OZL to Seek Copper Project

[FOB_Newbie]

http://www.theaustralian.com.au/cashed-up-oz-minerals-seeking-copper-projects/story-e6frg8zx-1225805527313

Anyone have any ideas on which projects fit the bill?

[whatsup]

http://www.theaustralian.com.au/cashed-up-oz-minerals-seeking-copper-projects/story-e6frg8zx-1225805527313

anyone have any ideas on which projects fit the bill?

sfr , cdu.

[snowball]

Cudeco - maybe a bit left field but soon to announce JORC resource?

[shasta]

http://www.theaustralian.com.au/cashed-up-oz-minerals-seeking-copper-projects/story-e6frg8zx-1225805527313

Anyone have any ideas on which projects fit the bill?

How about CFE's "Q Copper" project?

Or else a JV with PEM perhaps?

[snowball]

KZL could also fit - in addition to copper OZL have a past familiarity with zinc.

[macduffy]

Here's a broker's thoughts (Patersons) on the subject.

http://www.theaustralian.com.au/business/opinion/patersons-names-possible-oz-minerals-takeover-targets/story-e6frg9no-1225806149063

[Dr_Who]

Why is OZL sp so weak?

How much cash do they have in their account?

I just bought a few shares today at $1.155

[macduffy]

Hi doc.

As at last balance date (30 June 2009) OZL had just over $1 billion in cash and cash equivalents.

A lot of dosh but to put it into perspective there are more than 3 billion shares on issue, a legacy of times when the company had a lot more mining assets than it does now.

Plans to extend the Prominent Hill mine from open cast to underground are still in the pre-feasibility stage but if/when things go ahead there'll be big money to spend there.

Don't know the answer to your first question but a quarterly report must be due any time now.

[Huang Chung]

With copper currently booming, I doubt OZL management would be keen to tread the same path as the former management team, who bought Avebury at the top of the market.

Ergo, I expect they are waiting for a pullback.

[Dr_Who]

I like the fact that OZL is cashed up. It will benefit OZL both ways if the copper and gold market is up or down.

If the market is up then ozl will benefit from mining. If the commodities market pulls back, they will be able to acquire some cheap copper and gold mining assets. Hope they dont make the same mistakes they did a few years back and leverage themselves into financial trouble.

[macduffy]

Yes, doc, different people running the company now so lessons should have been learnt.

The Avebury acquisition was actually made by Zinifex before the merger with OXR but that was only part of the problem. The credit crisis, expansion and capex commitments, delays in bringing Prominent Hill into production and the collapse in metal prices all conspired to bring OXR to the brink. The scary part is that the merged company had the thick end of a billion dollars in cash immediately following the merger but even that wasn't enough!

Disc: I hold a few.

[Dr_Who]

OZL quaterly report and presentation is out!

−Strong Q4 performance from Prominent Hill sees production in excess of guidance.
−Competitive costs of production at US70.7c/lb.
−Underground feasibility study extended to include Western Copperdeposit development.
−Regional exploration continues to return iron-oxide-copper-gold-style alteration in some holes.
−Heads of Agreement with IMX gives OZ Minerals access to 7,000km2of prospective exploration ground around Prominent Hill.
−Further high grade gold intersections returned from Okvauin Cambodia in final drilling before initial Resource estimation.

OZ Minerals beats production forecast
http://www.smh.com.au/business/oz-minerals-beats-production-forecast-20100121-mmh9.html

[Huang Chung]

Yes, doc, different people running the company now so lessons should have been learnt.

The Avebury acquisition was actually made by Zinifex before the merger with OXR but that was only part of the problem. The credit crisis, expansion and capex commitments, delays in bringing Prominent Hill into production and the collapse in metal prices all conspired to bring OXR to the brink. The scary part is that the merged company had the thick end of a billion dollars in cash immediately following the merger but even that wasn't enough!

Disc: I hold a few.

MM was the common link. Yes, of course there were other problems, but I'm sure they wouldn't want to do the same trick again.

[Dr_Who]

I think commodities will ease abit this year.

I ve reduced my exposure to resource stocks and moved to rural stocks. OZL to me is a good one to hold in the longer term as these levels. With $1 billion cash they can use the commodities weakness as a opportunity to acquire cheap assets.

