OZ management goes lean

Andrew Michelmore will resign from OZ Minerals to take up a senior executive role with Minmetals.

OZ Minerals has reviewed its Board and Management structures in anticipation of shareholder approval of the sale of assets to Minmetals.

According to a statement released this morning, OZ Minerals will no longer require a Board of eight members and its management structure will also need to be leaner.

“The Board has decided that the optimal size for the Board of OZ Minerals following completion of the Transaction is six, comprising five independent, Non-Executive Directors plus the Managing Director and Chief Executive Officer,” the statement read.

“Anthony Larkin has submitted his resignation with effect from 4 May 2009, and the Board does not intend to fill the vacancy created by his resignation.

“In addition, Ronnie Beevor, who retires from the Board in accordance with the Company’s Constitution at the next Annual General Meeting on 11 June 2009, will not seek re-election and the Board has decided not to replace Beevor.”

Andrew Michelmore, Managing Director and Chief Executive Officer, will resign from OZ Minerals and take up a senior executive role with Minmetals.

A search and selection process for a Managing Director to replace Andrew Michelmore has been initiated in anticipation of the Minmetals sale process being completed.

Barry Cusack, Chairman of the Board, and Peter Mansell also plan to resign from the Board once a new Managing Director has been appointed and the Company has successfully completed the transition to its new form.

According to the company, new Directors will be appointed to replace Cusack and Mansell, possibly before they leave the Board, and those new Directors will be presented for election at the first General Meeting of shareholders following their appointment.

Reporting to the CEO will be five senior executives (currently eight) drawn from the existing management and comprising the following positions: Chief Financial Officer, Head of Corporate Development and Exploration, Head of Operations, Head of Technical Services and Projects, and Company Secretary and General Counsel.

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