announcement just released, page-27

ASX:ZFX re: Zinifex possibly about to get slaughtered




ZFX has just issued profit guidence for half year to 31/12/07.

EBIT from continuing operations (mines) $250 to $275 million or 36 cents to 40 EPS for the half or 72 to 80 cents for the full year.

Only have about $1.2B in the bank, worth $2.50 a share.

Place ZFX on a PE ratio of 8 and add $2.50 and it is worth $9 a share. On a PE ratio of 10 is worth $10.50.

Takeover of AGM could add 20 cents EPS, at US$25K tonne nickel. On US$16K tonne = 13 cents EPS.