Marc - yes I am in it.
I'm in OXR too so if anything does happen with these two I'm covered.
I do like ZFX but until I see a reversal I won't be adding to my position (got in around $2.60).
Having said that, how much lower could ZFX possibly go?
Here is what citi say about ZFX -
New CEO - Andrew Michelmore has been appointed as the new Zinifex CEO, commencing immediately on the growth strategy, but not taking full-time operating responsibility until 1 February 2008. We believe Andrew is a strong appointment for the company as it looks to grow the mining business, extend the mine life profile and diversify commodity exposure.From Russia with Love- Andrew has spent the last two years as CEO of EN+, a Russian energy and aluminium company. Prior to this Andrew was CEO of WMC Resources for two years, out of a 12 year career at the company that ended with the takeover.Growth Focus - With ~A$2.5b in available cash by the end of the year, and firepower of A$5+b with debt, the key focus of the new CEO will be to grow and diversify the mining business. We expect the key focus to be on acquiring production or near production copper assets to extend the short mine life profile and diversify commodity exposure away from zinc.Use it or Lose It - In a red-hot sector for M&A, it could be a use it or lose it as Zinifex is effectively a self funding takeover target with 1/3rd of its market capitalisation in cash. Zinifex is rated a Hold with a target price of A$15.20/share.
ZFX
zinifex limited
