Ann: Azevedo Exploration Update, page-27

Hi @vespasian03 I feel your pain, and feel I should at least post one more, few of us could ever have envisioned this state of affairs just 12 months ago, it is what it is and I have given my honest views from day one, well actually the morning after as I was a little shocked with the deal, still I had little doubt about what was likely to happen. As you see I still hold because no reason existed to do otherwise I could have just said I was going to hold, but I was always going to accept the last and best bid, you can never put these things back in the jar IMHO.

I will give Andrew Cole and the team at OZL some kudos for pulling this off, sure on paper not yet done, but my prior posts have given my view that they will end up with 100% of AVB and without too much difficulty. If I am wrong others will be able to point out to me how smart they were, I know how it works, silence awaits in some quarters should I be right, time will tell.

As far as AVB are concerned it’s obvious they were in play and in the end only OZL played that game and only OZL rocked up, we know Glencore knew all about AVB, we do know that for sure, it’s where they got their initial holding in AVB by selling PB to AVB for equity. We know they have been in deep and meaningful talks with Vale to acquire Pantera for over two years. Within that same time frame that Andrew has been looking we should not forget the deal AVB did with Codelco to acquire the Canaã West Project next door to PB. These are the big ones that actually happened, for each one lots of other negotiations go on, coppers in Brazil are all well known to each other.
So, what’s that then? Vale, Glencore, Codelco without even talking of what Jaguar and their Canadian mates would have been aware of. What is common here is that not one of them showed up, I am sure any of them could have figured out a way if they wanted to.

It’s never a secret when something is in play, it’s impossible to hide it in the closed world of copper in Brazil, the walls have ears. Yet only one stepped up, yes only one copper player in the whole wide world stepped up, blame BR/ Appian or whoever or that they got the board to do this or that, what they did was win and to the victor go the spoils and that is how it should be and some of us are thankful that is was at least and an Aussie active miner, ready to bung cash in to progress the show, BR nor Appian will carry any load, this is OZL's deal they have all the work ahead, they pulled that initial 30% call it right or wrong, others could have moved, they all know how these things work.

I know many are convinced that everything would have been brilliant just as it was going, funds found easy, mines built, cash flow piling up, I guess up to about the time Colin Jones left or perhaps a bit later around August last year, maybe up until then I was confident they may be able to pull this off, I recall talking with K following his visits, it was all positive, we both ended up wrong in our belief, but for the right reasons, we all have to have some faith, yes even on markets, well at least until it’s proven otherwise, I guess.

Was it right, was it moral, was it fair, was it whatever, was it this or was it that, I will tell you what it was, it was a well laid out plan and it was legal and that is all that counts, this is not a kindergarten, it is a market.

It is incredibly hard to get copper the likes of what AVB have already found, let alone the massive tenements they had yet to explore. It should be a massive value add for OZL, those who are unhappy can dance around every move on OZL SP, it will not make a single jot of difference the result will be a massive increase in the value of OZL as each project is confirmed and then monetised. Much of this work will be completed by the existing executive directors who will be senior players in the management of OZL, perhaps for a long time IMHO. Within days of the done deal brand new branded shirts will slip onto the Brazilian crew and they will be as proud of the new big Aussie as they should be, perhaps finally labour masquerading as capital will have found its proper place.

Wages and conditions will improve purely because OZL can afford it, although a less tangible thing, a fear which often seeps out from management to trickling down and worry staff, will no longer be in the air, rather replaced by a spring in the steps, the heavy burden of doubt gone, almost like being wrapped in a nice soft warm blanket, someone else to worry about things.

We have some wonderful posters on this forum, some moved on I know, but still most are good folk, albeit very pissed off.

Have not changed my view from day one.

All in my opinion and I wish everyone good luck with whatever they decide to do.

Cheers
Phil.