptions.
On 22 December 2022, OZ Minerals entered into a Scheme Implementation Deed with BHP Lonsdale Investments Pty Ltd ('BHP'), a wholly 
owned subsidiary of BHP Group Limited, in relation to the proposed acquisition by BHP of all of the issued shares in OZ Minerals by way 
of scheme of arrangement under the Corporations Act 2001 (Cth) ('Scheme'). The Scheme Implementation Deed permits, subject to certain 
conditions, OZ Minerals to declare and pay OZ Minerals shareholders a special dividend prior to implementation of the Scheme.
Prior to the Scheme meeting (which is currently expected to be held in mid-April 2023), the Board intends to declare a fully franked special 
dividend of $1.75 per share, such dividend conditional on the Scheme becoming effective. If the Scheme does become effective the special 
dividend will be paid on the date the Scheme is implemented to OZ Minerals shareholders who hold OZ Minerals shares on the special dividend 
record date. The special dividend record date will be three days before the Scheme record date, with both record dates currently expected to be 
in late-April 2023.
As stated above, if the Scheme does not become effective the special dividend will not be paid. In that case, the Board will continue to consider 
the payment of dividends against its current policy of paying sustainable dividends from pre-growth cash flow, after taking into consideration the 
Company’s near term identified capital investment opportunities and maintaining a strong balance sheet.
There have been no other events that have occurred subsequent to the reporting date that have significantly affected or may significantly affect 
the Consolidated Entity's operations, results of those operations or state of affairs in future years.

Notes to the Consolidated Financial Statements continued
OZ Minerals
2022 Annual Report
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2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
80
Group performance
1 Operating segments
Segment
Principal activities
Prominent Hill
Mining and processing underground ore containing copper, gold and silver along with residual lower grade 
open pit ore from stockpiles. Development of an expansion project which includes the installation of a 
hoisting shaft enabling an increase in production rates and extension of mine life. The Prominent Hill mine 
is located in the Gawler Craton of South Australia. The Prominent Hill mine generates revenue from the sale 
of concentrate containing copper, gold and silver to customers in Asia, Europe and Australia.
Carrapateena
Mining and processing underground ore containing copper, gold and silver. Development of an expansion 
project which includes the transition to a block cave to materially increase production and extend mine life. 
The Carrapateena mine generates revenue from the sale of concentrate containing copper, gold and silver 
to customers in Asia, Europe and Australia.
Carajás
Mining ore containing copper and gold from the Pedra Branca underground mine and processing it at the 
processing facilities located at the Antas mine which support the Carajás East Hub in Brazil. The Carajás East 
Hub generates revenue from the sale of concentrate containing copper and gold to customers in Europe 
and Asia.
West Musgrave
Development associated with the West Musgrave Project, a significant greenfield copper and nickel mining 
and processing project located in the West Musgrave Mineral Province of central Western Australia. OZ 
Minerals announced a final investment approval to develop the West Musgrave Project in September 2022.
Exploration & development
Exploration and evaluation activities associated with other projects, including exploration arrangements with 
AIC Mines Limited (formerly Demetallica Ltd and prior to that Minotaur Exploration Ltd), Red Metal Ltd, 
Mineral Prospektering i Sverige, Inversiones Mineras La Chalina S.A.C., Resolution Minerals Ltd, Black Tiger 
Resources Ltd and corporate development activities.
The Company undertakes its own evaluation and exploration on tenements around existing operating and 
development Assets, including at Mt Woods and the Stuart Shelf in South Australia, the West Musgrave 
Project in Western Australia, the Carajás province, and the CentroGold project in the Gurupi province in 
Brazil. A conditional binding Terms Sheet with Havilah Resources Limited was signed in 2022 setting out a 
new strategic relationship in the Curnamona Province in South Australia including the option to acquire the 
Kalkaroo project.
Corporate (corporate activities)
Other corporate activities include the Consolidated Entity’s group office (which includes all corporate 
expenses that cannot be directly attributed to the operation of the Consolidated Entity’s operating 
segments), and treasury activities.
RECOGNITION AND MEASUREMENT OF REVENUE
The Consolidated Entity generates sales revenue primarily from the transfer of concentrate to buyers (Primary Obligation) and in some cases, 
based on the commercial terms of the contract, delivering it to customers (Secondary Obligation). The performance obligation to transfer 
concentrate and delivery arises as and when a shipment is agreed with customers against ongoing short and long term supply contracts. 
Revenue is allocated between the performance obligations and recognised as each performance obligation is met, which for the primary 
obligation occurs when the concentrate is delivered to a vessel or location and for the secondary obligation, if applicable, when the concentrate 
is delivered to the customer’s location. Revenue arising from the secondary obligation is immaterial to the Group and aggregated with 
the primary obligation for disclosure purposes. The Group’s sale of concentrate incurs customary treatment and refining charges and other 
commercial costs consistent with industry practice. These items are a deduction from the value of metal contained within the concentrate and 
accordingly are recognised as a deduction from revenue.
As is industry practice, the Consolidated Entity typically makes sales whereby the final sales price for the primary performance obligation is 
determined based on the market price prevailing at a date in the future, typically three months. Revenue for the primary performance obligation 
is measured based on the fair value of the consideration specified in a contract with the customer at the time of settling the performance 
obligation and is determined by reference to forward market prices. Provisional pricing adjustments, which occur between the fair value at the 
time of settling the primary performance obligation and the final price, are also recorded within revenue.

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Revenue information presented is based on the location of the customers’ operations. Three major customers (2021: three customers) who 
individually accounted for more than 10 per cent of total revenue contributed approximately 92 per cent of total revenue (2021: 93 per cent).
Net revenue by metal
Prominent Hill
Carrapateena
Carajás
Total
$m
$m
$m
$m
2022
Copper
512.5
721.7
135.3
1,369.5
Gold
278.6
215.2
22.0
515.8
Silver
8.0
27.5
-
35.5
Total
799.1
964.4
157.3
1,920.8
2021
Copper
823.0
617.7
76.6
1,517.3
Gold
331.6
195.8
12.4
539.8
Silver
13.5
24.7
0.5
38.7
Total
1,168.1
838.2
89.5
2,095.8

Notes to the Consolidated Financial Statements continued
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
82
Segmental financial information
Prominent
Hill
Carrapateena
Carajás
West 
Musgrave
Exploration & 
Development
Corporate
Consolidated
$m
$m
$m
$m
$m
$m
$m
31 December 2022
Revenue(a)
799.1
964.4
157.3
–
–
–
1,920.8
Cost of goods sold(b)
(484.4)
(410.5)
(105.2)
–
–
–
(1,000.1)
EBITDA(c)
307.0
539.2
34.1(d)
–
(125.9)
(61.7)
692.7
Net depreciation and amortisation
(141.7)
(126.0)
(61.8)
–
–
(17.6)
(347.1)
Capital expenditure(e)
304.5
392.1
66.3
82.4(f)
–
12.4
857.7
Property, plant & equipment
1,121.9
2,145.2
288.5
395.6
359.0
29.0
4,339.2
31 December 2021
Revenue(g)
1,168.1
838.2
89.5
–
–
–
2,095.8
Cost of goods sold(h)
(516.6)
(275.7)
(57.3)
–
–
–
(849.6)
EBITDA(c)
661.5
555.7
30.9
–
(52.6)
(33.1)
1,162.4
Net depreciation and amortisation
(216.1)
(101.8)
(31.2)
–
–
(17.6)
(366.7)
Capital expenditure
209.8
309.0
89.5
–
–
9.8
618.1
Property, plant & equipment
868.1
1,840.1
279.0
–
335.9
27.1
3,350.2
(a)
Revenue includes a $50.8 million loss relating to the remeasurement of provisionally priced sales contracts for changes in commodity prices between the date of sale and the end of
the quotational period.
(b)
Cost of goods sold does not include net depreciation and amortisation and central cost allocations (Prominent Hill $11.2 million, Carrapateena $14.1 million and Brazil
$4.7 million).
(c)
OZ Minerals financial results are reported under IFRS. This Report includes certain non-IFRS measures including earnings before interest, tax, depreciation and amortisation (EBITDA). 
These measures are presented to enable an understanding of the performance of the Consolidated Entity and are consistent with the information the Consolidated Entity’s chief 
operating decision maker uses to assess the performance of the business and make resource allocations.
(d)
Includes previously recognised exploration assets of $16.2 million transferred to exploration expense during the year.
(e)
Capital expenditure excluding capitalised borrowing costs of $9.8 million.
(f)
West Musgrave capital expenditure excludes study costs of $92.2 million spent prior to the final investment decision made by the Board.
(g)
Revenue includes a $65.0 million gain relating to the remeasurement of provisionally priced sales contracts for changes in commodity prices between the date of sale and the end
of the quotational period.
(h)
Cost of goods sold does not include net depreciation and amortisation, a net realisable value (NRV) adjustment of $18.0 million increasing Prominent Hill inventory value; and
corporate cost allocations (Prominent Hill $10.6 million, Carrapateena $10.3 million and Brazil $4.0 
million).
RECONCILIATION OF CONSOLIDATED EBITDA TO PROFIT AFTER TAX
31 December
2022
2021
$m
$m
EBITDA(a)
692.7
1,162.4
Depreciation
(306.6)
(291.5)
Other assets amortisation
(6.6)
(6.6)
Capitalised depreciation unwind
(33.9)
(68.6)
Earnings before finance expense and tax
345.6
795.7
Net finance expense
(35.4)
(39.1)
Profit before tax
310.2
756.6
Tax expense
(102.9)
(225.9)
Profit for the year attributable to equity holders of OZ Minerals Limited
207.3
530.7
(a)
EBITDA includes corporate and exploration expense of $228.8 million (2021: $116.5 million), other income Nil (2021: $1.0 million) and foreign exchange gain of $1.9 million
(2021: $14.1 million) which resulted from the movement in AUD:USD and BRL:USD currency exchange rates on translation of foreign currency transactions and foreign currency
denominated financial assets and liabilities. 2021 EBITDA also included an adjustment to increase the value of inventory by $18.0 million with respect to low grade gold ore
following an assessment of the NRV.

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Net depreciation and amortisation expense for the year
31 December
2022
2021
$m
$m
Mining
178.8
156.2
Processing
85.6
91.1
Site and corporate administration
48.8
50.8
Capitalised depreciation unwind
33.9
68.6
Total depreciation and amortisation
347.1
366.7
2 Earnings per share
2022
2021
Earnings per share-cents
Basic
62.0
159.6
Diluted
61.7
158.5
Inputs used in calculating basic and diluted earnings per share
Profit after tax - $ millions
207.3
530.7
Weighted average number of ordinary shares on issue used in the calculation of basic earnings per share
334,253,895
332,520,485
Weighted average number of ordinary shares on issue used in the calculation of diluted earnings per share
336,188,318
334,762,664
Basic earnings per share is calculated by dividing the profit attributable to equity holders of OZ Minerals Limited by the weighted average 
number of ordinary shares outstanding during the financial year. The weighted average is determined by the total number of shares on issue less 
treasury shares held by the Company throughout the period.
Diluted earnings per share adjusts the amounts used in the determination of basic earnings per share to take into account dilutive potential 
ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential 
ordinary shares.
3 Income tax
Income tax expense comprises current and deferred tax of the Consolidated Entity. Current and deferred tax expenses are recognised in other 
comprehensive income or directly in equity as is appropriate.
Recoverability of Deferred Tax Assets
The Consolidated Entity is subject to income taxes in Australia and of the jurisdictions where it has foreign operations. Significant
judgement is required in the application of income tax legislation to determine the provision for income taxes. There are many transactions 
and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain and for which 
provisions are based on estimated amounts probable of being accepted by the relevant tax authorities. Where the final tax outcome of 
these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax provision 
in the period in which the determination is made.
Assumptions about the generation of future taxable profits influence the ability of the Consolidated Entity to recognise (or continue to 
recognise) deferred tax assets. Taxable profit estimates are based on estimated future production and sales volumes, commodity prices, 
foreign exchange rates, operating costs, restoration costs and capital expenditure. A change in these assumptions may impact the amount 
of deferred tax assets recognised in the balance sheet in future periods.
GROUP TAXATION
The Consolidated Entity’s principal operations are located in Australia and Brazil. Income tax expense, current tax and deferred tax balances have 
been determined based on the tax laws and tax rates applicable in the relevant jurisdiction.
OZ Minerals Limited and its wholly owned Australian-controlled entities are part of a tax consolidated group. OZ Minerals Limited is the head 
company of the Australian tax consolidated group. No foreign operating affiliates are consolidated for tax purposes.

