what is going on?, page-22

Unlucky bacs,

Historically, I have not been a big t/o exponent of OZL. My position though is changing slowly.

Why?

Good, long life copper mines are hard to find and harder to bring to production. Grades are falling and any copper grade above 1% is deemed to be quite good.

Newcrest is Gold, but are happy for copper as well.

While I agree that the available suit of potential suiters is small, if they have the cash and want to grow in an area, buying is much cheaper than developing

Mind you , I do not hold OZL for the t/o potential. I hold it because of the copper exposure, the cash on the bal sheet and the excellent Cu grades, C1 cash cost and good concentrate they produce. Management and board seem to be focussed on managing the company for the shareholders, not for their own egos.

HT1