OZ Minerals Cites Copper-Concentrate Losses After Derailment

CANBERRA, Dec 28, 2011 (Dow Jones) -- OZ Minerals Ltd. (OZL.AU) said late Wednesday it may have lost as much as 1,200 dry metric tons of copper concentrate after a train derailment early Tuesday in Australia's Northern Territory.

Wagons carrying copper concentrate, including from the company's Prominent Hill project, toppled into the Edith River, it said in a statement. A clean-up operation will begin when it's safe to access the area, OZ Minerals said.

The total value of the 1,500 tons of concentrate on the train was A$7 million to A$8 million. OZ Minerals said it doesn't consider the loss to be financially material.

The company also said it doesn't expect any impact from the incident on operations at Prominent Hill, and that all copper-concentrate shipments planned for the 2012 calendar first quarter will be completed by March 31.