Notes to the Consolidated Financial Statements continued
OZ Minerals
2022 Annual Report
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Strategy
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84
Income tax expense in the income statement
2022
2021
$m
$m
Current income tax benefit/(expense)
43.4
(180.0)
Deferred income tax expense
(146.3)
(45.9)
Income tax expense
(102.9)
(225.9)
Reconciliation of income tax expense to pre-tax profit
2022
2021
$m
$m
Profit before income tax
310.2
756.6
Income tax expense at the Australian tax rate of 30 per cent
(93.1)
(227.0)
Adjustments:
Variation in overseas tax
5.9
5.3
Non-deductible expenditure
(30.8)
(6.4)
Revision for prior periods
0.2
(0.2)
Recognition of Australian losses
16.5
4.0
R&D tax benefit
0.5
0.5
Other
–
0.3
Derecognition of overseas losses
(2.1)
(2.4)
Income tax expense
(102.9)
(225.9)
The increase in non-deductible expenditure for the year ended 31 December 2022 compared to the prior year is predominantly due to the 
increased exploration expenditure in overseas jurisdictions for the year.
UNRECOGNISED TAX LOSSES
A review of unrecognised tax losses was undertaken during the year and additional restricted tax losses of $16.5 million tax effected (2021:
$4.0 million) were recognised on the balance sheet. This is due to the increased taxable income forecast for future years, predominantly due to
the inclusion of forecast revenue of the West Musgrave open-pit mine, which began construction during 2022.
Restricted tax losses are subject to an available fraction, which limits the amount of loss utilisation each year. Australian restricted tax losses of 
$126.5 million tax effected (2021: $143.0 million) remain unrecognised at 31 December 2022.
Capital losses of $648.2 million tax effected (2021: $648.2 million tax effected) remain unrecognised at 31 December 2022.
DEFERRED TAX ASSETS AND LIABILITIES
The movement in the Consolidated Entity’s recognised deferred tax balances are as follows:
31 December 
2020
Recognised 
in income 
statement
Recognised 
in equity
31 December 
2021
Recognised 
in income 
statement
Recognised 
in equity
31 December 
2022
$m
$m
$m
$m
$m
$m
$m
Deferred tax assets
Unrestricted tax losses
0.4
(0.4)
–
–
8.8
–
8.8
Restricted tax losses
51.0
(14.7)
–
36.3
21.6
–
57.9
Lease liability
226.7
(3.6)
–
223.1
3.2
–
226.3
Provisions and accruals
28.9
(0.1)
0.1
28.9
0.7
0.3
29.9
Derivative financial instruments
10.8
–
(10.8)
–
–
–
–
Other
4.4
(2.5)
–
1.9
9.1
–
11.0
Total deferred tax assets
322.2
(21.3)
(10.7)
290.2
43.4
0.3
333.9
Less offset against deferred 
tax liabilities
(315.2)
21.5
10.9
(282.8)
(43.7)
–
(326.5)
Net deferred tax assets
7.0
0.2
0.2
7.4
(0.3)
0.3
7.4

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31 December 
2020
Recognised 
in income 
statement
Recognised 
in equity
31 December 
2021
Recognised 
in income 
statement
Recognised 
in equity
31 December 
2022
$m
$m
$m
$m
$m
$m
$m
Deferred tax liabilities
Inventories
(5.0)
(0.2)
–
(5.2)
(0.8)
–
(6.0)
Exploration assets
(17.2)
(24.0)
(1.7)
(42.9)
35.8
(0.2)
(7.3)
Property plant and equipment
(352.7)
(5.4)
(9.2)
(367.3)
(222.7)
(1.4)
(591.4)
Right of use assets
(225.0)
4.9
–
(220.1)
(1.8)
–
(221.9)
Provisions and accruals
(3.8)
0.1
–
(3.7)
(0.2)
(0.2)
(4.1)
Total deferred tax liabilities
(603.7)
(24.6)
(10.9)
(639.2)
(189.7)
(1.8)
(830.7)
Less offset against deferred tax assets
315.2
(21.5)
(10.9)
282.8
43.7
–
326.5
Net deferred tax liabilities
(288.5)
(46.1)
(21.8)
(356.4)
(146.0)
(1.8)
(504.2)
RECOGNITION AND MEASUREMENT OF INCOME TAXES
Current tax
The tax payable is based on taxable profit for the year, using rates enacted or substantively enacted at the reporting date, and any adjustments 
to tax payable in respect of previous years.
Deferred tax
Deferred tax assets and liabilities are not recognised for temporary differences arising from investments in subsidiaries where the Consolidated 
Entity is able to control the reversal of the temporary differences, and it is probable that they will not reverse in the foreseeable future. Deferred 
tax assets are recognised to the extent that it is probable that future taxable income will be available to utilise them.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and adjusted based on estimates of future taxable 
income and/or capital gains against which the deferred tax asset could be utilised.
Deferred tax assets and liabilities are measured at the tax rates applicable to each jurisdiction which are expected to apply in the period when 
the assets are realised, or liabilities discharged. They are offset where they relate to the same tax authority and there is a legally enforceable right 
to offset.
4 Dividends
On 22 December 2022, OZ Minerals entered into a Scheme Implementation Deed with BHP Lonsdale Investments Pty Ltd ('BHP'), a wholly 
owned subsidiary of BHP Group Limited, in relation to the proposed acquisition by BHP of all of the issued shares in OZ Minerals by way 
of scheme of arrangement under the Corporations Act 2001 (Cth) ('Scheme'). The Scheme Implementation Deed permits, subject to certain 
conditions, OZ Minerals to declare and pay OZ Minerals shareholders a special dividend prior to implementation of the Scheme.
Prior to the Scheme meeting (which is currently expected to be held in mid-April 2023), the Board intends to declare a fully franked special 
dividend of $1.75 per share, such dividend conditional on the Scheme becoming effective. If the Scheme does become effective the special 
dividend will be paid on the date the Scheme is implemented to OZ Minerals shareholders who hold OZ Minerals shares on the special dividend 
record date. The special dividend record date will be three days before the Scheme record date, with both record dates currently expected to be 
in late-April 2023.
Assuming the special dividend of $1.75 per share is paid, the consideration payable by BHP under the Scheme will be reduced by this amount. 
OZ Minerals shareholders who hold shares on both the special dividend record date and the Scheme record date will receive total consideration 
of $28.25 per share on the date the Scheme is implemented, with $1.75 being a fully franked special dividend paid by OZ Minerals and $26.50 
being scheme consideration paid by BHP.
As stated above, if the Scheme does not become effective the special dividend will not be paid. In that case, the Board will continue to consider 
the payment of dividends against its current policy of paying sustainable dividends from pre-growth cash flow, after taking into consideration the 
Company’s near term identified capital investment opportunities and maintaining a strong balance sheet.
The details in relation to dividends announced or paid since 1 January 2021 are set out below:
Record date
Date of payment
Fully franked
Total dividends
Dividend 
reinvestment 
plan (DRP)
cents per share
$m
1 September 2022
16 September 2022
8
26.8
No
25 February 2022
11 March 2022
18
60.2
Yes
24 August 2021
7 September 2021
16(a)
53.3
Yes
12 March 2021
26 March 2021
17
56.4
Yes
(a)
Included a special dividend of 8 cents per share.

Notes to the Consolidated Financial Statements continued
OZ Minerals
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86
Capital employed
5 Inventories
143.8
143.8
86.3
86.3
69.9
69.9
59.1
59.1
101.7
101.7
135.7
135.7
129.4
129.4
41.9
41.9
31 December 2022
31 December 2021
Concentrates
Ore stockpile
(current)
Ore stockpile
(non-current)
Stores and consumables
0
50
100
150
31 December 
2022
31 December 
2021
$m
$m
Concentrates
143.8
101.7
Ore stockpile
86.3
135.7
Stores and consumables
59.1
41.9
Inventories – current
289.2
279.3
Ore stockpile – non-current
69.9
129.4
Inventories – non-current
69.9
129.4
Total Inventories
359.1
408.7
There were no realisable value adjustments made during the year (2021: $18.0 million increase to Inventories). All inventories at 31 December 
2022 were held at cost (2021: at cost).
Net Realisable Value of Inventories
Inventories are recognised at the lower of cost and net realisable value (NRV).
NRV of ore is based on the estimated amount expected to be received when the ore is processed and sold, less incremental costs to 
convert the ore to concentrate and selling costs. The calculation of NRV for stockpiles involves significant judgements and estimates in 
relation to future ore blend rates, timing of processing, processing costs, commodity prices, foreign exchange rates, discount rates and the 
ultimate timing of sale of concentrates produced.
A change in any of these critical assumptions will alter the estimated NRV and may therefore impact the carrying value of inventories.

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RECOGNITION AND MEASUREMENT OF INVENTORIES
Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs comprise direct materials, labour and a 
proportion of overhead expenditure directly related to the production of inventories. Expenditure directly related to the production of inventories 
includes processing costs; transportation costs to the point of sale; and depreciation of plant, equipment, mining property; and development 
assets, the latter of which includes deferred stripping assets and mine rehabilitation costs incurred in the mining process.
Inventories expected to be processed or sold within 12 months after the balance date are classified as current assets and all other inventories are 
classified as non-current.
6 Operating cash flows
The Consolidated Entity’s operating cash flow reconciled to profit after tax is as follows:
2022
2021
$m
$m
Profit after tax for the year
207.3
530.7
Adjustments for:
Depreciation and amortisation
221.1
217.5
Lease amortisation
92.0
80.6
Foreign exchange (loss)/gain on cash balances
(0.2)
0.3
Share based payments
22.9
13.4
Other items
0.1
(2.7)
Change in assets and liabilities:
Trade and other receivables
(66.6)
(83.4)
Prepayments and other assets
(25.3)
(10.0)
Inventories
49.6
110.0
Trade and other payables
103.9
44.4
Provision for employee benefits
3.9
5.5
Other provisions
2.7
(1.8)
Derivative Financial Instruments
–
(36.3)
Net current and deferred taxes
36.2
102.8
Net cash inflow from operating activities
647.6
971.0
RECOGNITION AND MEASUREMENT OF CASH AND CASH EQUIVALENTS
Cash comprises cash on hand and demand deposits. Cash equivalents comprise short term and highly liquid cash deposits that are readily 
convertible to known amounts of cash and which are subject to an insignificant risk of change in value. For the purposes of the Consolidated 
Statement of Cash Flows, cash includes cash on hand, at call deposits and cash equivalents.

Notes to the Consolidated Financial Statements continued
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Strategy
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88
7 Property, plant and equipment
Plant and
equipment
Mine property
and 
development
Freehold land
and buildings
Mineral
rights
Capital work
in progress
Total
$m
$m
$m
$m
$m
$m
31 December 2022
At cost
2,486.8
3,352.0
261.4
359.8
1,021.4
7,481.4
Accumulated depreciation and 
impairment losses
(1,236.2)
(1,727.5)
(178.5)
–
–
(3,142.2)
Closing carrying amount
1,250.6
1,624.5
82.9
359.8
1,021.4
4,339.2
Reconciliation of 
carrying amounts
Opening carrying amount at 
1 January 2022
1,218.4
1,355.8
91.5
336.2
348.3
3,350.2
Reclassification of 
exploration assets(a)
–
–
–
–
308.7
308.7
Additions and transfers
140.6
363.0
0.6
–
353.5
857.7
Borrowing costs capitalised
–
–
–
–
9.8
9.8
Disposals – at cost
(0.8)
–
–
–
–
(0.8)
Accumulated depreciation 
on disposals
0.6
–
–
–
–
0.6
Depreciation
(109.6)
(95.5)
(9.5)
–
–
(214.6)
Foreign currency 
exchange differences
1.4
1.2
0.3
23.6
1.1
27.6
Closing carrying amount at 
31 December 2022
1,250.6
1,624.5
82.9
359.8
1,021.4
4,339.2
31 December 2021
At cost
2,345.6
2,987.8
260.5
336.2
348.3
6,278.4
Accumulated depreciation and 
impairment losses
(1,127.2)
(1,632.0)
(169.0)
–
–
(2,928.2)
Closing carrying amount
1,218.4
1,355.8
91.5
336.2
348.3
3,350.2
Reconciliation of 
carrying amounts
Opening carrying amount at 
1 January 2021
1,083.7
1,241.5
88.8
317.2
182.3
2,913.5
Additions and transfers
228.1
211.1
12.9
–
166.0
618.1
Depreciation
(97.7)
(103.0)
(10.2)
–
–
(210.9)
Foreign currency 
exchange differences
4.3
6.2
–
19.0
–
29.5
Closing carrying amount at 
31 December 2021
1,218.4
1,355.8
91.5
336.2
348.3
3,350.2
(a)
During the year the Board approved the construction of the West Musgrave open pit mine, therefore West Musgrave exploration assets balance of $308.7 million was reclassified
to the property plant and equipment (refer to Note 8). This balance includes study cost of $92.2 million spent during 2022 prior to the final investment decision.
Borrowing costs relating to general and specific borrowing included in the carrying values of the assets is $9.8 million (2021:Nil).
Under the original terms of OZ Minerals’ acquisition of Carrapateena, in the event of production of rare earths, iron or any other commodity 
except copper, gold and silver, a further US$25 million is payable to the vendor. No such production has occurred.
West Musgrave Project aquisition terms stated contingent payments up to an aggregated cap of $20 million are payable in two scenarios:
1. $10 million (or pro-rata) if OZ Minerals sells 30 per cent or more of the West Musgrave Project where the implied sale value for 30 per cent of
the Project exceeds $76 million and $10 million (or pro-rata) calculated at 20 per cent of the value exceeding the implied value.
2. $10 million if OZ Minerals sells 30 per cent or more of the nickel stream to a mining company which produces, sells or markets base metals.

