The projections are based on an 18-month prefeasibility study (PFS), which cost $18m and included metallurgical testwork and geotechnical drilling managed by Aecom.
Located approximately 130kms north from the regional centre of Port Augusta, the project can produce at the rate of 12.4 million tons per annum and is expected to produce 114,000 tons of copper and 117,000oz of gold.
The company claimed that the site provides an ideal location for access, construction and operation, and is located at low elevation and in a low rainfall environment. It has metal recovery capability of 92% and 70% for copper and gold respectively, it added.
OZ Minerals CEO and managing director Terry Burgess said: "We have reviewed in detail numerous copper-gold projects around the world over the past five years and there are very few like Carrapateena which offer the potential of multi-decade production at low operating costs, with the demonstrated potential for further discoveries nearby, located relatively close to all necessary infrastructure and in one of the best and safest mining jurisdictions in the world.
"We believe these features will be highly attractive to potential partners to join with OZ Minerals in advancing the development of the Carrapateena Project."
"With the completion of the study we are pleased to have been able to estimate an initial Ore Reserve for Carrapateena."
Based on a pre-feasibility study, the company has put a net present value on the project of A$1.15bn ($1.07bn) with internal rate of return of 13%.
The company is looking for partners to help it fund A$2.98bn ($2.77bn), to commence operations at the mine later this decade.