[macduffy]

MM was the common link. Yes, of course there were other problems, but I'm sure they wouldn't want to do the same trick again.

Yes, MM came from the Zinifex side of the family but it would hardly be fair to sadde him with all the blame. Avebury, certainly, but the decision to proceed with Prominent Hill were an Oxiana matter and the subsequent delays with that project were a big part of OZL's problem.

Of course MM has now left the scene. OZL make it clear that copper is their target, firstly through the ongoing development and expansion of PH and secondly through possible acquisition. It's the second leg that the market will be a bit anxious about.

[macduffy]

Some broker comment on OZL.

http://www.sharecafe.com.au/fnarena_news.asp?a=AV&ai=15541

[macduffy]

From FN Arena.

OZL - OZ MINERALS LIMITED
Credit Suisse rates OZL as Upgrade to Outperform from Underperform (1) - Following a site visit to Prominent Hill the broker has upgraded to an Outperform rating as it sees enough value to justify a more positive view.
The site visit confirmed the Western copper zone has been incorporated into the production schedule, which implies copper production of 100-110ktpa for the life of the mine.

Earnings estimates are unchanged.

Target price is $1.30 Current Price is $1.05 Difference: $0.25 If OZL meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in December. Credit Suisse forecasts a full year FY10 dividend of 0.00 cents and EPS of 10.50 cents .

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

Market Sentiment: 0.8

[Dr_Who]

Thanks McDuffy.

There is a few resource stocks back on my watchlist now.

[stevo1]

This is somewhat old news but no one seems to have picked it up on this thread Azure (AZS)enters into joint venture with OZ minerals in Mexico. Out of reach of Krudd/Swans 40% super profit tax
http://www.asx.com.au/asxpdf/20100309/pdf/31p4z4nw6wwqm8.pdf

[macduffy]

Thanks, stevo.

I had seen this but at the time dismissed it as a bit of an adventure away from the main game at Prominent Hill.

In the light of the new proposed tax it may take on greater significance (prominence?). Sorry about that!

[macduffy]

And this also from FN Arena.

OZL - OZ MINERALS LIMITED
Citi rates OZL as Buy, Medium Risk (1) - Drilling results at Prominent Hill have been very promising of late and Citi analysts are happy to repeat their mantra there's plenty of value up for grabs at OZ Minerals. Also, they add,a resource update on the Western Copper Deposit should be released in the next couple of months.
And then there's still the prospect of management doing something exciting with its pile of cash. Citi analyst are predicting the upcoming half-yearly result will see the company paying out a dividend to shareholders.

Buy rating and $1.45 price target maintained. Note there are currently no dividends included in the stockbroker's forecasts. Also, on current estimates there is no growth in FY11 vis-a-vis the year to December 2010.

Target price is $1.45 Current Price is $1.07 Difference: $0.38 If OZL meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in December. Citi forecasts a full year FY10 dividend of 0.00 cents and EPS of 11.30 cents .

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.47.

Market Sentiment: 0.8

[macduffy]

OZL have announced a "reversal of impairment " of $201m ($141m after tax) to be made to their accounts as at 30 June, to reflect the improved outlook for their Prominent Hill mine.

A non-cash item of course but it bodes well for the ongoing operation at Prominent Hill and will enhance the NPAT number!

[shasta]

OZL have announced a "reversal of impairment " of $201m ($141m after tax) to be made to their accounts as at 30 June, to reflect the improved outlook for their Prominent Hill mine.

A non-cash item of course but it bodes well for the ongoing operation at Prominent Hill and will enhance the NPAT number!

Thats a real positive, after the last couple of years of seeing ongoing impairment charges across the board!

[macduffy]

OZL has posted NPAT of $405m including the abnormal items. Still a strong underlying result after adjusting for these.

Back into paying dividends with a 3c payout.

[RRR]

Solid result. PE of about 11. Cash roughly about $0.4/share. Welcome dividend after a long time. I am a happy holder.

[macduffy]

An interesting development in the OZL/Sandfire relationship.

http://www.smh.com.au/business/korea-link-bustup-good-news-for-oz-mins-20101011-16g47.html

[Gasbox]

Yearly exploration budget of $60m extended until 2012 with drilling focus on Prominent Hill rather than acqusitions, 10 rigs covering 7000skm, $1.4b in cash after the forced asset sales in 2008.