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West Musgrave Project aquisition terms also stated deferred payments for:
1. a production milestone payment of $10 million, payable 12 months after commencement of production from the West Musgrave Project.
2. a two per cent net smelter royalty payable from future production from the tenements within the West Musgrave and Yarawindah Project.
Above contingent payment and deferred payments are not recognised as liabilities as their payment remains wholly within the control of 
the Group.
RECOGNITION AND MEASUREMENT OF PROPERTY, PLANT AND EQUIPMENT
Items of property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes 
expenditure that is directly attributable to the acquisition of the items and costs incurred in bringing assets into use. Carrying values include 
borrowing costs incurred in relation to the acquisition of the item until the asset become available for intended use.
Expenditure associated with mining that relates to developing access to new sections of an ore body is capitalised as a mine development asset 
and depreciated on a units of production basis as ore is extracted. When ore extraction and mine development occur concurrently, expenditure 
is allocated between the cost of ore extraction (inventory) and mine development on the basis of the proportion of underlying activity; typically 
metres advanced or material moved.
Mineral rights comprise identifiable mineral resources and ore reserves which are acquired as part of a business combination and are 
recognised at fair value at date of acquisition. Mineral rights are subsequently reclassified as mine property and development once mine 
development commences.
Mine property and development assets include costs transferred from exploration and evaluation assets and mineral rights once technical 
feasibility and commercial viability of an area of interest are demonstrated. After transfer, all subsequent expenditures to develop the mine to the 
production phase and which are considered to benefit mining operations in future periods are capitalised.
The present value of the expected cost of decommissioning, rehabilitation, restoration and dismantling of assets after use is included in the cost 
of the respective asset if the recognition criteria for a provision is met including revision to the expected cost.
Property, plant and equipment is tested for impairment when there is an indication of impairment. For the purposes of assessing impairment, 
assets are grouped at the lowest levels for which there are separately identifiable cash inflows. An impairment loss is recognised for the amount 
by which the asset or cash generating unit (CGU) carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value, less the cost to dispose and its value in use. Assets that have been impaired are 
reviewed for possible reversal of impairment at each reporting date.
Value in use is the net amount expected to be recovered through cash flows arising from the continued use and subsequent disposal of an asset 
(or group of assets). In assessing value in use, estimated future cash flows are discounted to their present value using a discount rate that reflects
current market assessments of the time value of money and risks specific to the asset.
The asset’s fair value less costs to dispose is the amount obtainable from the sale of an asset or cash-generating unit in an arm’s length 
transaction between knowledgeable and willing parties, less the estimated costs of disposal.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the 
asset in its highest and best use, or by selling it to another market participant who would use the asset in its highest and best use.
Mineral Resource and Ore Reserve Estimates
The estimated quantities of Mineral Resource and Ore Reserve estimates are based upon interpretations of geological and geophysical 
models and require assumptions to be made regarding exchange rates, commodity prices, future capital requirements and future 
operating performance.
Changes in reported mineral resource and ore reserve estimates can impact the carrying value of property, plant and equipment, including 
deferred mining expenditure; capitalised exploration; provisions for mine rehabilitation; restoration and dismantling obligations; and 
recognition of deferred tax assets as well as the amount of depreciation charged to the income statement.
Changes in the carrying value of the assets may arise principally through changes in the income that can be economically generated from 
each project. Changes in depreciation expense may arise through a change in the units of ore available for extraction over which property, 
plant and equipment is depreciated.

Notes to the Consolidated Financial Statements continued
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90
Recoverability of Assets
Cash generating units are tested for impairment when there is an indication that the CGU may be impaired. Examples of impairment 
indicators include the Group’s net assets exceeding its market capitalisation, unfavourable fluctuations in commodity prices and foreign 
exchange rates, or a decline in the CGU’s operating performance.
The Consolidated Entity undertook a review of the Prominent Hill, Carrapateena, Carajás and Gurupi CGUs to determine whether there 
was any indication that these CGUs had suffered an impairment loss. The Consolidated Entity concluded that there were no such 
indicators that the CGUs were impaired at the reporting date.
When the Group reviewed impairment indicators, consideration was also given to the potential impacts of climate change in the 
significant judgements and assumptions that may impact the CGU’s valuation in future periods, including:
›
expected future cash flows based on a range of factors including Board-approved internal budgets and forecasts which reflect
expectations of resources and reserves; present mine plans and expectations regarding regulatory approvals; short and long term 
commodity prices and foreign exchange rates; and forecast operating and capital costs.
›
implications of climate change risks and opportunities on the CGU’s carrying value, including the transition to a low carbon economy 
which may result in higher demand for the Group’s commodities due to regulatory, legal, technological, market or societal responses 
to climate change. Long term changes in climate patterns could also cause adverse impacts on the Group’s operations with associated 
cost and operational implications due to the increased severity of extreme weather events. The Group continues to monitor for new 
factors and impacts as regulatory, technological and market responses to climate change evolve.
›
potential implications of carbon pricing and other climate related regulatory costs in scenario analysis.
›
the value of mineral resources not modelled in Board-approved budgets, based on the use of an appropriate resource valuation 
multiple to the contained copper equivalent within the resources applicable to the CGU.
›
the discount rate applied to the cash flows which reflects current market conditions.
In addition, the Consolidated Entity monitors impairment indicators by considering the impact of the above judgements and assumptions 
on the valuation of CGUs through periodic updates to its business valuation models.
Such assumptions are subject to variation as a result of changes in future economic and operational conditions. Consequently, the carrying 
value of the Consolidated Entity’s CGUs may differ in future years if assumptions made do not eventuate and actual outcomes are less 
favourable than present assumptions.
In considering the recoverable amount for the Gurupi CGU, the Group considers the likelihood that the historical injunction over 
development of the CentroGold project will be removed in future periods. Having considered the applicable legislation, the status of 
negotiations with local regulators and judicial precedents together with its external advisors, the Group considers that it is likely that the 
injunction will be removed in future periods. Accordingly, the recoverable amount of the Gurupi CGU is based on an estimate of future 
cash flows discounted to their present value, with the estimated future cash flows reflecting the prefeasibility study updated for current 
inputs such as commodity prices, exchange rates and inflation.  The status of the injunction and its potential impact on the Gurupi CGU
valuation is assessed each reporting period, and in the event the injunction is not removed in line with the Group’s expectations, absent 
any other factors a downward adjustment to the carrying value may be required in future periods.
Depreciation methods adopted by the Consolidated Entity
Category
Depreciation method
Freehold land
Not depreciated
Buildings and other infrastructure
Straight line over life of mine
Short term plant and equipment
Straight line over life of asset
Processing plant
Units of ore milled over mining inventory
Mine property and development
Units of ore extracted over mining inventory applicable to the development
Depreciation of assets commences when the assets are ready for their intended use. The depreciation of mine property and development 
commences when the mine is commissioned or deemed ready for use.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each reporting date and adjusted 
prospectively, if appropriate. Where depreciation rates are changed, the net written down value of the asset is depreciated from the date of the 
change in accordance with the new depreciation rate, with the change accounted for as a change in accounting estimate.

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8 Exploration assets
Carrying Value of Capitalised Exploration Expenditure
The accounting policy for exploration and evaluation expenditure requires judgement to determine whether future economic benefits
are likely from either future exploitation or sale, or whether activities have not reached a stage that permits a reasonable assessment of 
the existence of reserves. In the event future economic benefits are unlikely or a reasonable assessment of the existence or otherwise 
of economic reserves is not possible, an impairment test may be required which may result in an adjustment to the carrying value of 
capitalised exploration expenditure.
The ultimate recoupment of costs capitalised for exploration and evaluation phases is dependent on successful development and 
commercial exploitation or sale of the respective area of interest.
Exploration assets
2022
2021
$m
$m
Opening balance at 1 January
288.6
215.8
Additions during the period
92.2
72.4
West Musgrave balance transferred to property, plant and equipment (refer Note 7)
(308.7)
–
Transferred to exploration expense
(16.2)
(3.9)
Foreign currency exchange difference
3.0
4.3
Closing balance at 31 December
58.9
288.6
RECOGNITION AND MEASUREMENT OF EXPLORATION EXPENDITURE
Exploration and evaluation expenditure is recognised in the Income Statement as incurred, unless it is expected to be recouped through 
successful development and exploitation of the area of interest; or alternatively by its sale, in which case it is recognised as an asset on an area of 
interest basis; or the exploration asset is acquired via an asset purchase or a business combination.
Exploration and evaluation assets are classified as tangible according to the nature of the assets. Exploration and evaluation assets are not 
depreciated and are assessed for impairment when facts and circumstances suggest that the carrying amount exceeds the recoverable amount.
For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units to which the exploration activity 
relates. A CGU is not larger than the area of interest. Once the technical feasibility and commercial viability of the extraction of mineral reserves 
in an area of interest are demonstrated, exploration and evaluation assets attributable to that area of interest are first tested for impairment and 
then reclassified to mine property and development assets within property, plant and equipment.
From time to time the Consolidated Entity enters into arrangements which enable it to secure the opportunity to explore and potentially earn the 
right to mineralisation if discovered on underlying exploration tenements held by other entities (earn-in arrangements). Under these agreements, 
OZ Minerals does not assume any liabilities or hold any rights to other assets that the holder of the tenement may possess. Expenditure is 
accounted for under OZ Minerals’ accounting policy for exploration and evaluation expenditure.

