As some football commentators would say, it's deja vu all over again for Oz Minerals shareholders today as they learn that their company is about to embark on yet another strategic review.
But this time the assessment of ways to improve shareholder returns, rather than just chew up the company's cash kitty, will be completed in Adelaide rather than its long-established home of Melbourne.
OZ said today that its decision to relocate was part of a wider partnership agreement with the South Australian Government which would "open up future opportunities through joint development of infrastructure" for its Carrapateena copper-gold deposit in SA and "encourage innovation in partnering to develop a new copper production process".
The first casualty, or perhaps beneficiary, depending on how you see it, is CFO Andrew Coles, who wasted little time in declaring that there was no way he was crossing the border.
But it's not yet clear whether OZ will also lose the parochial support of the Melbourne investment and media communities which have long been seen by those elsewhere in the country as providing a corporate version of neighbourhood watch during the company's more delicate phases.
OZ shares were trading 10c higher at $3.54 this morning after the company revealed it had marginally exceeded its full-year copper production guidance.
New chief executive Andrew Cole said he had spent "a significant amount of time listening to key stakeholders" who "understand we need to respond to the changing dynamics of the sector we are operating in".
No doubt they do. The question has long been, does OZ understand this?
"Our response begins today," Cole said.
He said the strategic review would be completed by April.
UBS said it maintained its neutral view of the stock in light of the challenging copper price.
But this time the assessment of ways to improve shareholder returns, rather than just chew up the company's cash kitty, will be completed in Adelaide rather than its long-established home of Melbourne.
OZ said today that its decision to relocate was part of a wider partnership agreement with the South Australian Government which would "open up future opportunities through joint development of infrastructure" for its Carrapateena copper-gold deposit in SA and "encourage innovation in partnering to develop a new copper production process".
The first casualty, or perhaps beneficiary, depending on how you see it, is CFO Andrew Coles, who wasted little time in declaring that there was no way he was crossing the border.
But it's not yet clear whether OZ will also lose the parochial support of the Melbourne investment and media communities which have long been seen by those elsewhere in the country as providing a corporate version of neighbourhood watch during the company's more delicate phases.
OZ shares were trading 10c higher at $3.54 this morning after the company revealed it had marginally exceeded its full-year copper production guidance.
New chief executive Andrew Cole said he had spent "a significant amount of time listening to key stakeholders" who "understand we need to respond to the changing dynamics of the sector we are operating in".
No doubt they do. The question has long been, does OZ understand this?
"Our response begins today," Cole said.
He said the strategic review would be completed by April.
UBS said it maintained its neutral view of the stock in light of the challenging copper price.