Interesting that Oz Minerals were unsuccessful in their bid to buy Rio's stake in Northparkes. Oz Minerals must be getting increasingly desperate for growth options with Prominent Hill struggling, Carapateena delayed and Sandfire takeover probably out of reach.
In the past Rex's share price was joined at the hip with Oz Minerals. They seem to have decoupled though and for whatever reason it seems the talk for an Oz tie up has subsided. Oz must still keep an eye on Rex though.
Perhaps more interestingly the buyer for Northparkes was China Molybdenum Corporation. Chinese interest in Australian copper assets still strong.
I wonder how the market would view a chinese entity taking a stake in Hillside as opposed to OZL taking a stake. Oz seem to have squandered countless opportunities in the last 3 years.
RXM Price at posting:
57.5¢ Sentiment: Buy Disclosure: Held