Notes to the Consolidated Financial Statements continued
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9 Right-of-use assets
Powerline 
infrastructure
Property
Plant & 
equipment
Total
$m
$m
$m
$m
2022
Opening balance at 1 January
561.8
5.2
166.6
733.6
Additions to right-of-use assets
34.3
0.3
63.6
98.2
Depreciation charge for the period
(40.1)
(0.8)
(51.1)
(92.0)
Closing carrying amount at 31 December
556.0
4.7
179.1
739.8
2021
Opening balance at 1 January
586.0
5.7
158.4
750.1
Additions to right-of-use assets
14.9
0.3
113.7
128.9
Derecognition of right-of-use assets
–
–
(64.8)
(64.8)
Depreciation charge for the period
(39.1)
(0.8)
(40.7)
(80.6)
Closing carrying amount at 31 December
561.8
5.2
166.6
733.6
The right-of-use (ROU) assets include office space, mining equipment leases contained in mining service contracts, aviation equipment included 
in air charter services contracts and powerline infrastructure. Corresponding lease liabilities are recognised within ‘Lease liabilities’ in the 
consolidated balance sheet (refer to Note14).
RECOGNITION AND MEASUREMENT OF ROU ASSETS
An assessment is made, at inception or when contract terms are changed, to determine whether the contract is or contains a lease. A contract is, 
or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The 
Consolidated Entity determines the consideration attributable to the lease or a lease component within a contract on the basis of the standalone 
price of the assets for which a right of use is conveyed. However, for the leases of Powerline Infrastructure the Consolidated Entity has elected 
not to separate non-lease components and account for the lease and non-lease components as a single lease component.
As a lessee, the Consolidated Entity recognises a ROU asset representing its right to use the underlying asset and a lease liability representing its 
obligation to make lease payments. Short term and low value leases are expensed in the consolidated statement of comprehensive income on a 
straight-line basis over the life of the lease.
The Group recognises a ROU asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost (present 
value of the lease liability, deemed cost of acquiring the asset and restoration or make good cost), and subsequently at cost less any accumulated 
depreciation, impairment losses and adjustments for remeasurement of the lease liability. The ROU assets are depreciated over the life of the 
lease. The lease liability is initially measured at the present value of the lease payments expected to be paid over the lease term, discounted using 
the interest rate implicit in the lease or, if that rate cannot be readily determined, the entity’s incremental borrowing rate. The lease liability is 
subsequently increased by the interest cost on the lease liability and decreased by lease payments made. The lease liability is further remeasured 
if the estimated future lease payments change as a result of index or rate changes, residual value guarantees or the likelihood of exercising 
purchase, extension or termination options.
Extension and Renewal of Lease
The Consolidated Entity has applied judgement to determine the lease term for lease contracts that include renewal options. The 
assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the measurement of 
lease liabilities and ROU assets recognised.
Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held 
are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain 
to exercise the extension options. The Group also reassesses whether it is reasonably certain to exercise the options if there is a significant
event or significant changes in circumstances within its control.
The Group has estimated that the potential future lease payments, should it exercise the available extension options, would result in an increase 
in the lease liability amount of $105.4 million (2021:$69.0 
million).

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Amounts recognised in the Consolidated financial statements for the year ended 31 December 2022
2022
2021
$m
$m
Amount recognised in profit and loss
Depreciation and amortisation
92.0
80.6
Lease interest (included in finance expense)
26.2
25.9
Expense relating to short term leases
5.6
4.3
Expense relating to lease of low-value assets, excluding short term
0.3
0.2
Amount recognised in the statement of cash flows
Lease liability payments (included in cash flows from net financing activities)
87.5
76.0
Lease interest paid (included in cash flows from operating activities)
26.2
25.9
Balance sheet
Right-of-use assets at carrying value
739.8
733.6
Lease liabilities
Current
(97.2)
(80.5)
Non-current
(657.4)
(663.4)
Short term lease commitments
At 31 December 2022, the Group has short term lease commitments of $1.6 million (2021: $1.6 
million).
10 Provisions
Mine Rehabilitation, Restoration and Dismantling Obligations
The provision for mine rehabilitation includes future cost estimates associated with reclamation, plant closures, waste site closures, 
monitoring, demobilisation of equipment, decontamination, water purification and permanent storage of historical residues.
Uncertainty exists as to the amount of rehabilitation obligations which will be incurred due to the impact of environmental legislation 
changes and many other factors, including future changes in technology, adverse impacts relating to climate change which could impact 
both the cost, extent and timing of rehabilitation, price increases and changes in interest rates. The calculation of these provision estimates 
requires assumptions to be made as to the application of environmental legislation, the potential physical impacts of climate change, plant 
closure dates, available technologies, engineering cost estimates and discount rates. A change in any of the assumptions used may have a 
material impact on the carrying value of mine rehabilitation, restoration and dismantling provisions.
RECOGNITION AND MEASUREMENT OF PROVISIONS
Provisions are measured at the present value of the best estimate of the expenditure required to settle the present obligation at balance sheet 
date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific
to the liability. The increase in provisions due to the passage of time is recognised in the income statement as a financing expense.
Provisions are made for the estimated cost of rehabilitation, decommissioning and restoration of areas disturbed during mining and exploration 
operations up to the reporting date for areas not yet rehabilitated. Provisions for mine rehabilitation are based on the current estimated cost to 
rehabilitate such areas, discounted to their present value based on expected future cash flows. The estimated costs include the current cost of 
rehabilitation necessary to meet legislative requirements. Changes in estimates are dealt with on a prospective basis as they arise. The provision 
is recognised as a liability, separated into current (estimated costs arising within 12 months) and non-current components based on the expected 
timing of these cash flows.

Notes to the Consolidated Financial Statements continued
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2022
2021
$m
$m
Provisions
Other provisions
20.6
8.7
Mine rehabilitation
109.6
130.8
Total provisions
130.2
139.5
Reconciliation of mine rehabilitation provisions
Opening carrying amount
130.8
111.2
Unwind of discount
3.7
1.3
Provisions (decrease) /increase
(24.9)
18.3
Closing carrying amount
109.6
130.8
The decrease in mine rehabilitation provision reflects the net impact of discount rate changes during the year, inflation expectations and a 
change in the expected timing of rehabilitation activities resulting principally from the extension to the Prominent Hill mine life.
11 Commitments
The Consolidated Entity has entered into various contracts with suppliers for the ongoing sustaining and growth development activities at 
existing mines as well mine development at West Musgrave. The total capital expenditure commitment in relation to these contracts as at 
31 December 2022 was $325.5 million (2021: $283.6 
million).

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Contributed equity
12 Issued capital
31 December
2022
2021
$m
$m
334,890,502 shares (2021: 333,654,973 shares)
2,408.7
2,400.3
Share capital movement
Number of 
shares
Share capital
$m
31 December 2022
Opening balance at 1 January 2022
333,654,973
2,400.3
Shares issued under employee share plans
896,000
–(a)
Shares issued under DRP
339,529
8.4
Closing balance at 31 December 2022
334,890,502
2,408.7
31 December 2021
Opening balance at 1 January 2021
331,293,359
2,371.4
Shares issued under employee share plan
1,051,995
–(a)
Shares issued under DRP
1,309,619
28.9
Closing balance at 31 December 2021
333,654,973
2,400.3
(a)
Shares issued under the employee share plan are at no cash cost. Shares granted are valued on the grant date and the related expense of the employee earning the shares is 
recognised as an expense progressively over the vesting period within share-based payment expenses.
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number 
of shares held. On a show of hands, every holder of ordinary shares present at a meeting in person or by proxy is entitled to one vote, and upon 
a poll each holder is entitled to one vote per share.
RECOGNITION AND MEASUREMENT OF ISSUED CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown within equity as 
a deduction.
Shares were issued but no shares were bought for the Employee Share Plan Trust to meet the Consolidated Entity’s obligation to provide shares 
to employees in accordance with the terms of their employment contracts and employee share plans as and when they may vest, and are 
classified as ordinary shares and are presented as an addition to the total equity.
The Company may also issue securities as consideration for asset acquisitions in lieu of cash. The fair value of assets acquired is measured with 
reference to market observable prices adjusted for any matters specific to the arrangement. The value recognised as an increase in issued capital 
reflects the fair value of assets acquired.
The increase in equity associated with shares issued under the DRP is measured as the amount equal to the cash payment the security holder was 
otherwise entitled to, had the holder not participated in the DRP.

Notes to the Consolidated Financial Statements continued
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13 Share-based payments
Element
Performance rights granted under PRP(a)
Performance rights granted under LTIP
Performance 
period
2022: 1 January 2022 to 31 December 2023
2021: 1 January 2021 to 31 December 2022
2020: 1 January 2020 to 31 December 2020
2022: 1 January 2022 to 31 December 2024
2021: 1 January 2021 to 31 December 2023
2020: 1 January 2020 to 31 December 2022
Service period
2022: 1 July 2022 to 1 July 2024
2021: 1 July 2021 to 1 July 2023
2020: 1 July 2020 to 1 July 2021
2022: 1 January 2022 to 31 December 2024
2021: 1 January 2021 to 31 December 2023
2020: 1 January 2020 to 31 December 2022
Vesting 
conditions
Percentage vesting based on 
individual performance against Key 
Performance Indicators
1. Total shareholder return (TSR)
TSR performance measured 
Comparator Group
Percentage of vesting
Less than 50th percentile
Nil
50th percentile
50%
Between the 50th and 75th percentile
Straight-line vesting between 
50% and 100%
75th percentile or greater
100%
2. All-In Sustaining Costs (AISC)(b)
OZ Minerals AISC over the 
performance period
Percentage of vesting
Above 50th percentile
Nil
50th percentile
50%
Between 50th percentile and 25th percentile 
(Lowest cost)
Straight-line vesting between 
50% and 100%
25th percentile or below
100%
3. Environmental, Social and Governance (ESG)(b)
MSCI(c) ESG Ratings Metals & 
Mining: Non-Precious Metals 
(FIAS(d) score out of 10)
MSCI(c) 
Band
Percentage of vesting
Below 7.143
A
Nil
7.143
AA
50%
Between 7.143 and 8.23
AA
Straight-line vesting between 
50% and 100%
8.23 or above
AA
100%
Exercise price
Nil
Nil
(a)
The PRP Plan performance and service periods are set to two years starting from 2021.
(b)
From the year 2022 the LTI Plan was set on TSR, AISC and ESG, weighted at 60 per cent, 20 per cent and 20 per cent respectively (2021: TSR and AISC, weighted at 70 per cent 
and 30 per cent respectively).
(c)
Morgan Stanley Capital International index
(d)
Final Industry-Adjusted Score
The total employee benefits expense for 2022 was $164.4 million of which $25.8 million comprised share-based payments (2021:
$133.5 million, share-based payment $13.4 million).
Performance rights granted under the employee incentive schemes do not include dividends or voting rights. All performance rights under 
current performance rights offers are automatically exercised upon vesting which is dependent upon meeting both the service condition and the 
performance conditions. When issued, the shares on vesting of performance rights rank equally in all respects with previously issued, fully paid 
ordinary shares.
On 22 December 2022, OZ Minerals entered into a Scheme Implementation Deed with BHP Lonsdale Investments Pty Ltd ('BHP'), a wholly 
owned subsidiary of BHP Group Limited, in relation to the proposed acquisition by BHP of all of the issued shares in OZ Minerals by way of 
scheme of arrangement under the Corporations Act 2001 (Cth) ('Scheme'). Subject to the Scheme becoming effective, all unvested performance 
rights (other than performance rights granted under the 2023 LTI offer to Executive KMP) will automatically vest and be exercised, with one OZ 
Minerals share issued per performance right. If the Scheme does not become effective, the unvested performance rights continue on foot on 
their current terms. OZ Minerals must assess the likelihood of the Scheme becoming effective and the performance rights therefore automatically 
vesting and being exercised, and has determined that it is more likely than not that the Scheme will become effective. As such, share based 
payments have been calculated on the basis that the Scheme becomes effective and all of the performance rights (other than the performance 

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rights granted under the 2023 LTI offer to Executive KMP) vest and are exercised on Scheme effective date, with the cumulative impact of the 
revision to original estimates recognised in the income statement with a corresponding adjustment to equity.
The fair value of services received in return for share-based payments granted during the year is based on the fair value of the performance 
rights granted, measured using a binomial approximation option valuation model and Monte-Carlo simulation valuation model for performance 
rights plans and LTIPs respectively. The models use the following inputs:
Grant date
Fair value at 
grant date
Share price at 
grant date
Expected 
volatility
Expected 
dividends
Risk-free 
interest rate
$
$
%
%
%
Performance rights granted under the LTIP
1 January 2022
Managing Director and CEO Tranche One (60%)
13.3
25.8
35.0
1.4
2.4
Managing Director and CEO Tranche Two (20%)
24.9
25.8
35.0
1.4
2.4
Managing Director and CEO Tranche Three (20%)
24.9
25.8
35.0
1.4
2.4
Other KMP Tranche One (60%)
14.1
25.3
35.1
1.4
1.9
Other KMP Tranche Two (20%)
24.4
25.3
35.1
1.4
1.9
Other KMP Tranche Three (20%)
24.4
25.3
35.1
1.4
1.9
1 January 2021
Managing Director and CEO Tranche One (70%)
16.1
23.2
33.0
1.7
0.1
Managing Director and CEO Tranche Two (30%)
22.1
23.2
33.0
1.7
0.1
Other KMP Tranche One (70%)
14.1
22.4
33.0
1.8
0.1
Other KMP Tranche Two (30%)
21.3
22.4
33.0
1.8
0.1
1 January 2020
Managing Director and CEO Tranche One (70%)
6.0
9.0
31.0
2.7
0.3
Managing Director and CEO Tranche Two (30%)
8.4
9.0
31.0
2.7
0.3
Other KMP Tranche One (70%)
5.7
9.6
29.0
2.9
0.3
Other KMP Tranche Two (30%)
9.0
9.6
29.0
2.9
0.3
Performance rights granted under the PRP
1 July 2022
16.8
17.3
37.0
1.3
2.6
1 July 2021
21.4
22.1
37.0
1.8
0.1
1 July 2020
11.1
11.3
33.0
2.0
0.3
Performance rights granted under the 
retention award
1 November 2021
23.3
24.6
35.0
1.7
1.0
PERFORMANCE RIGHTS
The movement in the number of performance rights during the year
2022
2021
Number
Number
Opening balance
2,242,179
2,553,714
Rights granted
815,737
934,954
Rights vested
(808,741)
(1,069,990)
Rights forfeited
(194,387)
(176,499)
Closing balance
2,054,788
2,242,179
RECOGNITION AND MEASUREMENT OF SHARE-BASED PAYMENTS
The fair value of share-based payment transactions measured at grant date are recognised as an employee benefit expense with a corresponding 
increase in equity over the period during which employees become unconditionally entitled to the instruments.