This after announcing that their annual gold production will beat forecasts by 10%, annual gold output to exceed 185,000 ounces this years, copper in line with forecast of 100,000 -110,000 with annual cash costs US47c/lb.

Well in profit also on the Sandfire investment with OZL paying $3.90 a share with a $100m investment and current prices @$8.01.

Not a screaming bargain but things starting to look interesting here, OZL in danger of getting left behind for a while.

[RRR]

OZL share price just keeps going up-$1.73 now. Gold and copper scaling new highs helping the share price. Twice yearly dividends will flow for the foreseeable future. What are they going to do with $1 billion?-I hope they are wiser this time around.

[macduffy]

"They" are a different bunch this time - ar at least some of those in key positions are.

Nothing's certain of course but the signs this time around are that OZL don't see any tempting bargains - as would be expected with the PoC strong as it is - and that they are opting meanwhile to spend their cash on further development and exploration around Prominent Hill.

The biggest risk is that shareholder/market pressure may push them into paying over the odds for something. But I doubt it.

[RRR]

I found this bit of information in today's announcement from OZL. Interesting....

On a separate and unrelated matter; the Company noted at its strategy announcement in November 2009, that it would gauge the views of shareholders on the execution of the strategy and appropriate capital management on an ongoing basis. It appears that a year later, most shareholders remain supportive of OZ Minerals’ continued discipline in applying its strategy and the retention of sufficient funds to maintain its ability to access
02
and quickly execute opportunities that meet its investment criteria. Available funds have increased through the year as a result of Prominent Hill cash generation and the Board is currently considering various options to return capital to shareholders, surplus to potential investment requirements. The Board expects to be able to announce its plans for capital management with the release of the 2010 Annual Results in mid-February.

[macduffy]

I'm not sure how much OZL would deem to be "surplus to potential investment requirements" but the company has over 3.2 billion shares on issue. Available cash may not spread too far over that number so I would expect them to opt for a buy-back as the most efficient way to spend it.

[shasta]

I'm not sure how much OZL would deem to be "surplus to potential investment requirements" but the company has over 3.2 billion shares on issue. Available cash may not spread too far over that number so I would expect them to opt for a buy-back as the most efficient way to spend it.

Maybe a share consolidation, followed by a share buyback? Would tighten the register a fair bit

[percy]

Criterion has a view on OZL and PNA in article headed 'Counting prospects in a shrinking pool' under subtitle copper.www.theaustralian.com.au/business.

[macduffy]

OZL have purchased the Carapateena copper/gold project for USD250m plus production payments.

http://asx.com.au/asxpdf/20110309/pdf/41xb0h9whmxy8y.pdf

Good move, IMO.

[drillfix]

What I love about OZL or these type of stocks is that just by looking at the Hourly chart you clearly know what side of the trade to be on.

[macduffy]

Capital return and consolidation approved as expected.

OZL still looking for an acquisition.

http://www.theaustralian.com.au/business/oz-minerals-hot-on-the-copper-acquisition-trail/story-e6frg8zx-1226058501703

[shasta]

Capital return and consolidation approved as expected.

OZL still looking for an acquisition.

http://www.theaustralian.com.au/business/oz-minerals-hot-on-the-copper-acquisition-trail/story-e6frg8zx-1226058501703

The 12c capital return will cost $388m, with just a $200m share buyback?

I would have thought those funds would be better off used for an acquistion or a 500m share buyback, a capital return & buyback seems futile?

I see my post Nov 16th hinted at this, but if this is the best they could do with the surplus funds, i'd be selling OZL!

[macduffy]

The 12c capital return will cost $388m, with just a $200m share buyback?

I would have thought those funds would be better off used for an acquistion or a 500m share buyback, a capital return & buyback seems futile?

I see my post Nov 16th hinted at this, but if this is the best they could do with the surplus funds, i'd be selling OZL!

Yes, fairly minor amounts in the scheme of things.

I think the capital return and buyback was a bit of a sop to (some) shareholders who were baying for the surplus cash to either be spent somehow or returned. The bulk of the cash has been retained until a worthwhile target is identified. Personally, I'm happy with that.

