Chief executive Andrew Michelmore said today the company - the world's second largest zinc producer - was in for some “tough times” amid the global financial crisis.

“I think the impact is going to be felt more keenly by OECD countries and so our view on demand for commodities for the mid to longer-term remains optimistic,” Mr Michelmore said in a speech at the Australian-British Chamber of Commerce luncheon today.

“Countries like China will undoubtedly feel the impact and their economies will slow.”

Mr Michelmore said China's real GDP growth rate is predicted to fall to around nine per cent next year, which was “still an impressive rate of growth”.

“The prospect of recession in key OECD countries will undoubtedly put further pressure on the Chinese economy,” he said.

“However, it has to be remembered that the export sector is a relatively small component of the overall Chinese economy, which has big development and infrastructure requirements and sustainable, growing demand for metals and commodities.”

OZ Minerals (ASX: OZL) was formed this year from the merger of gold miner Oxiana and zinc producer Zinifex.

Shares in OZ were down 18c, or 14.69 per cent, to $1.04 in midday trading. The benchmark S&P/ASX 200 was down 6.75 per cent, after earlier plunging 7.5 per cent.