Unless you are happy to get reduced dividends and are happy for...

Unless you are happy to get reduced dividends and are happy for payback to happen after 2023 you can expect OZL to go into debt at some stage to fast track Carapateena development. OZL can certainly fund the drilling and exploration and effort to get Carapeteena to BFS fairly quickly (3 years?). To get it to mine will take $2 billion and OZL does not have that much cash on hand over the next 8 years. They will need to borrow against PH income to get C to operating mine with likely capital cost around $2B.

If they did a JV at Hillside with RXM they can use their cash to get that operation up and mining inside 2 years producing additional cashflow for OZL plus PH producing its cash. Then they can use the combined cashflow to develop C to BFS. They will have enough cashflow to get C to BFS as before without borrowing , will still need to borrow but the cashflow paying off debt while C is built is PH + Hillside instead of just PH.

So many options - but whichever way OZL turn they will need to borrow to get C running before 2020. Hows your patience?

Im buying more OZL today rightly or wrongly..... close my eyes and hold my breath till 2014.