Incidentally, Macquarie have upgraded them to Outperform with a target price of $1.85. FWIW!

[corporateraider]

Doesn't Carapateena fit the desire to have a significant acquisition? My recollection is that little drilling has been done, but one of those drills hit 500m of Cu at 1%. Yes the grade is not outstanding, when you compare say SFR, but the length of strike is phenominal. It will be interesting to see what drilling uncovers.

[macduffy]

From The Australian's report on the AGM this week:

"Mr Burgess told shareholders yesterday that while having a quality asset like Prominent Hill had many advantages, from a risk perspective it was preferable to have another operation or something at the feasibility study stage."

Carapateena doesn't qualify on that criteria but appears to be a more longer term play for when Prominent Hill starts to run down.

[Huang Chung]

Looks like OZL are quite happy operating in South Australia, given the recent Carapateena acquisition.

Wonder if RXM would take their fancy? Hillside is already a sizable project, just 2hrs from Adelaide. Other nearby targets look even bigger.

[shasta]

Looks like OZL are quite happy operating in South Australia, given the recent Carapateena acquisition.

Wonder if RXM would take their fancy? Hillside is already a sizable project, just 2hrs from Adelaide. Other nearby targets look even bigger.

MOX & MEU also have copper/gold projects not too far from OZL's Prominent Hill, probably too small but the area is a hot bed for Gold & Copper

[Huang Chung]

Same with CXO. I really think OZL would be looking for more advanced projects then these three companies could offer.

[macduffy]

Looks like OZL are quite happy operating in South Australia, given the recent Carapateena acquisition.

Wonder if RXM would take their fancy? Hillside is already a sizable project, just 2hrs from Adelaide. Other nearby targets look even bigger.

Personally, I like the look of RXM and keep it on my watchlist.

It may be a bit too early to meet OZL's criteria of "operation or something at the feasibility stage" given that pre-feasibility studies on Hillside aren't yet underway. I'm sure that OZL have looked at it though and will be keeping it under review. Any jump in the SP would be enough to get me interested!

[Huang Chung]

I grabbed some RXM at $2.54 a few days ago.

[macduffy]

From ShareCafe.

http://www.sharecafe.com.au/article_air.asp?a=AV&ai=20328

[RRR]

Expecting a nice pay cheque tomorrow. Share price has been beaten down quite a bit - when are they going to start share buy back? Good time to start buying back from this week!

[RRR]

30% fall in copper price and 50% fall in the share price! Bought few more shares.

[macduffy]

OZL under fire from analysts for not moving quickly enough to spend its cash on new projects or an acquisition. Market doesn't seem to mind though with the SP gaining today.

http://news.smh.com.au/breaking-news-business/oz-minerals-rejects-m-and-a-slur-20120118-1q65b.html

[macduffy]

It seems though that not all brokers were critical of OZL.

From FN Arena:

"OZL - OZ MINERALS LIMITED
BA-Merrill Lynch rates OZL as Buy, High Risk (1) - OZ provided a solid finish in 2011, the broker suggests, meeting production expectations. For the broker the highlight is early stage plans to expand Prominent Hill and commence at Carapateena. Not enough development yet to apply forecast numbers, but the broker feels these are projects offering upside potential which the market is overlooking. Target price is $13.00 Current Price is $10.93 Difference: $2.07 If OZL meets the BA-Merrill Lynch target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in December. BA-Merrill Lynch forecasts a full year FY11 dividend of 46.00 cents and EPS of 86.60 cents . At the last closing share price the estimated dividend yield is 4.21%.

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.62.

Market Sentiment: 0.5

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.9, implying annual growth of 418.3%.Current consensus DPS estimate is 49.8, implying a prospective dividend yield of 4.6%.Current consensus price target is $ 12.73, suggesting upside of 16.5%(ex-dividends).Current consensus EPS estimate suggests the PER is 11.3.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources "

[shasta]

It seems though that not all brokers were critical of OZL.

