martarbe, page-20

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theaustralian.news.com.au/business/story/0,28124,25051427-643,00.html


"Eyebrows have also been raised about former Oxiana founder Owen Hegarty potentially targeting some of the OZ assets to spin into a new vehicle he is rumoured to be backing.

The Melbourne mining identity, one of the architects of the merger between Oxiana and Zinifex, was thrown into the spotlight last year when he sold about $6.2 million worth of OZ Minerals shares because of margin calls, days before the company's stock was suspended at 55c.

He then brought forward plans to resign from the OZ board.

Industry insiders believe OZ will make an asset sale announcement in the lead-up to its results on February 24, and Mr Hegarty's name could feature.

The Indonesian Martabe goldmine is said to be in his sights and those who know Mr Hegarty say he has a strong affiliation with gold and copper mines. OZ originally had a refinancing deadline of December 29 but failed to meet that and managed to convince its banks to give it time to address its cash burn and make some asset sales.
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