OZ Minerals Limited released its annual results for the year 2009 today. The company posted a net loss of A$517.3 million in the full year 2009.

According to the company, the loss was there in FY 2009 mainly because of the sales of its assets. The company had sold four of its five mines last year to pay off bank debt and keep about A$1 billion. OZ's 2009 are impacted badly by the drastic financial restructuring it was forced to undertake when it had trouble refinancing its debt load during the global financial crisis.

The net loss of A$517.3 million was still in line with the guidance provided by the company earlier. OZ had said on February 8 that the company was expecting a loss of A$500 - A$520 million for FY 2009.

Though the company has posted a loss in FY 2009, still the results improved as in the previous fiscal the net loss was reported A$2.5 billion. Total revenue for the year 2009 was reported A$1.37 billion, increasing by 12% as total revenue in the previous year was reported A$1.22 billion.

Now OZ has only one producing mine, Prominent Hill, after the sale of its four mines to China Minmetals Non Ferrous Metals. However, the Prominent Hill copper/gold mine posted a profit of A$203 million in FY 2009. OZ said the mine had a very successful commissioning and ramp up in 2009.