I read recently (and it may or may not be correct) that on...

I read recently (and it may or may not be correct) that on conclusion of the sales, OZL will be left with Prom Hill and around A$800m in cash.

If this is the case, maybe a good on-market share buy-back may be able to boost the share price, especially if copper continues to improve in price and global demand returns later this year.

BHP may kick themselves for not buying the asset at such a cheap price.

As much as I think Michelmore is probably one of the worse performing boses. He continues to prove this often, however the global recession caught everyone by surprise. The RBA was saying only 3 months before they started aggresively cutting rates that they expect to continue to tighten monetary policy. This turnaround was fast and ferocious. The issue I had was if OZL was such a great company, why aren't they in a position to pounce of some cheap assets?

As it turned out, OZL had a strategy of global demand having no downside risk. Prices will continue to rise and profit will follow. Obviously they learnt fast that this was not going to happen so sold everything cheap to the Chinese to get out of their bad decisions and now sit back and say what a great job we did to sell the mines in this market.

Well they should never have had to get to that position...

The size of OZL should have had some measures in place to prevent the wholesale collapse of a once "potentially" great mining house. Whether they considered a hedging policy or lower their capital costs which obviously the company would be struggling to pay. Maybe they need to do some stress testing on their own management strategy...

Michelmore has nothing at all to look back on from his tenure at OZL. He will be forever linked to the wholesale give-away of some great assets becasue of managements mismanagement.

But at least the share price is now above my "averaged down" cost. May just sell today and be gone with it....ha