where to from here?, page-48

Perhaps, reddwarf, but WHC shareholders have said no to an equity raising, but are ok with WHC using debt to develop their flagship project; whereas OZL shareholders would baulk at debt or equity being used to develop Carrapateena. So, OZL waits. Will Glencore becomes a partner in developing Carrapateena? There is speculation in the media that that could happen.

Shareholders in OZL are unhappy. OZL is only 8% above leaving the $1b club. However, it is unsurprising that OZL doesn't have the $1b war chest that it used to have. It paid out a class action, paid for a share buyback, a capital return, dividends, bought the SFR stake, and paid for Carrapateena. $1b only goes so far. It still hold Carrapateena, the SFR stake, and some cash. No debt. It struggles on. WHC lost $82m last year, whereas OZL is coming out about even? A bad year for resources.