Ann: PanAust to acquire majority interest in Frie, page-6

re: Ann: PanAust to acquire majority interest... The difference is Northparkes is a good asset and is in production. I think the price the Chinese paid is good, so comparing with the market caps of SFR and OZL, makes both SFR and OZL overvalued in my opinion.

Frieda may turn out to be a good asset when in production, but yes a higher capex required, which is why I think a JV partner will be needed. Given PNA has a 19.9% Chinese shareholder, and the Chinese like to seek copper assets around the world, it could likely be them. Maybe MMG Limited as they are still seeking copper assets.

Whichever Chinese company is gonna win GlencoreXstrata's Las Bambas copper project in Peru, is gonna be unlikely our potential JV partner. Reports indicate: Minmetals Corp, Chinalco, Jinchuan Group, Jiangxi Copper, and MMG are looking at Las Bambas.
http://www.ft.com/cms/s/0/7e339b02-2c4f-11e3-acf4-00144feab7de.html#axzz2jMNjkvwl