Notes to the Consolidated Financial Statements continued
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If the employee does not meet a non-market condition, such as a service condition or internal KPI, any cumulative previously recognised expense 
is reversed.
The fair value of the share-based payment transactions granted is adjusted to reflect market vesting conditions at the time of grant and are 
not subsequently adjusted. Non-market vesting conditions are included in assumptions about the number of instruments that are expected to 
become exercisable and are updated at each balance sheet date. The impact of the revision to original estimates for non-market conditions, if 
any, is recognised in the income statement with a corresponding adjustment to equity. Changes as a result of market conditions are not adjusted 
after the initial grant date.
Risk management
14 Financial risk management
OZ Minerals’ Group Treasury Function (Group Treasury) evaluates and manages financial risks for the Group. The Board approves principles for 
overall risk management as well as policies covering specific risk areas such as commodity markets, financial markets, counterparty credit risk and 
liquidity risk.
This note presents information about the Consolidated Entity’s financial assets and liabilities, its exposure to financial risks, and its objectives, 
policies and processes for measuring and managing risks.
The Consolidated Entity’s activities expose it primarily to the following financial risks:
›
commodity prices
›
foreign currency exchange rates
›
counterparty
›
credit
›
liquidity
›
interest rate.
The Consolidated Entity holds the following financial instruments
Carried at fair value using level one 
valuation technique (based on share prices 
quoted on the relevant stock exchanges)
Carried at fair value using level two valuation 
technique (quoted market prices of copper, gold 
and silver adjusted for specific settlement terms)
Carried at amortised cost
›
Investments in equity securities
›
Trade receivables
›
Cash and cash equivalents(a)
›
Other receivables(a)
›
Trade payables(a)
›
Other payables(a)
(a)
The carrying value of each of these items approximates fair value.
Recognition and measurement
Financial assets and liabilities are recognised when the Consolidated Entity becomes party to the contractual provisions of an instrument.
NON-DERIVATIVE FINANCIAL ASSETS
The Consolidated Entity classifies its financial assets as:
›
financial assets at fair value through other comprehensive income
›
financial assets at fair value through profit and loss
›
loans and receivables at amortised cost.
Financial assets measured at amortised cost are recognised initially at fair value plus any directly attributable transaction costs. Trade receivables, 
including those containing an embedded derivative, are carried at fair value.
Concentrate sales receivables are recognised in accordance with the recognition and measurement criteria disclosed in Note 1. Provisional 
payments in relation to trade receivables are usually due within 30 days from the date of invoice issue, with final settlement usually due within 
90 days.
Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
The Consolidated Entity de-recognises a financial asset or a part of it when, and only when, the contractual rights to the cash flows from 
the financial asset or part of it expires or, the financial asset is transferred to another party without retaining control or substantially all 
risks and rewards of the asset. On de-recognition of a financial asset, the difference between the carrying amount (measured at the date of 
de-recognition) and the consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss 
that had been recognised in equity is recognised in the income statement.
A financial asset measured at amortised cost is assessed at each reporting date as to whether there is any objective evidence of impairment 
as a result of one or more events having an impact on the estimated future cash flows of the asset. An impairment loss is recognised for any 
expected credit loss for the lifetime of the financial asset, accounted for at amortised cost or fair value through other comprehensive income. 
Credit losses are measured on the present value of all cash shortfalls between the cash flows due to the entity in accordance with the contract 
and the expected cash flows.
In the event that an impairment loss is reversed, the asset’s carrying amount cannot exceed what the carrying amount would have been had the 
impairment not been recognised. The amount of reversal is recognised in the income statement.

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NON-DERIVATIVE FINANCIAL LIABILITIES
All financial liabilities are recognised initially at fair value and net of directly attributable transaction costs. Trade and other payables represent 
liabilities for goods and services provided to the Consolidated Entity prior to the end of the financial year which are unpaid. The amounts are 
non-interest-bearing, unsecured and are usually paid within 30 days of recognition. Lease liabilities are recognised at net present value and 
reduced by the actual payment made (refer Note 9).
The Consolidated Entity de-recognises financial liabilities when its obligations are discharged, cancelled or expire. The difference between the 
carrying amount of the liability de-recognised and the consideration paid and payable is recognised in the income statement.
COMMODITY PRICE RISK MANAGEMENT AND SENSITIVITY ANALYSIS
The Consolidated Entity is exposed to commodity price volatility on the sale of metal in concentrates such as copper, gold and silver which 
are priced on, or benchmarked to, open market exchanges. OZ Minerals aims to realise average copper prices which are materially consistent 
with the prevailing average market prices for the same period. The Consolidated Entity manages uneven exposure to price by managing 
shipment schedules.
Commodity price sensitivity analysis
The analysis below reflects the impact of movements in copper and gold prices. Variations in silver prices have been deemed immaterial for 
the purpose of this analysis. In accordance with Australian Accounting Standards, the sensitivity analysis is on all financial assets and liabilities 
deemed material to the Consolidated Entity.
+10% movement
in copper prices
-10% movement
in copper prices
+10% movement
in gold prices
-10% movement
in gold prices
Impact on
income statement
net of tax
Impact on
income statement
net of tax
Impact on
income statement
net of tax
Impact on
income statement
net of tax
$m
$m
$m
$m
2022
Trade receivables
14.9
(14.9)
5.4
(5.4)
Total
14.9
(14.9)
5.4
(5.4)
2021
Trade receivables
12.0
(12.0)
4.3
(4.3)
Total
12.0
(12.0)
4.3
(4.3)
Provisionally priced sales are those for which price finalisation, referenced to the relevant index, is outstanding at balance date. The Provisional 
pricing mechanisms within the Consolidated Entity’s sales arrangements have the character of a commodity derivative. Trade receivables under 
these contracts are carried at fair value through the profit and loss using a Level 2 valuation based on quoted market prices for copper, gold and 
silver adjusted for specific settlement terms. The Consolidated Entity’s exposure at 31 December 2022 to the impact of movements in commodity 
prices on provisionally invoiced sales was on both copper and gold. The Consolidated Entity had 38,000 tonnes of copper exposure and 28,000 
ounces of gold exposure as at 31 December 2022 (2021: 37,000 tonnes and 30,000 ounces respectively) that was provisionally priced. The final
price of these sales volumes will be determined during the first half of 2023.
A 10 per cent movement in copper and gold prices which is based on reasonably possible changes over a financial year and reflects the variability 
management applies in forecasting sensitivity. In accordance with accounting standards, the impact has been calculated on the outstanding 
balance that is subject to commodity price risk and does not include the impact of the movement in commodity prices on the total revenue for 
the year.
FOREIGN CURRENCY EXCHANGE RISK MANAGEMENT AND SENSITIVITY ANALYSIS
The Consolidated Entity is exposed to foreign currency risk arising from assets and liabilities that are held in currencies other than the Australian 
dollar (primarily United States Dollar and Brazilian Real).
The Group’s principal operations have a functional currency of Australian dollars. An entity’s functional currency is the currency of the primary 
economic environment in which the entity operates. Determination of an entity’s functional currency requires management’s judgement and 
considers a number of factors, including the currency that mainly influences revenue, costs of production, and competitive forces and regulations 
which impact on revenue. In addition, consideration must be given to the currency in which financing and operating activities are undertaken.
All exchange differences that arise on translating results and the financial position of all entities within the Consolidated Entity that have 
a functional currency different from the presentation currency are recognised as a separate component of equity in the Foreign Currency 
Translation Reserve. When a foreign operation is sold a proportionate share of such exchange differences is recognised in the Income Statement 
as part of the gain or loss on sale where applicable.
Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the date of the transaction. Foreign 
exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of financial
assets and liabilities denominated in foreign currencies, are recognised in the Income Statement. The carrying amount of the Consolidated 
Entity’s financial assets and financial liabilities by their currency risk exposure at the reporting date are disclosed below.

Notes to the Consolidated Financial Statements continued
OZ Minerals
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100
Denominated in US$
Other currencies
Total
presented in A$m
presented in A$m
A$m
2022
Cash and cash equivalents
92.6
9.2
101.8
Trade receivables
294.3
–
294.3
Trade payables
(4.7)
(17.0)
(21.7)
Total
382.2
(7.8)
374.4
2021
Cash and cash equivalents
100.3
3.9
104.2
Trade receivables
233.6
–
233.6
Trade payables
(4.3)
(24.7)
(29.0)
Total
329.6
(20.8)
308.8
Exchange rates during the year
Average rate
31 December spot rate
2022
2021
2022
2021
AUD:USD
0.6951
0.7516
0.6813
0.7256
AUD:BRL
3.5863
4.0584
3.6040
4.0400
At reporting date, if the foreign currency exchange rates weakened or strengthened against the functional currency by 5 per cent and all other 
variables were held constant, the Consolidated Entity’s after tax profit would have increased by $14.1 million (2021: $12.1 million) or decreased
by $12.7 million (2021: $11.0 million) respectively. There would have been no impact to the other comprehensive income. The sensitivity analysis
includes only outstanding foreign currency denominated monetary items at the reporting date and adjusts their translation for a 5 per cent 
change in the foreign currency rate.
INTEREST RATE RISK MANAGEMENT AND SENSITIVITY ANALYSIS
During the year, the Consolidated Entity drew down $825.0 million of the available revolving credit facility and repaid $450.0 million with an
outstanding balance of $375.0 million at 31 December 2022, and drew down $15.6 million of the West Musgrave syndicated term loan facility.
The Consolidated Entity is exposed to changes in the Australian bank bill interest rate as at 31 December 2022.
+1% movement
in interest rates
-1% movement
in interest rates
Impact on
income statement
net of tax
Impact on
income statement
net of tax
$m
$m
2022
Cash and cash equivalent
1.0
(1.0)
Borrowings
(5.3)
5.3
Total
(4.3)
4.3
2021
Cash and cash equivalent
1.5
(1.5)
Borrowings
0.0
0.0
Total
1.5
(1.5)
CREDIT RISK MANAGEMENT
Credit risk refers to the risk that any counterparty will default on its contractual obligations resulting in financial loss to the Consolidated Entity. 
Counterparty credit risk arises through sales of metal in concentrate on normal terms of trade and investment of cash.
The credit risk on cash and cash equivalents is managed by restricting financial transactions to relationship banks which have Board-approved 
exposure limits and a minimum credit rating assigned by an internationally recognised credit rating agency.
Credit risk in trade receivables is managed by restricting trade credit to Board-approved exposure limits with customers that have a minimum 
credit rating or trade credit that is secured by a letter of credit from a bank with an acceptable credit rating.

