broker from ig gave target $2.25 today, page-35

As I recall it, the OZL strategy was to acquire -- but only if value accretive. As i recall it, all copper companies were at the high end of valuations at that time, and management did not see anything that was value accretive.

History appears to have validated Oz management not acquiring, as most copper stocks have fallen significantly over the past twelve months.

What is more, the high cost of overburden removal at PH was always going to occur this year - and that is why any purchase Ozl made needed to be cashflow positive for them, given the known expenditure that was coming up this year.

I think OZL are a good buy at present prices - and that the worst cash drain is behind them.

My main concern at this time, is a cheap takeover, as the share price no longer reflects the value of the asset, future revenue, and profit.