FED:OZ Minerals says rail spill not material

AAP General News (Australia)
12-28-2011
FED:OZ Minerals says rail spill not material

SYDNEY, Dec 28 AAP - OZ Minerals says the potential loss from a train derailment in
the Northern Territory is not considered financially material and it expects to meet its
planned shipments in the first quarter of 2012.

The company said late on Wednesday a train travelling to Darwin carrying about 1,500
dry tonnes of copper concentrate from Prominent Hill derailed in bad weather near Edith
River in the Northern Territory.

The shipment was valued at about $US7 million ($A6.91 million) to $US8 million ($A7.90
million), OZ Minerals said.

"Preliminary discussions on the loss have been initiated with various parties," OZ
Minerals said in a statement.

"This is not considered financially material for the company.

"It is expected that copper concentrates shipments planned for Q1 2012 will all be
completed before the end of the quarter."

OZ Minerals said early assessments indicated the amount in the wagons that derailed
into the river "might be in the order of 1,000 to 1,200 tonnes".

"As stated to the market previously it is our intention to start our new containerised
rail transport through Adelaide and Darwin early in the first quarter of 2012," OZ Minerals
said.

The train's operator Genesee and Wyoming Australia said it was too early to determine
when the rail line would reopen.

AAP jtc/

KEYWORD: GRANT FREIGHT OZ

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