From FN Arena:

"OZL - OZ MINERALS LIMITED
BA-Merrill Lynch rates OZL as Buy, High Risk (1) - OZ provided a solid finish in 2011, the broker suggests, meeting production expectations. For the broker the highlight is early stage plans to expand Prominent Hill and commence at Carapateena. Not enough development yet to apply forecast numbers, but the broker feels these are projects offering upside potential which the market is overlooking. Target price is $13.00 Current Price is $10.93 Difference: $2.07 If OZL meets the BA-Merrill Lynch target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in December. BA-Merrill Lynch forecasts a full year FY11 dividend of 46.00 cents and EPS of 86.60 cents . At the last closing share price the estimated dividend yield is 4.21%.

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.62.

Market Sentiment: 0.5

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.9, implying annual growth of 418.3%.Current consensus DPS estimate is 49.8, implying a prospective dividend yield of 4.6%.Current consensus price target is $ 12.73, suggesting upside of 16.5%(ex-dividends).Current consensus EPS estimate suggests the PER is 11.3.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources "

Problem being in this market nearly every resource company has "potential" not reflected in the share price!

Wonder if OZL will adjust there strategy for smaller copper projects, i like the KZL purchase off CSE, as a development project.

I know MOX/MEP are close to OZL, isn't RXM also in the neighbourhood?

[macduffy]

I know MOX/MEP are close to OZL, isn't RXM also in the neighbourhood?

Yes, more or less!

RXM's Hillside project is on the Yorke Peninsula, a couple of hours from Adelaide but several hundred k's from Prominent Hill. Would be a candidate for OZL, IMO, and I've kept half an eye on it for some time. A good drilling report yesterday saw the SP marked down a little after a moderate rise so maybe it was a case of "Buy the rumour Sell the fact". Or perhaps just a bit of over-anticipation. Whatever, volumes havn't been out of the ordinary, so I'm holding onto my cash.

[macduffy]

OZL bottom line was an improvement on last year but only because 2011 was impacted by legal costs. SMH reckons it beat analysts' expectations but that hasn't prevented the SP dropping by 7% today!

http://www.smh.com.au/business/earnings-season/oz-minerals-profit-tops-expectations-20120815-247iw.html

Lower price of copper, lower grades and higher costs are all having an impact but I reckon the correction today may be a bit overdone. Anyway, good enough for my watch list.

[tricha]

OZL bottom line was an improvement on last year but only because 2011 was impacted by legal costs. SMH reckons it beat analysts' expectations but that hasn't prevented the SP dropping by 7% today!

http://www.smh.com.au/business/earnings-season/oz-minerals-profit-tops-expectations-20120815-247iw.html

Lower price of copper, lower grades and higher costs are all having an impact but I reckon the correction today may be a bit overdone. Anyway, good enough for my watch list.

Its now at a bargain basement price, cash and the 20% stake in Sandfire Resources, equals the market cap.

The mining operation that made 120 million for a half year, is now free. Go figure.!

[macduffy]

Its now at a bargain basement price, cash and the 20% stake in Sandfire Resources, equals the market cap.

The mining operation that made 120 million for a half year, is now free. Go figure.!

Yes, looking more enticing by the day!

But the SP is still downtrending so I'll hold my fire!

:cool:

[RRR]

Its now at a bargain basement price, cash and the 20% stake in Sandfire Resources, equals the market cap.

The mining operation that made 120 million for a half year, is now free. Go figure.!

Not quite true.
Market cap 1.9 billion

Cash 650 million
Sand fire holding 200 million

I couldn't help and bought some more! Have I caught the falling knife!

[tricha]

Not quite true.
Market cap 1.9 billion

Cash 650 million
Sand fire holding 200 million

I couldn't help and bought some more! Have I caught the falling knife!


U R right RRR, about market cap, ASB securities information is cr.p, nothing like catching a falling knife though, if u know why.
Unbeleivable how some companies got sold off, so low.
MCR, SBM, OZL, TAP, RMS, RXM

[tricha]

Nothing like catching a falling knife if u know the meaning. Must be due for a small correction , but with Copper and gold doing ok and OZL will be making hay.
Who knows which heights, this will scale back to.

[macduffy]

Not unexpected, but a big drop in profit for OZL; dividend payout ratio at the top end of their stated range and the cash pile slowly eroding.

