might be worth keeping an eye on this one, page-11

"For the time we will have to stick it out and hope management keeps the ship afloat."

I'm trying to convert what I know of the actual business the future for metals prices and stuff in financial statements into a forecast

In the end it doesn't matter how much you know about the mining, it is all a numbers game.

so far we have about $300m in the bank

that is probably getting eaten away on a daily basis



notice Merrill lynch has made a downgrade from $2.90 to $1.50

you could probably say that the target price is close to the intrinsic value

neutral high risk
so that would reflect all of our concerns

we now have now got 4 buys and holds

Merrill Lynch 27/10/2008 Downgrade to Neutral, High Risk from Buy, High Risk $1.50
JP Morgan 22/10/2008 Overweight $1.90
UBS 22/10/2008 Buy $1.50
Credit Suisse 22/10/2008 Underperform $1.20
Deutsche Bank 22/10/2008 Hold $1.35
ABN Amro 22/10/2008 Buy $2.21
Macquarie 22/10/2008 Downgrade to Neutral from Outperform $1.20
Citi 22/10/2008 Buy, High Risk $2.20


"Merrill Lynch rates OZL as Downgrade to Neutral, High Risk from Buy, High Risk - The broker has cut its copper and zinc price forecasts and this results in profit forecast for CY08-10 being cut by 50%, 25% and 7% in CY10, and valuation being reduced by 49%. Downgrade to Neutral from Buy and target cut to $1.50 (from $2.90). "