Ann: OZ Minerals 2009 Half Year Report (inc Appen, page-14

re: Ann: OZ Minerals 2009 Half Year Report (i... HT, the pulback is not too extreme. Take out the big run up yesterday afternoon from 1.125 to 1.15 (as always, anticipating a possibe upside surprise, then sell on the fact) and we are down just about 4%, pretty much in line with market (materials index and PNA for example, down 3.5%).

Having said that, there is no doubt that the absence of a dividend (and perhpas no news of capital management) would be a negative for a day or so, especially the retail investor. The headline number of the old OZ result would have been a non-event, and analysts would have been focused on outlook (positive). We will have to wait for the analysts' reports to come out - haven't seen any yet, but I am hoping for some upgrades. That I believe, will determine the short term trend of the sp.

Re cash - CEO in conference call stated they are committed to safety as the overriding prioirty and I think he said return (even if zero) was third priority. (I can't remember the second.) In this enviornment, I agree and I don't think the analysts will argue with that approach either.