TERRY BURGESS - Managing Director & CEOSAREIC - 02 May 2011WWW.OZMINERALS.COM

OZ MINERALSCONTINUED INVESTMENT IN SOUTH AUSTRALIA

OZ MINERALS • PAGE 2

DISCLAIMER

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

No representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information, contained in the presentation or of the views, opinions and conclusions contained in this material. To the maximum extent permitted by law, OZ Minerals and its related bodies corporate and affiliates, and its respective directors, officers, employees, agents and advisers disclaim any liability (including, without limitation any liability arising from fault or negligence) for any loss or damage arising from any use of this material or its contents, including any error or omission there from, or otherwise arising in connection with it.

Some statements in this presentation relate to the future and are forward looking statements. Such statements may include, but are not limited to, statements with regard to intention, capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside OZ Mineral’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation.

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

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

OZ MINERALS • PAGE 3

OZ MINERALS SNAPSHOT

Market capitalisation:

~A$5 billion

Prominent Hill: Open-pit copper and gold operation. Underground development underway.

Exploration: Priority area – Prominent Hill.Further global and regional opportunities.

Business Development:

Pursuing opportunities in copper.In process of acquiring 100% of Carrapateena copper project.

A$1.3 billion: Cash at 31 December 2010.No debt.

Equity investments:

42.5% of Toro Energy, 12.9% of IMX Resources, 18.9% of Sandfire Resources and others.

OZ MINERALS • PAGE 4OZ MINERALS • PAGE 4

CONTINUED INVESTMENT IN SOUTH AUSTRALIA

1. Prominent Hill update – including our underground development.

2. Carrapateena.

3. Making a difference in South Australia.

OZ MINERALS • PAGE 5

PROMINENT HILL

• The Prominent Hill copper/gold mine is located 650 km north-northwest of Adelaide, approximately 130 km southeast of Coober Pedy and 150 km northwest of Roxby Downs (Olympic Dam) in the Gawler Craton of South Australia.

• Convenient access to the Adelaide to Darwin railway – shipments of concentrate take 48 hours to reach the Port of Darwin. We have approximately 6 trains/wk to Darwin (600-1,000t each). 2 weeks to major Asian ports.

• 1 truck/day to Olympic Dam.

OZ MINERALS • PAGE 6

PROMINENT HILL SITE

TAILINGS DAM

MALU PIT

ROM PAD

PROCESSING PLANT

VILLAGE

ANKATA DEPOSIT AREA

NORTHERN WASTE DUMP

SOUTHERN WASTE DUMP

OZ MINERALS • PAGE 7

PROMINENT HILL FACTS

• A workforce of approximately 800 – this includes contractors.

• Plus 150 underground construction 2011-2012.

• Plus 100 steady-state underground operations 2012 onward.

• We have a local workforce – 80% of our people are from South Australia.

• Mining partner – Thiess.

• Underground contractor – Byrnecut Mining

• Village Services – Sodexo

• Charter Flight services - 10 flights a week from Adelaide and six flights a week from Port Augusta.

• Daily bus service from Coober Pedy.

• Site Facilities – 1200 rooms with en-suites, swimming pool, sports courts and gymnasium.

• Regular family days to bring family members to site to experience life at Prominent Hill.

OZ MINERALS • PAGE 8

PROMINENT HILL PRODUCTIONProduct: High grade (~50% Cu), high quality, copper concentrate.

Production (2010): 112,171t contained copper, 196,400oz gold.

Production Guidance: Contained copper 100,000t to 110,000tContained gold 185,000oz plus -for 5+ years

Mine and Plant: Open pit, mine, crush, grind, flotation.

Cash costs: Competitive C1 cash costs US70.3c/lb for Q1 2011.

Estimated C1 costs 2011: <US70c/lb.

Cu and Au Recovery

15.0025.0035.0045.0055.0065.0075.0085.0095.00

Q1 2009

Q3 2009

Q1 2010

Q3 2010

Q1 2011

Rec

over

y (%

)

CuAu

TPH Milled

500

700

900

1100

1300

Q1 2009

Q3 2009

Q1 2010

Q3 2010

Q1 2011

TPH

Mill

ed (D

ry)

OZ MINERALS • PAGE 9

OPEN-CUT MINE

CROSS SECTION – NORTH-SOUTH

Complete

August 2012

June 2014

October 2017(Stock piles continue to be processed after mining of open-cut complete)

OZ MINERALS • PAGE 10

PROMINENT HILL ANKATA - UNDERGROUND• Ankata underground will enable production of 100,000t to 110,000t copper to be maintained.

• The portal was accessed in November and advanced 626 meters by Q1 2011.

• First ore to be produced from stoping by Q1 2012.

• Full mining rates (1.2Mtpa) by Q3 2012.

