Oxiana Limited

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Oxiana Limited
Type	Public (ASX:OXR)
Founded	1932
Headquarters	Melbourne, Australia
Key people	Owen L. Hegarty, Managing Director & CEO
Industry	Mining
Website	www.oxiana.com.au

Oxiana is an international mining and exploration company listed on the Australian Stock Exchange.Oxiana Limited (OXR) is an Australian based copper and gold miner and exploration company. The company's operations are located in Laos, Australia, Cyprus and the Philippines. OXR is focused on the operation and development of the Sepon copper and gold project in South East Laos, the Golden Grove copper/zinc mine in Western Australia and development of the Prominent Hill copper/gold deposit in South Australia.

Oxiana is based in Melbourne, Australia, with a focus on Asia and Australia. The company recently distributed a full year profit of $553 million (AUS) in 2006. OXRs vision is to become a major mining company. Its mission is to achieve quadruple bottom line excellence - financial performance, social performance, environmental performance and corporate governance. Core values are respect for all stakeholders; an action orientation; a passion to perform; and open and transparent corporate behaviour. Strategy is to grow by realising the maximum economic potential of its assets, including increasing production from our existing operations, organic development, dedicated exploration and prudent corporate merger and acquisition activity. Adjusted 1H07 NPAT fell 27% to $185.6m. Headline NPAT fell 34% to $173.5m including net one-off expenses of $12.1m after tax – primarily losses on unrealised foreign exchange and the sale of Wiluna, acquired with AGC. The previous period included an after tax provisional pricing benefit of $41.5m. This related to the timing of sales from FY05. There is typically a three month delay between production and completion of the sale. In the case of 1H06, output from late 2005 achieved higher prices than originally estimated which boosted 1H06. 1H07 profit received no such benefit. Margins slipped reflecting 1H06 provisional pricing revenue and higher depreciation and amortisation but remain healthy. Net operating cashflow fell 33% too $200.9m due to working capital movements and significantly higher cash tax payments.

In Februaury 2007 Oxiana launched a friendly takeover bid for Agincourt, this bid was accepted in April. Oxiana acquired through this the Wiluna Gold Mine, the energy company Nova with its uranium rights at Wiluna and the Metabi mine in Sumatra, currently under construction.^[1]

Oxiana sold on the Wiluna Gold Mine in July 2007 to APEX Minerals NL.^[2]