Well that came from left field. I also thought operations were a bit on the small side, but they are down the cost curve and do have reasonable longevity with low sovereign risk.
Very opportunistic timing wise. I am hoping OZL stays independent, as they have clearly been adding substantial value over recent years, with more still in train.
The only substantial criticism I’d have of OZL would be the Brazil move, looked bad to me at the time and has proven so (price, timing and strategic fit all poor imo). K and WM should provide sufficient growth thid decade close to home, without the risk and stretch of operating on the other side of the planet.
EL
Ann: OZ Minerals Rejects Indicative Proposal from BHP, page-12
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