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101
As there are a relatively small number of transactions, they are closely monitored to ensure risk of default is kept to an acceptable level. Sales 
contracts generally require a provisional payment of at least 90 per cent of the estimated value of each sale either promptly after vessel loading 
or upon the vessel arriving at the discharge port.
MAXIMUM EXPOSURE TO CREDIT RISK FOR TRADE RECEIVABLES AT THE REPORTING DATE BY CUSTOMER GEOGRAPHIC REGION
2022
2021
$m
$m
Asia
248.1
197.0
Australia
47.9
39.5
Total
296.0
236.5
Three major customers (2021: three customers) who individually accounted for more than 10 per cent of total revenue contributed 
approximately 92 per cent of total revenue (2021: 93 per cent). These customers also represent 99.3 per cent of the trade receivables balance as 
at 31 December 2022 (2021: 99.5 per cent). There were no instances of customer default during 2022 and there are no significant receivables 
which are past due at the reporting date.
LIQUIDITY RISK MANAGEMENT
Liquidity risk is the risk of encountering difficulty in meeting obligations associated with financial liabilities. OZ Minerals manages liquidity risk 
by conducting regular reviews of the timing of cash outflows, the maturity profiles of term deposits and maintaining committed available bank 
credit to ensure sufficient funds are available to meet its obligations.
The following table reflects all contractual repayments from recognised financial assets and liabilities at the reporting date.
Contractual cashflows
Carrying 
amount
<1 year
1-2 years
2-5 years
>5 years
Total
$m
$m
$m
$m
$m
$m
2022
Non-derivative 
financial instruments
Cash and cash equivalents
136.7
136.7
–
–
–
136.7
Trade receivables
296.0
296.0
–
–
–
296.0
Other receivables
27.8
27.8
–
–
–
27.8
Trade payables
(326.9)
(326.9)
–
–
–
(326.9)
Borrowings
(390.6)
(375.0)
(15.6)
–
–
(390.6)
Lease liabilities
(754.5)
(120.8)
(111.2)
(231.7)
(462.2)
(925.9)
Total
(1,011.5)
(362.2)
(126.8)
(231.7)
(462.2)
(1,182.9)
2021
Non-derivative 
financial instruments
Cash and cash equivalents
215.4
215.4
–
–
–
215.4
Trade receivables
236.5
236.5
–
–
–
236.5
Other receivables
20.7
20.7
–
–
–
20.7
Trade payables
(232.1)
(232.1)
–
–
–
(232.1)
Lease liabilities
(743.9)
(104.5)
(98.7)
(234.9)
(489.5)
(927.6)
Total
(503.4)
136.0
(98.7)
(234.9)
(489.5)
(687.1)
LOANS AND BORROWINGS
The Consolidated Entity recognised the draw-down of its revolving credit facility and the specific term loan within the borrowings for the year. 
Lease liabilities are recognised for any new ROU lease contracts as they are entered. When lease contracts are terminated or altered, the unpaid 
lease liability and net carrying value of ROU assets are derecognised.

Notes to the Consolidated Financial Statements continued
OZ Minerals
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Strategy
Operating Review
102
2022
2021
Borrowings
Lease 
liabilities
Total
Borrowings
Lease 
liabilities
Total
$m
$m
$m
$m
$m
$m
Opening balance 1 January
–
743.9
743.9
100.0
755.8
855.8
Debt facility drawdown
840.6
–
840.6
200.0
–
200.0
Lease recognised during 
the year
–
98.2
98.2
–
128.9
128.9
Accretion of interest
–
26.2
26.2
–
25.9
25.9
Lease terminations during 
the year
–
–
–
–
(64.8)
(64.8)
Repayment during the year
(450.0)
(113.7)
(563.7)
(300.0)
(101.9)
(401.9)
Closing balance at 
31 December
390.6
754.6
1,145.2
–
743.9
743.9
In May 2022, the Company increased its existing revolving credit facility of $483.0 million to $700.0 million with an extended expiry date of
25 May 2027 (31 December 2021: $483.0 million) subject to maintaining certain financial covenants. During the year the Company secured 
$1.2 billion 18-month syndicated term loan facility to fund the mine development of West Musgrave project. Borrowings represent the drawn
down balance of the revolving credit facility and the specific term loan for the West Musgrave Project as at the reporting date. The Company 
was not in breach of its financial covenants as at 31 December 2022.
The Lease liabilities recognised during the period include arrangements identified within certain mining services supply contracts of $63.6 million,
the powerline infrastructure agreement of $34.3 million, and other agreements of $0.3 million. The addition to lease liabilities corresponds to
the increase in ROU assets (refer Note 9).
Borrowing costs relating to major assets under development are capitalised as a component of the cost of development. Where funds 
are borrowed specifically for qualifying assets, the actual borrowing costs incurred are capitalised. Where the projects are funded through 
general borrowings, the borrowing costs are capitalised based on the weighted average cost of borrowing. Borrowing costs incurred after 
commencement of commercial operations are expensed to the income statement.
31 December 2022
31 December 2021
Borrowings
Lease liabilities
Total
Borrowings
Lease liabilities
Total
$m
$m
$m
$m
$m
$m
Current
375.0
97.2
472.2
–
80.5
80.5
Non-current
15.6
657.4
673.0
–
663.4
663.4
Total
390.6
754.6
1,145.2
–
743.9
743.9
During the year the company decreased its bilateral bank guarantee facilities from $525.0 million to $505.0 
million. At 31 December 2022 
bank guarantees totalling $437.1 million had been issued to support the Consolidated Entity’s obligations which primarily relate to power
infrastructure lease agreements and mine rehabilitation obligations.

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15 Contingencies
Contingencies
By their nature, contingencies will only be resolved when one or more uncertain future events occur. Determination of contingent liabilities 
disclosed in the financial statements required the exercise of significant judgement regarding the outcome of future events and the 
financial results of OZ Minerals in future periods may be impacted unfavourably in the event of an unfavourable outcome of a number of 
matters outlined in this note.
BANK GUARANTEES
OZ Minerals Group Treasury Pty Ltd has provided certain financial bank guarantees to third parties, associated with the terms of mining leases, 
power infrastructure contracts, exploration licences and office leases, in respect of which the relevant entity is obliged to indemnify the bank if 
the guarantee is called upon. At the end of the financial year, no claims have been made under any of these guarantees. The amount of some of 
these guarantees may vary from time to time depending upon the requirements of the recipient. These guarantees amounted to $437.1 million
as at 31 December 2022 (2021: $436.2 million) and are issued under bilateral bank facilities that are rolled forward every twelve months.
DEEDS OF INDEMNITY
The Consolidated Entity has granted indemnities under deeds of indemnity with current and former executive and Non-executive Directors, 
current and former officers, the former General Counsel–Special Projects, former Group Treasurers and each employee who was a director or 
officer of a controlled entity of the Consolidated Entity, or an associate of the Consolidated Entity, in conformity with Rule 10.2 of the OZ 
Minerals Limited Constitution.
Each deed of indemnity indemnifies the relevant director, officer or employee to the fullest extent permitted by law for liabilities incurred while 
acting as an officer of OZ Minerals, its related bodies corporate and any associated entities, where such an office is or was held at the request 
of the Company. Under these indemnities, the Company meets the legal costs incurred by company officers in responding to investigations by 
regulators and may advance funds to meet defence costs in litigation, to the extent permitted by the Corporations Act 2001 (Cth).
WARRANTIES AND INDEMNITIES
The Consolidated Entity has given certain warranties and indemnities to the purchasers of assets and businesses that have been sold. Warranties 
have been given in relation to various matters including the sale of assets, certain taxes and information. Indemnities have also been given by 
the Consolidated Entity in relation to matters including compliance with laws, environmental claims, a failure to transfer or deliver all assets, and 
payment of taxes.
FORMER CAMBODIAN OPERATIONS
In 2011, OZ Minerals self-reported to the Australian Federal Police (AFP) that employees of Oxiana (Cambodia) Limited, a former foreign 
subsidiary of Oxiana Limited that later became part of the OZ Minerals Group, may have provided benefits to foreign officials to obtain mining 
rights in Cambodia contrary to applicable law. As OZ Minerals has previously disclosed, the matter has been subject to an AFP investigation. 
The Commonwealth Director of Public Prosecutions has informed OZ Minerals that it determined not to commence a prosecution against OZ 
Minerals in relation to the matter. Proceeds of crime associated with the matter remain under consideration by the AFP and minor legal provision 
remains in place.
OTHER
OZ Minerals Limited and its controlled entities are defendants from time to time in other legal proceedings or disputes, arising from the conduct 
of their business. OZ Minerals does not consider that the outcome of any of these proceedings or disputes is likely to have a material effect on 
the Consolidated Entity’s financial position.

Notes to the Consolidated Financial Statements continued
OZ Minerals
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Message from Chairman and CEO
Strategy
Operating Review
104
Group structure and other information
16 Parent entity disclosures
As at, and throughout the financial year ended 31 December 2022, the parent entity of the Consolidated Entity was OZ Minerals Limited.
Income Statement of the parent entity
2022
2021
$m
$m
Net provision reversal/(increase) for non-recovery of loans to subsidiary
10.7
(12.4)
Dividend income
800.0
–
Net other expense
(28.4)
(28.7)
Net profit/(loss) for the year
782.3
(41.1)
Other comprehensive (loss)/income
(0.4)
7.4
Total comprehensive income/(loss)
781.9
(33.7)
Financial position of the parent entity
Assets
Current assets
131.5
16.1
Non-current assets
2,974.4
2,395.4
Total assets
3,105.9
2,411.5
Liabilities
Current liabilities
18.2
47.2
Non-current liabilities
6.6
6.4
Total liabilities
24.8
53.6
Net assets
3,081.1
2,357.9
Equity
Issued capital
2,408.7
2,400.3
Retained earnings
869.7
174.8
Accumulated losses
(197.3)
(217.2)
Total equity
3,081.1
2,357.9
Refer to Note 15 for Contingencies and Note 18 for Deed of Cross Guarantee disclosures. The parent entity’s capital expenditure commitment as 
at 31 December 2022 was nil (2021: nil).
Franking account details
2022
2021
$m
$m
Franking account balance at the beginning of the year
291.1
194.5
Franking credits from income tax paid during the year
62.5
143.6
Franking debits from franked dividend paid during the year
(37.3)
(47.0)
Franking account balance at the end of the year
316.3
291.1

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17 Basis of consolidation
INVESTMENTS IN SUBSIDIARIES
Subsidiaries are those entities over which the Consolidated Entity is capable of exerting control. The Consolidated Entity controls an entity when 
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power 
over the entity. Where the Consolidated Entity holds less than a majority of the voting rights, other relevant factors are considered in assessing 
whether power over the entity exists. Factors considered include any contractual arrangements with other vote holders, rights arising from other 
contractual arrangements, as well as the Consolidated Entity’s voting and potential voting rights.
The Consolidated Entity reassesses whether it controls an entity if circumstances indicate that there has been a change in one of the 
factors which indicate control. Subsidiaries are consolidated from the date on which control is assessed to exist until the date that control 
ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Consolidated Entity. Intercompany 
transactions, balances and unrealised gains and losses on transactions between companies controlled by the Consolidated Entity are eliminated 
on consolidation.
SUBSIDIARIES
The wholly-owned controlled entities of OZ Minerals Limited are listed below:
Entity
Country of incorporation Entity
Country of incorporation
OZ Minerals Brazil (Holdings) 
Pty Ltd
Australia Avanco Lux I S.C.S
Luxembourg
Avanco Resources Pty Ltd
Australia Carrapateena Pty Ltd
Australia
Avanco Holdings Pty Ltd
Australia CTP Assets Pty Ltd
Australia
Estrela Metals Pty Ltd
Australia CTP Operations Pty Ltd
Australia
AVB Copper Pty Ltd
Australia Minotaur Resources Holdings 
Pty Ltd
Australia
AVB Brazil Pty Ltd
Australia OZ Exploration Pty Ltd
Australia
AVB Carajás Holdings Pty Ltd
Australia OZ Minerals Equity Pty Ltd
Australia
AVB Minerals Pty Ltd
Australia OZ Minerals Group Treasury 
Pty Ltd
Australia
Mineração Águas Boas Ltda
Brazil OZ Minerals Holdings Pty Ltd
Australia
AVB Mineração Ltda
Brazil OZ Minerals Insurance Pte Ltd
Singapore
Avanco Resources Mineração Ltda
Brazil OZ Minerals International 
(Holdings) Pty Ltd
Australia
SLM – Santa Lúcia Mineração Eireli
Brazil OZ Minerals Investments Pty Ltd
Australia
MCT Mineração Ltda
Brazil OZ Minerals Jamaica Limited
Jamaica
ACG Mineração Ltda
Brazil OZ Minerals Prominent Hill 
Operations Pty Ltd
Australia
ARL South America Exploration Ltd
Bermuda OZ Minerals Prominent Hill Pty Ltd
Australia
ARL Holdings Ltd
Bermuda OZ Minerals Services Pty Ltd
Australia
Avanco Lux S.a.r.l.
Luxembourg OZ Minerals Zinifex Holdings 
Pty Ltd
Australia
OZ Minerals Carrapateena Pty Ltd
Australia Crossbow Resources Pty Ltd
Australia
OZM Carrapateena Pty Ltd
Australia Wirraway Metals & Mining Pty Ltd
Australia
OZ Minerals Musgrave Holdings 
Pty Ltd
Australia OZ Minerals Peru S.A.C
Peru
OZ Minerals Musgrave Operations 
Pty Ltd
Australia OZ Exploration (USA) LLC
USA
Cassini Resources Pty Ltd
Australia ZRUS Holdings Pty Ltd
Australia

