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DJ MARKET TALK: OZ Minerals Debt Revelation A Shock - CS

0110 GMT [Dow Jones] Credit Suisse says OZ Mineral's (OZL.AU) revelation that
refinancing of its two major debt facilities is due Nov. 30 is shocking. "This is
extraordinary in our view and obviously raises suspicion about what else of a material
nature management might be keeping from the market," CS says. "With new
management already under market scrutiny, a large black mark has now been recorded. We
are gob-smacked!" Says if OZL's banks play hardball the company is in no
position to repay or renegotaite its debt in time, and that this, "screams
insolvency risk". Credit Suisse says it understands the security for the debt is
provided by the asset, so the banks could take assets, although this would appear
unlikely. Says the more likely outcome is materially higher debt costs. Credit Suisse
estimates OZL's A$300 million net cash position at Jun. 30 is now a net debt
position of between A$400-A$500 million. OZL on trading halt pending agreement with
lenders; last traded at 55 Australian cents.(APW)