Horsetrader,"Without full control ZFX/OXR cannot use their cash...

Horsetrader,

"Without full control ZFX/OXR cannot use their cash to fund mine expansion."

That is a question I too have been asking. What do you define as "full control" 80%, 90% or 100%? At what point are ZFX allowed/willing to use their cash to fast track?

"That then implies debt or a rights issue. AGM could stay small for years and ZFX/OXR might just ride it out till minority holders get bored and sell"

I don't believe AGM need to rights issue to further cap raise.

Firstly the Ni profits from first shipment in june will be substantial at anywhere around current Ni prices (my calcs show EPS of 17c based on 8,500tpa, to be increased to 15,000tpa by end of 2009).

Secondly they already have a loan facility with Society Generale of $70m of which so far they have only drawn down $20m.

They won't stay small for long.

Cheers

$eeker