Notes to the Consolidated Financial Statements continued
OZ Minerals
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Strategy
Operating Review
106
18 Deed of cross guarantee
The Company and all its Australian domiciled subsidiaries listed in Note 17 to the Consolidated Financial Statements, except for OZ Minerals 
International (Holdings) Pty Ltd and ZRUS Holdings Pty Ltd, are party to a Deed of Cross Guarantee (‘Deed’).
The effect of the Deed is that the Company guarantees to each creditor payment in full of any debt in the event of the winding up of any of the 
subsidiaries under certain provisions of the Corporations Act 2001. If a winding up occurs under other provisions of the Act, the Company will 
only be liable in the event that after six months any creditor has not been paid in full. The subsidiaries have also given similar guarantees in the 
event that the Company is wound up.
Consolidated Statement of Comprehensive Income of the entities within the Deed
2022
$m
2021
$m
Revenue
1,763.5
2,006.3
Other income
–
0.7
Mining
(573.0)
(484.4)
Processing
(267.7)
(247.7)
Freight
(88.3)
(74.6)
Site administration
(131.1)
(109.5)
Royalties
(63.1)
(84.7)
Inventory movement
(65.8)
(114.3)
Corporate administration
(73.6)
(57.2)
Exploration and corporate development
(124.4)
(50.6)
Foreign exchange gain
0.3
10.4
Profit before interest and income tax
376.8
794.4
Financing income
1.2
–
Financing expense
(37.2)
(38.9)
Profit before income tax
340.8
755.5
Income tax
(112.8)
(230.3)
Profit for the year
228.0
525.2
Other comprehensive gain/(loss)
Items that will not be reclassified subsequently to future Income Statements
Change in fair value of investments in equity securities, net of tax
(2.3)
7.4
Items that may be reclassified subsequently to future Income Statements
Cash flow hedges reserve change in fair value
–
1.6
Cash flow hedges reclassified to profit and loss
–
23.8
Other comprehensive gain/(loss) for the year, net of tax
(2.3)
32.8
Total comprehensive income for the year
225.7
558.0

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Consolidated balance sheet of the entities within the Deed
2022
$m
2021
$m
Current assets
Cash and cash equivalents
81.4
196.5
Trade receivables
293.8
236.0
Tax receivable
58.2
–
Inventories
266.3
259.3
Prepayments
27.7
13.7
Other receivables
285.1
247.3
Total current assets
1,012.5
952.8
Non-current assets
Inventories
69.9
129.4
Exploration assets
–
216.5
Property, plant and equipment
3,691.8
2,735.3
Right-of-Use assets
739.8
733.6
Investment in subsidiaries which are not part of the Deed
346.0
346.0
Other assets
15.7
15.5
Total non-current assets
4,863.2
4,176.3
Total assets
5,875.7
5,129.1
Current liabilities
Trade payables and accruals
294.2
213.6
Other payables
7.2
6.1
Current tax provision
–
51.2
Employee benefits
27.7
25.0
Borrowings
375.0
–
Lease liabilities
97.2
80.5
Total current liabilities
801.3
376.4
Non-current liabilities
Deferred tax liabilities
349.9
190.1
Employee benefits
5.0
4.4
Provisions
97.2
118.5
Borrowings
15.6
–
Lease liabilities
657.4
663.4
Total non-current liabilities
1,125.1
976.4
Total liabilities
1,926.4
1,352.8
Net assets
3,949.3
3,776.3
Equity
Issued capital
2,408.7
2,400.3
Retained earnings
1,540.6
1,376.0
Total equity
3,949.3
3,776.3

Notes to the Consolidated Financial Statements continued
OZ Minerals
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Contents
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Message from Chairman and CEO
Strategy
Operating Review
108
19 Key management personnel
KEY MANAGEMENT PERSONNEL (KMP) REMUNERATION
KMP are accountable for planning, directing and controlling the affairs of the Company and its controlled entities.
KMP REMUNERATION FOR THE CONSOLIDATED ENTITY
2022
2021
$
$
Short-term employee benefits
6,049,631
5,024,438
Other long term benefits
32,809
88,469
Post-employment benefits
206,534
141,697
Termination benefits
580,847
–
Share-based payments
4,279,100
2,471,840
Total
11,148,921
7,726,444
Share based payments for 2022 have been calculated on the basis that the likelihood of the Scheme with BHP becoming effective is more likely 
than not and all of the performance rights (other than performance rights granted under the 2023 LTI offer to Executive KMP) vest and are 
exercised on Scheme effective date, with the cumulative impact of the revision to original estimates recognised in the income statement with a 
corresponding adjustment to equity, as disclosed in Note 13.
RECOGNITION AND MEASUREMENT OF WAGES AND SALARIES AND SHORT-TERM EMPLOYEE BENEFITS
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within 12 months of the reporting 
date are recognised in the provision for employee benefits in respect of employees’ services up to the reporting date and are measured at the 
amounts expected to be paid, inclusive of on-costs, when the liabilities are settled.
RECOGNITION AND MEASUREMENT OF OTHER LONG-TERM EMPLOYEE BENEFITS
Long-term employee benefits include annual leave liabilities which are expected to be settled in the period greater than 12 months from balance 
date and long service leave liabilities. Other long-term benefits are recognised in the provision for employee benefits and measured as the 
present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected 
unit credit method. Consideration is given to the expected future wage and salary levels, experience of employee departures and periods of 
service. Expected future payments are discounted using market yields at the reporting date on high availability corporate bonds with terms to 
maturity and currency that match, as closely as possible, the estimated future cash outflows.
20 Related party transactions
A number of KMP, or their related parties, may hold positions in other entities that may result in them having control or significant influence over 
the financial or operating policies of those entities. Where the Consolidated Entity transacts with the KMP and their related parties, the terms 
and conditions of these transactions are no more favourable than those available, or which might reasonably be expected to be available, on 
similar transactions to non-KMP related entities on an arm’s length basis.
During the year the Group did not enter into any related party transactions (2021: None).
21 Remuneration of auditors
2022
2021
$
$
Audit and review services
Audit and review of financial statements - Group
606,200
557,000
Total fee for the audit and review services
606,200
557,000
Assurance services
Sustainability and NGERS assurance
100,800
87,700
Other assurance services
15,000
–
Total fee for audit, review and assurance services
722,000
644,700
Other services
Transaction advisory services
33,200
–
Taxation advice and tax compliance services
–
76,000
Other services
–
5,000
Total fee for other services
33,200
81,000
Total fee
755,200
725,700

Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
109
22 New accounting standards
CHANGES IN ACCOUNTING POLICIES AND MANDATORY STANDARDS ADOPTED DURING THE YEAR
The accounting policies applied by the Consolidated Entity in these Consolidated Financial Statements are consistent with those applied by the 
Consolidated Entity in its Annual & Sustainability Report for the year ended 31 December 2021. A number of new standards were effective from 
1 January 2022 and they did not have a material effect on the Group’s financial statements for the year.
ISSUED STANDARDS AND PRONOUNCEMENTS NOT EARLY ADOPTED
A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2023 and earlier 
application is permitted; however, the Group has not early adopted any of the forthcoming new or amended standards in preparing these 
Consolidated Financial Statements for the year.

Directors’ declaration
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
110
1. In the opinion of the Directors of OZ Minerals Limited (the Company):
a. the Consolidated Financial Statements and Notes set out on pages 75 to 109 and the remuneration disclosures that are contained in the 
Remuneration Report on pages 36 to 57, are in accordance with the Corporations Act 2001, and:
i.
give a true and fair view of the financial position of the Consolidated Entity as at 31 December 2022 and of its performance for the 
year ended on that date; and
ii. comply with Australian Accounting Standards and the Corporations Regulations 2001;
b. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due and payable.
2. The Directors draw attention to page 79 of the Consolidated Financial Statements, which includes a statement of compliance with 
international financial reporting standards.
3. At the date of this declaration, there are reasonable grounds to believe that the Company, and the consolidated entities identified in Note17, 
will be able to meet any liabilities to which they are, or may become subject to because of the Deed of Cross Guarantee between the 
Company and those consolidated entities pursuant to ASIC Instrument 2016/785.
4. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief Executive Officer and 
Chief Financial Officer for the financial year ended 31 December 2022.
Signed in accordance with a resolution of the Directors.
 
Rebecca McGrath
Chairman
22 February 2023
Andrew Cole
Managing Director & CEO
22 February 2023

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Independent Auditor’s Report
To the shareholders of OZ Minerals Limited
Report on the audit of the Financial Report
 
OPINION
We have audited the Financial Report of OZ Minerals Limited 
(the Company).
In our opinion, the accompanying Financial Report of the Company is 
in accordance with the Corporations Act 2001, including:
›
giving a true and fair view of the Group's financial position as at 
31 December 2022 and of its financial performance for the year 
ended on that date; and
›
complying with Australian Accounting Standards and the 
Corporations Regulations 2001.
 
The Financial Report comprises:
›
Consolidated balance sheet as at 31 December 2022;
›
Consolidated statement of comprehensive income, Consolidated 
statement of changes in equity, and Consolidated statement of 
cashflows for the year then ended;
›
Notes including a summary of significant accounting policies; and
›
Directors' Declaration.
The Group consists of OZ Minerals Limited (the Company) and the 
entities it controlled at the year end or from time to time during the 
financial year.
BASIS FOR OPINION
We conducted our audit in accordance with Australian Auditing 
Standards. We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the 
Auditor’s responsibilities for the audit of the Financial Report section 
of our report.
We are independent of the Group in accordance with the 
Corporations Act 2001 and the ethical requirements of the 
Accounting Professional and Ethical Standards Board’s APES 110 
Code of Ethics for Professional Accountants (including Independence 
Standards) (the Code) that are relevant to our audit of the Financial 
Report in Australia. We have fulfilled our other ethical responsibilities 
in accordance with these requirements.
KEY AUDIT MATTERS
The Key Audit Matters we identified are:
›
Recognition and measurement of revenue
›
Recoverability of non-current assets.
Key Audit Matters are those matters that, in our professional 
judgement, were of most significance in our audit of the Financial 
Report of the current period.
These matters were addressed in the context of our audit of the 
Financial Report as a whole, and in forming our opinion thereon, and 
we do not provide a separate opinion on these matters.
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional 
Standards Legislation.

OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
112
RECOGNITION AND MEASUREMENT OF REVENUE
Refer to Note 1 to the Financial Report.
The key audit matter
How the matter was addressed in our audit
As disclosed in Notes 1 and 14 to the Financial Report, 
the Group’s agreements for the sale of concentrate may 
provide for provisional invoicing based on commodity 
prices at the date of shipment and an initial metallurgical 
assay, with a subsequent adjustment at the end of the 
quotational period to reflect the final commodity price 
and final metallurgical assay.
This was a key audit matter as the provisional pricing 
adjustments may represent a significant component of 
revenue within the consolidated income statement. Also, 
for sales where the final settlement price is yet to be 
determined, the value of the provisionally recognised 
revenue (and the associated outstanding receivable) is 
adjusted based on the appropriate forward price.
Our procedures included:
›
We tested controls relating to the authorisation of new contracts and the
approval of amendments to existing contracts.
›
On a sample basis, we inspected the Group’s sales contracts and assessed
key terms of sale, including the basis for issuing provisional invoices and the
duration of any quotational period.
›
On a sample basis, we compared the provisional and final invoices raised
during the year to supporting documentation, including the results of
metallurgical assays, prevailing commodity prices and shipping terms.
›
We assessed the methodologies, inputs and assumptions used by the
Group in determining the fair value of trade receivables subject to
quotational pricing.
›
We recalculated the fair value measurement of trade receivables still subject
to quotational pricing adjustments as at 31 December 2022 using market
forward prices.
›
We evaluated the adequacy of the disclosures within the Financial Report
with reference to the requirements of accounting standards.
RECOVERABILITY OF NON-CURRENT ASSETS, INCLUDING 
PROPERTY, PLANT AND EQUIPMENT ($4,339M)
Refer to Note 7 to the Financial Report.
The key audit matter
How the matter was addressed in our audit
A key audit matter was the recoverability of non-current 
assets, including property plant and equipment, given the 
size of the balances and, particularly with respect to the 
impact of the historical injunction restricting development 
activity in the Gurupi cash generating unit (CGU), the 
level of judgement applied by us when evaluating the 
evidence available.
We focused on the significant forward looking 
assumptions made by the Group, including future 
commodity prices, operational and development 
expenditure, reserve and resource estimates, discount 
rates and matters relevant to permitting of mining activity.
We involved valuation specialists to supplement our senior 
audit team members in assessing this key audit matter.
Our procedures included:
›
Using our understanding of the nature of the Group’s business, we
assessed the Group’s evaluation as to whether there were any impairment
indicators relevant to the Group’s CGUs.
›
Specifically with respect to the Gurupi CGU:
–
We assessed the impact of the historical injunction restricting
development activity on the Group’s assessment of recoverable amount.
We read correspondence with the Group’s external advisors and relevant
regulatory bodies and used this knowledge to assess inputs into the
Group’s recoverable amount assessment.
–
We assessed the integrity of the model used to assess the recoverable
amount, including the accuracy of the underlying calculation formulas.
–
We assessed the Group’s discounted cash flow models and key
assumptions by comparing to business plans, prefeasibility studies and
resource and reserve statements. Working with our valuation specialists,
we independently developed ranges for key inputs such as commodity
prices, foreign exchange rates and discount rates and compared these
to the rates used by the Group.
–
We evaluated the Group’s sensitivity analysis in respect of key
assumptions in the models, including relating to the injunction, to
identify those assumptions at higher risk of bias or inconsistency in
application and to focus our further procedures.
–
We assessed the scope, competence and objectivity of the Group’s
external experts engaged to assist with the assessment of regulatory
matters and with the assessment of the recoverable amount of the
Gurupi CGU.
›
We evaluated the adequacy of the disclosures within the Financial Report
using our understanding of the matter obtained from our testing and
against the requirements of accounting standards.

Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
113
OTHER INFORMATION
Other Information is financial and non-financial information in OZ 
Minerals Limited’s annual reporting which is provided in addition 
to the Financial Report and the Auditor’s Report. The Directors are 
responsible for the Other Information.
Our opinion on the Financial Report does not cover the Other 
Information and, accordingly, we do not express an audit opinion or 
any form of assurance conclusion thereon, with the exception of the 
Remuneration Report and defined sustainability information within 
the Sustainability Review and our related assurance opinions.
In connection with our audit of the Financial Report, our responsibility 
is to read the Other Information. In doing so, we consider whether the 
Other Information is materially inconsistent with the Financial Report 
or our knowledge obtained in the audit, or otherwise appears to be 
materially misstated.
We are required to report if we conclude that there is a material 
misstatement of this Other Information, and based on the work we 
have performed on the Other Information that we obtained prior to 
the date of this Auditor’s Report we have nothing to report.
RESPONSIBILITIES OF THE DIRECTORS FOR THE 
FINANCIAL REPORT
The Directors are responsible for:
›
preparing the Financial Report that gives a true and fair view
in accordance with Australian Accounting Standards and the
Corporations Act 2001
›
implementing necessary internal control to enable the preparation
of a Financial Report that gives a true and fair view and is free from
material misstatement, whether due to fraud or error
›
assessing the Group and Company's ability to continue as a going
concern and whether the use of the going concern basis of
accounting is appropriate. This includes disclosing, as applicable,
matters related to going concern and using the going concern
basis of accounting unless they either intend to liquidate the
Group and Company or to cease operations, or have no realistic
alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE 
FINANCIAL REPORT
Our objective is:
›
to obtain reasonable assurance about whether the Financial Report
as a whole is free from material misstatement, whether due to
fraud or error; and
›
to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with Australian 
Auditing Standards will always detect a material misstatement when 
it exists.
Misstatements can arise from fraud or error. They are considered 
material if, individually or in the aggregate, they could reasonably be 
expected to influence the economic decisions of users taken on the 
basis of the Financial Report.
A further description of our responsibilities for the audit of 
the Financial Report is located at the Auditing and Assurance 
Standards Board website at: https://www.auasb.gov.au/admin/file/
content102/c3/ar1_2020.pdf. This description forms part of our 
Auditor’s Report.
REPORT ON THE REMUNERATION REPORT
Opinion
In our opinion, the Remuneration Report of OZ Minerals Limited for 
the year ended 31 December 2022 complies with Section 300A of the 
Corporations Act 2001.
Directors’ responsibilities
The Directors of the Company are responsible for the preparation and 
presentation of the Remuneration Report in accordance with Section 
300A of the Corporations Act 2001.
Our responsibilities
We have audited the Remuneration Report included in pages 39 to 57 
of the Directors’ report for the year ended 31 December 2022.
Our responsibility is to express an opinion on the Remuneration 
Report, based on our audit conducted in accordance with
Australian Auditing Standards.
KPMG
Chris Sargent
Partner
22 February 2023

Shareholder Information
Capital
Share capital comprised 335,515,966 fully paid ordinary shares on 17 February 2023.
Shareholder details
At 17 February 2023, OZ Minerals had 43,063 shareholders. There were 394 shareholdings with less than a marketable parcel of $500 worth 
of ordinary shares.
Top 20 investors at 17 February 2023
Name
Number 
of shares
Issued Capital 
%
HSBC Custody Nominees (Australia) Limited
104,537,484
31.16
Citicorp Nominees Pty Limited
70,587,851
21.04
J P Morgan Nominees Australia Pty Limited
62,408,459
18.60
National Nominees Limited
13,431,404
4.00
BNP Paribas Nominees Pty Ltd (AGENCY LENDING DRP A/C)
10,853,242
3.23
BNP Paribas Nominees Pty Ltd (DRP)
9,309,757
2.77
Warbont Nominees Pty Ltd (UNPAID ENTREPOT A/C)
2,708,195
0.81
Romsup Pty Ltd (ROMADAK SUPER FUND A/C)
2,467,057
0.74
Neweconomy Com Au Nominees Pty Limited (900 ACCOUNT)
1,424,246
0.42
Pacific Custodians Pty Limited (OZL PLANS CTRL)
1,358,954
0.41
OZ Minerals Equity Pty Ltd (DESP A/C)
1,186,032
0.35
Citicorp Nominees Pty Limited (COLONIAL FIRST STATE INV A/C)
1,047,930
0.31
OZL Directors' Holdings (Balances & Assoc A/cs)
741,488
0.22
BNP Paribas Nominees Pty Ltd (HUB24 CUSTODIAL SERV LTD DRP)
708,535
0.21
BNP Paribas Nominees Pty Ltd Acf Clearstream
612,818
0.18
A & R Cole Investments Pty Ltd (COLE FAMILY A/C)
597,831
0.18
Netwealth Investments Limited (WRAP SERVICES A/C)
577,358
0.17
BNP Paribas Nominees (NZ) Ltd (DRP)
499,418
0.15
Mirrabooka Investments Limited
367,000
0.11
UBS Nominees Pty Limited
341,497
0.10
Total
285,766,556
85.17
Substantial shareholders of OZ Minerals limited at 17 February 2023
BlackRock Group advised as at 27 January 2023, it and its associates had an interest in 17,003,397 shares, which represented 5.07 per cent 
of OZ Minerals capital at that time.
Mitsubishi UFJ Financial Group Inc advised that as at 23 January 2023, it and its associates had an interest in 18,938,885 shares, which 
represented 5.66 per cent of OZ Minerals capital at that time.
State Street Corporation advised that as at 23 January 2023, it and its associates had an interest in 22,052,927 shares, which represented 
6.59 per cent of OZ Minerals capital at that time.
Investor categories at 17 February 2023
Ranges
Number 
of investors
Number 
of shares
Issued capital 
%
1 – 1,000
32,833
11,283,259
3.36
1,001 – 5,000
8,708
18,646,406
5.56
5,001 – 10,000
955
6,883,955
2.05
10,001 – 100,000
527
12,085,465
3.59
100,001 and over
40
286,643,881
85.43
Total
43,063
335,515,966
100.00
OZ Minerals
2022 Annual Report
Contents
2022 Performance Snapshot
Message from Chairman and CEO
Strategy
Operating Review
114

Voting rights
On a show of hands, every member present in person or by attorney or by proxy or by representative shall have one vote. Upon a poll, every 
member present in person or by attorney or by proxy or by representative shall have one vote for every share held by the member. Where more 
than one proxy, representative or attorney is appointed, none may vote on a show of hands.
Other securities on issue
The Company has performance rights on issue in addition to ordinary shares. The details of the securities held as at 20 February 2023 are as follows:
Class of security
Number of holders
Number of securities
Performance rights
752
2,204,154
No voting rights attach to the above securities, however, any ordinary shares that are allotted to the holders of the securities upon vesting 
or conversion of the above-mentioned securities will have the same voting rights as all other ordinary OZ Minerals shares.
Dividends
On 22 December 2022, OZ Minerals entered into a Scheme Implementation Deed  with BHP Lonsdale Investments Pty Ltd (‘BHP’), a wholly 
owned subsidiary of BHP Group Limited, in relation to the proposed acquisition by BHP of all of the issued shares in OZ Minerals by way of scheme 
of arrangement under the Corporations Act 2001 (Cth) (‘Scheme’). The Scheme Implementation Deed permits, subject to certain conditions, 
OZ Minerals to declare and pay OZ Minerals shareholders a special dividend prior to implementation of the Scheme.
Prior to the Scheme meeting (which is currently expected to be held in mid-April 2023), the Board intends to declare a fully franked special dividend 
of $1.75 per share, such dividend conditional on the Scheme becoming effective. If the Scheme does become effective the special dividend will be 
paid on the date the Scheme is implemented to OZ Minerals shareholders who hold OZ Minerals shares on the special dividend record date. The 
special dividend record date will be three days before the Scheme record date, with both record dates currently expected to be in late-April 2023.
An interim dividend of 8 cents per share, fully franked was paid to shareholders on 16 September 2022.
Dividend payments
Dividend payments are credited directly into any nominated bank, building society or credit union account in Australia.
Annual & Sustainability Report
A full copy of the Annual & Sustainability Review is available online at ozminerals.com. If you no longer wish to receive hard copies of the 
Annual & Sustainability Report, log into your shareholding or contact our share registry to update your shareholder communication instructions.
Share registry information
The OZ Minerals share registry is maintained by Link Market Services Limited.
Visit Link Market Services’ website linkmarketservices.com.au and access a wide variety of holding information, change your personal details 
and download forms. You can:
	› check your current and previous holding balances
	› elect to receive financial reports electronically
	› update your address details
	› update your bank details
	› confirm whether you have lodged your Tax File Number (TFN), Australian Business Number (ABN) or exemption
	› check transaction and dividend history
	› enter your email address
	› check the share prices and graphs
	› download a variety of instruction forms.
You can access this information via a security login using your Security Holder Reference Number (SRN) or Holder Identification Number (HIN) 
as well as your surname (or company name) and postcode (must be the postcode recorded on your holding record).
Contact information
Shareholder enquiries about shareholding should be addressed to Link Market Services. You can contact the Company’s share registry by 
calling (+61) 1300 306 089, local call cost within Australia. Share registry contact information can be found on the back cover of this report.
Governance
Directorsʼ Report
Risk Management
Remuneration Overview and Report
Sustainability Review
MROR
Financial Report
115

OZ MINERALS LIMITED
	› ABN 40 005 482 824
CORPORATE OFFICE
	› 2 Hamra Drive, Adelaide Airport  
South Australia 5950
	› Telephone: (+61 8) 8229 6600
	› Facsimile: (+61 8) 8229 6601
	› info@ozminerals.com
SHARE REGISTRY
	› Link Market Services Limited
	› Tower 4, 727 Collins Street, 
Docklands Victoria 3008 Australia
	› Telephone: (+61) 1300 306 089 
	› Facsimile: (+61 2) 9287 0303
	› linkmarketservices.com.au
INVESTOR ENQUIRIES
	› Travis Beinke  
Group Manager Investor Relations
	› Telephone: (+61 8) 8229 6622
	› travis.beinke@ozminerals.com