April 2011

Interim

Dec

line

Ankata Decline

VR2A

FinalPortal

VR4A

OZ MINERALS • PAGE 11

PROMINENT HILL ANKATA - UNDERGROUND

Interim Decline Permanent Decline

OZ MINERALS • PAGE 12

PROMINENT HILL – FOCUS ON MUNDA/KALAYA –CONTINUITY APPEARS GOOD

PROMINENT HILL LONG SECTION 2011

OZ MINERALS • PAGE 13

PROMINENT HILL – FOCUS ON MUNDA/KALAYA –CONTINUITY APPEARS GOOD

PROMINENT HILL LONG SECTION 2011

MINING STUDY

2011/2012

OZ MINERALS • PAGE 14

REGIONAL EXPLORATION – NEW MINERAL PROVINCE

• Approximately 7,000km2 tenement area

- 4,000km2 OZ Minerals- 3,000km2 IMX JV

• $50 million regional exploration budget.

• Detailed geophysics surveys undertaken.

• 2011 five drill rigs dedicated to the OZ Minerals regional program and one drill rig for IMX JV exploration.

• 21 holes drilled in quarter one.

• Many holes intersected IOCG alteration.

• Some low-grade mineralisation.

• Program continues.

EL4390

EL3387

EL4446

EL3730

EL3730

EL3518

EL3729

EL3445

EL3830

EL4390

EL4025

EL4429

EL4429

EL4132

EL3795

EL4283

EL4429

Gravity

OZ Minerals tenements

IMX tenements

Coober Pedy

20km

Airborne Magnetic Surveycompleted in Q4

Hallifax

Danae HillMetis

NeptuneCressida

Epsilon

Rouse

Taurus

ArapilesShadwell

IP Surveys in Progress

Near Mine

Future OZ Minerals Prospects

IMX JV target areas

PerseusBlue Duck

Bluebird

Prominent Hill

OZ MINERALS • PAGE 15

ACQUISTION OF THE CARRAPATEENA COPPER –GOLD DEPOSIT IN SOUTH AUSTRALIA

• Agreement to purchase Carrapateena IOCG copper project in March.

• US$250 million, plus US$50 million on production of copper and uranium, gold or silver.

Benefits for OZ Minerals:• Meets strategy: copper, appropriate

production scale potential, favourable mining jurisdiction, long-life potential.

• Development could be funded from anticipated Prominent Hill cash flows.

• Offers development, operations, exploration, logistics and management synergies.

OZ MINERALS • PAGE 16

-

10

20

30

40

50

60

70

80

90

EVc/

lb C

uEq

Advanced Projects / Producers

COMPETITIVE ACQUISTION

Exploration / Development Construction / Production

OZ

Min

eral

s/Ca

rrap

atee

na

OZ MINERALS • PAGE 17

CARRAPATEENA DEPOSIT - INITIAL INFERRED RESOURCE TO SOUTH

0m 250m

Mineralisation not well understood, potential for

extension to the east

Exploration & Inferred Resource

status area

Exploration area

Chalcopyrite shell in yellow

Exploration & Inferred Resource status areaExploration area

Historic drillhole collar

Historic drillhole trace

N

0m 250m

Main depositPotential for

extension at depthMineralisation

open to the east

Target range:

25-45Mt @ 1% Cu, 0.4g/t Au, 140ppm U3O8, 4g/t Ag

Inferred resource:

203Mt @ 1.31% Cu, 0.56g/t Au, 270ppm U3O8, 6g/t Ag

OZ MINERALS • PAGE 18

MINING OPTIONS STUDY

Options:• Block caving.• Inclined sublevel caving.• Stoping at higher levels (then caving).

Lower mining costs

Lower development costs

<$10/t $10‐20/t $20‐50/t

Block caving

Sublevel caving

Sublevel open stoping

Visual representation of the Carrapateena deposit

OZ MINERALS • PAGE 19

BLOCK CAVING INCREASINGLY COMMON

Source: New Gold

OZ MINERALS • PAGE 20

CARRAPATEENA COMPARABLE WITH OTHER GLOBAL BLOCK CAVES

Cu/Au grades and relative deposit size global block caves (Mt)

Cadia East

Oyu-Tolgoi Hugo North Lift

Ridgeway Deeps

Carrapateena

Wafi-GolpuBingham Canyon NE mine

Northparkes Lift 1

Northparkes E48

Grasberg IOZ

Bingham Canyon SE mine

Northparkes Lift 2 Grasberg DOZ

Skouries

Grasberg GBC

Red Chris

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00

Au g/t

Cu %

Source: OZ Minerals research* NB: Carrapateena based on target range not Resource or Reserve

Operating mines Development project Size = Reserves Mt

OZ MINERALS • PAGE 21

CARRAPATEENA CONCEPTUAL PROJECT SCHEDULE

2011 2012 2013 2014 2015 2016 2017

Exploration drilling to complete initial Inferred Resource, 10,000m

Option studies for mining

Phase II exploration drilling to move to Indicated Resource

Geotechnical drilling

Pre-feasibility

Exploration shaft

Feasibility study

Construction

OZ MINERALS • PAGE 22

GENERATION OF LOCAL ECONOMIC BENEFITS

• Over 20 local businesses are currently employed at Prominent Hill.

