ZFX will start acquiring this year and price action will kick...

ZFX will start acquiring this year and price action will kick in. They will not pay out all the cash in dividends but probably continue to pay something fairly decent. Profit will be in the vicinity of 1.75B - 1.9B.. justifying a $22 share price if nothing else. The smelters spinning out generates another 2.6B in cash.. so there will be 4BN in spare cash which will need to be used or a predator will use it against them. Mgmt have made it very clear they need 3x200kT new mines before 2010. This means acquisition. 90M is being spent on exploration which is a huge amount.. Dugald river is almost another century. Mgmt have even said where they are looking (geographically) for these acquisitions.. see the AGM transcript. Mgmt are fairly conservative and basically told the market what they are going to do. In the meantime they are actively encouraging offers to be taken out themselves.. only question is price. This is a great stock in a market with serious supply/demand imbalances and all the risk is on the downside for supply.
I'm at a maximum holding for ZFX in my portfolio so wont be buying any more but plan on holding till at least '08+. Some serious value could be unlocked still.