OZ names new chairman

OZ Minerals has named the likely successor for outgoing chairman Barry Cusack.

OZ Minerals has said that incoming non-executive director Neil Hamilton is the likely successor for outgoing chairman Barry Cusack, who is set to retire in April.

The gold and copper miner yesterday announced that Hamilton and former Rio Tinto Australia managing director Charlie Lenegan will both join the company’s board effective immediately.

“Neil Hamilton is expected to be elected as Chairman of OZ Minerals at the April 2010 board meeting,” OZ said in a statement.

Cusack had previously said he would step down as chairman once Terry Burgess was established as the company’s managing director.

News of the new board members came on the same day OZ Minerals released its preliminary unaudited full year results for 2009, in which the company flagged a profit of between $20 million and $35 million for total continuing operations.

According to the results, while OZ predicts its Prominent Hill mine will turn a profit of $190-$210 million, losses from continuing and discontinued operations, and consolidated entity will reduce the final balance to a smaller number.

Burgess said that he is pleased with the turnover generated by the company’s sole producing asset.

“The performance of Prominent Hill… during 2009 was excellent with over 96,000 tonnes of copper and 75,000 ounces of gold produced,” he said.

“Net profit after tax of $190-210 million is an outstanding outcome for the operation in its commissioning year.”

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