at what sp is ozl a buy?, page-23

I think you may find that the challenge that faces OZL is that Carapateena will be consuming a lot of the cash flow generated by PH towards the end of its LoM.

Still have to complete a BFS and develop a decline to conduct further exploration and also undertake the geotechnical work to establish mining method.

If it is a block cave, then large upfront capex to develop the cave (plus build a mill etc on site).

Reality is that C is a technically challenging project, and OZL have to sink a lot more money into before they come to a development decision, then there is the financing component of the project (regardless of JV partner).

Suppose they could always sell the SFR shares (as per the Fin Review article this am), releasing ~ A$170m in lazy capital

Still cannot get away from the fact that OZL need a 3rd leg to the business - PH & C & xxxxx