re: Ann: 2012 half year financial results ann... Unfortunately,...

re: Ann: 2012 half year financial results ann... Unfortunately, turnover rates are not the only thing at OZ to have halved. Burgess will front shareholders at the company's AGM today knowing the share price is 44 per cent lower than at last year's AGM. While similar falls have hit other miners, there's little explanation for OZ suffering such a decline given prices for copper have only fallen a tad, while prices for its secondary commodity (gold) have strengthened over the past year.

Burgess blames general market pessimism for some of the decline, but concedes that investor impatience with OZ's acquisition process has also been a factor.

The company has been lugging around a billion-dollar war chest for much of the past three years and despite last year's purchase of Rudy Gomez's Carrapateena deposit, $750 million of remains unspent.

Gomez remembers a polite and measured negotiator who largely left his acquisition staff to conduct the process, yet wasn't afraid to step in during pivotal moments.

''I was making a presentation to his group at the Port Augusta Motel about the metallurgy at Carrapateena and he understood it more than some of his guys did. He answered one of the questions for me,'' Gomez recalled this week.

''He is on the ball, you can't put anything over him.''

While such a tribute might give some OZ shareholders confidence that the acquisition process is in good hands, Burgess admits others are frustrated by the long wait.

''Some shareholders have expressed an impatience, but I think equally they wouldn't want us to do the wrong thing,'' he said.

''If we suddenly got impatient and said we've got to do a deal simply because we haven't done one yet, then that's the time we will make mistakes.

''In the end it's better not to do something, than do something that is going to destroy value.''
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Read more: http://www.smh.com.au/business/burgess-exercises-caution-at-oz-minerals-20120527-1zd01.html#ixzz23aetFLsQ

what a lot of crap this guy is incredible blames every one also EXCEPT HIMSELF!!the result after 3 years talks on it self ..you get no news from him except bad news .at least should have the decencies and step down and leave by the back door.and go and live in a retirement village and go and play scrabbles .what a lot of crap