• During 2010

–$12 million was spent in the Coober Pedy region

–$7.5 million in the Upper Spencer gulf and

–$80 million within the state of South Australia.

• Our major contractor also have significant spend in the local area.

• We also spend about $30 million on salaries in South Australia - again this does not include the amounts that our major contractors spend. There over 500 people employed by contractors as part of our workforce at Prominent Hill.

• In 2010 we contributed 16 million in State Government royalties.

xxxWe actively provide employment and business opportunities for people from communities close to Prominent Hill and preferentially purchase goods and services locally wherever feasible.

OZ MINERALS • PAGE 23

DEVELOPMENT OF LOCAL EMPLOYMENT OPPORTUNITIES AND SKILLS

• Employing locally and developing people from outside the industry - a key priority.

• Continued success with our locally targeted pre-employment training program.

• In 2010, eight indigenous trainees from the APY lands graduated from the program and as a result became full-time employees at Prominent Hill.

• 51 people have now graduated and been offered employment from this program.

− Nationally accredited TAFE qualifications.

− Guaranteed employment

• We have started a new program to train local and indigenous employees to work in a supervisory capacity – this program commenced today.

OZ MINERALS • PAGE 24

GRADUATES AND APPRENTICES

• Our university graduate program is a two year program building on technical planning and people management skills.

• We currently have graduates from the areas of metallurgy, mining engineering, environmental engineering and geology.

• Apprenticeships are a great way to enter the workforce.

• Our apprenticeships are conducted on a full-time basis for a four year fixed term period in electrical and mechanical areas.

• New pilot program in conjunction with DECS – teachers from four schools to visit Prominent Hill this month to better understand opportunities for careers in the mining industry.

OZ MINERALS • PAGE 25

RECRUITMENT CAMPAIGNAttraction of ready skilled people to South Australia is critical

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

THE INFORMATION IN THIS PRESENTATION WHICH REFERS TO MINERAL RESOURCES AND EXPLORATION RESULTS AT CARRAPATEENA IS BASED IN INFORMATION COMPILED BY STUART MASTERS WHO IS A MEMBER OF THE AUSTRALASIAN INSTITUTE OF MINING AND METALLURGY (AUSIMM) (108430). STUART MASTERS IS EMPLOYED BY CS-2 PTY LTD AND IS A CONSULTANT TO OZ MINERALS. HE HAS SUFFICIENT EXPERIENCE WHICH IS RELEVANT TO THE STYLE OF MINERALISATION AND TYPE OF DEPOSIT UNDER CONSIDERATION AND TO THE ACTIVITY WHICH HE IS UNDERTAKING TO QUALIFY AS A COMPETENT PERSON AS DEFINED IN THE 2004 EDITION OF THE ‘AUSTRALIAN CODE FOR REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES. STUART MASTERS CONSENTS TO THE INCLUSION IN THE REPORT OF THE MATTERS BASED ON HIS INFORMATION IN THE FORM AND CONTEXT IN WHICH IT APPEARS.WITHIN THIS PRESENTATION REFERENCES TO EXPLORATION RESULTS RELATING TO PROMINENT HILL ARE BASED ON INFORMATION COMPILED BY MR MARCEL VAN ECK MSC WHO IS A FULL-TIME EMPLOYEE OF OZ MINERALS, IS A MEMBER OF THE AUSTRALIAN INSTITUTE OF GEOSCIENTISTS AND HAS SUFFICIENT EXPERIENCE RELEVANT TOTHE STYLE OF MINERALISATION AND TYPE OF DEPOSIT UNDER CONSIDERATION AND TO THE ACTIVITIES UNDERTAKEN TO QUALIFY AS A COMPETENT PERSON AS DEFINED BY THE JORC CODE (2004). MR VAN ECK HAS CONSENTED TO THE INCLUSION OF THE MATERIAL IN THE FORM AND CONTEXT IN WHICH IT APPEARS.ALL OTHER REFERENCES TO EXPLORATION RESULTS WITHIN THIS PRESENTATION/STATEMENT ARE BASED ON INFORMATION COMPILED BY MR A HOUSTON BSC WHO IS A FULL-TIME EMPLOYEE OF OZ MINERALS, IS A MEMBER OF THE AUSTRALIAN INSTITUTE OF GEOSCIENTISTS AND HAS SUFFICIENT EXPERIENCE RELEVANT TO THE STYLE OF MINERALISATION AND TYPE OF DEPOSIT UNDER CONSIDERATION AND TO THE ACTIVITIES UNDERTAKEN TO QUALIFY AS A COMPETENT PERSON AS DEFINED BY THE JORC CODE (2004). MR HOUSTON HAS CONSENTED TO THE INCLUSION OF THE MATERIAL IN THE FORM AND CONTEXT IN WHICH IT APPEARS.