They had better hurry up if they intend to buy anything - RXM? HGO?

http://news.theage.com.au/breaking-news-business/oz-minerals-full-year-profit-down-44-20130213-2ec69.html

[RRR]

OZL share price $3.28! How things change in a short span of time! In fact I did catch the falling knife and still holding on to my loss! Mr P would have fired me.

Any way, NTA is $6.4(2.3 billion). Market cap is 1 billion.
Cash 400 million in June and value of investment in Sandfire 200 million.

Surely the share price can't get any lower. Issues at the prominent hill mine will improve from now on. Here is hoping.

[macduffy]

Other than the sluggish copper price, the aspect that would concern me most is the frequent mention of the "aging" of Prominent Hill. It's only a few years since the mine started producing - 2009 I think it was? - but already the talk is about life after PH!

While the PoC remains low, the cost of buying into another deposit/mine should also become more affordable. Other than that, one would hope that there's enough cash still to hang on until Carapateena can become productive.

[Bobcat.]

Recent slide in sp has been partially due to:

1. C1 cash costs rising 75% (June 12 to June 13) and projected by the company to rise further into 2014 doesn't help given current spot price for copper is still only $3.20/lb.

2. Also, Prominent Hill with its low grades is not turning out to be the cash cow earlier promised. Lower grade ore and softer metal recovery rates have resulted in 34% less production to 17k tonnes for the Sept quarter.

3. Two guidance downgrades published during 2013 will need to be countered by a positive announcement before IMO this stock's sp re-establishes an upward trend.

Meanwhile, looking at its chart, there does appear to be technical support at $3.20, confirmed Friday by a higher low and high than Thursday's and again this morning by a higher high (currently trading at $3.37).

Last week's resistance at $3.39 would need to be breached for this short-term run to have any staying power.

BC

[soulman]

OZL share price $3.28! How things change in a short span of time! In fact I did catch the falling knife and still holding on to my loss! Mr P would have fired me.

Any way, NTA is $6.4(2.3 billion). Market cap is 1 billion.
Cash 400 million in June and value of investment in Sandfire 200 million.

Surely the share price can't get any lower. Issues at the prominent hill mine will improve from now on. Here is hoping.

I got caught out/or played by the media. When the media said about a raid on OZL by Glencore. I got in a position at $4.40.

Then bought a few more catching a falling knife at $3.35.

Lessons here, 1) never buy downtrending shares and 2) don't trust the media.

[Bobcat.]

I... don't trust the media.

I trust mainstream media in the following ways:

a) when mainstream media report a very positive spin on a company, it is normally after the stock price has already been rising without good reason, or there is a seller in the wings. I wait a maximum of two to three days and then Sell;

b) when the media report a doom and gloom story, I wait two to three days for the associated oversell to fizzle out before buying.

That's two ways in which they can be trusted - i.e. to assist contrarian trades.

At the risk of appearing cynical, I have made more money trading against market sentiment fueled by mainstream media reporting than I have by swimming with the current of the day.

Stronger fish swim against the current.

BC

[soulman]

A nice escape. Sold last week for $3.03 for a decent loss (I was pissed with the way the shares gyrate). Then saw it drop more the next day and rise and rise to as high as $3.20.

Today was a shocker for OZL. Closed at $2.65. Low for the day was $2.11. Would've been a good pick up at that price.

[macduffy]

Some good news from OZL at last!

An encouraging quarterly report has boosted the SP by 58c today - 18.9%!

http://www.asx.com.au/asxpdf/20140115/pdf/42m3yy380hskfg.pdf

[Bobcat.]

I'm holding - with the sp now just about level with my buy price! Off this morning's good report, it should now have the legs to reach $4 by month end...perhaps sooner.

BC

[macduffy]

Around that level now, Bobcat. No doubt sharing the benefit effect of the bid for PanAust.

http://www.theage.com.au/business/panaust-says-no-to-opportunistic-bid-from-china-20140513-387x6.html

[macduffy]

An encouraging quarterly report from OZL. Costs down, production on target, copper sales benefitting from weaker AUD, Carapateena project looking promising. Market likes it and has marked the SP up 8% today, despite gloom and doom elsewhere!

http://www.asx.com.au/asxpdf/20141014/pdf/42svy23q08ddm0.pdf