ceo for a year., page-13

BB really mate I'll defend your right to voice your opinion but respectfully not to sure I agree in what you're saying.

Nothing is not happening - share holders value is slipping away with ozl too quickly and its not all just because global markets are having a rough trot at present. If ozl losses another $4 it will have to rise 100% just to get back to where it is now. All this and ozl is suppose to be this huge cash cow. This pile of cash that some are on about is it in US accounts? and if so why would any of it be in $US - you can't put $US into accounts that earn Australian type interest, those $US are likely earning 1 or 2% (US type interest rates) in the meantime the exchange rate is eating into it each and every day. All TB has done since SFR is to clear the decks of manure assets and JV's - but the biggest piece of mature on their plate is Toro and again they seem paralyzed if you were doing some rationalization surely that would be first to go - but just maybe perhaps no-one is stupid enough to want to take it.

PH is getting closer to the end of its mine life
and the likelihood of finding another PH gets thinner by the day counting on carrapateena as some sort of savior doesn't cut it with the market - timelines and budgets will likely blow out significantly. I also have a selfish reason in that OZL and PNA like tracking each other and really hoping that PNA isn't being dragged down by OZL.

Summary
IMO
Problem with OZL is that a large part of holders return is very low due to the cash sitting in an account earning a pultry return. From strong holders there's a school of thought they believe OZL will either 1) Discover a new PH or 2) takeover SFR through POSCO being a willing seller. I'm starting to think the market thinks the odds on either of these is low. plus don't believe POSCO will sell SFR, and the odds of finding another large copper deposit is small IMO.

So what you are left with is a company that needs to spend 2 billion plus to maintain production at the current level.

Maybe either 1 or 2 will happen - but many in the market may also feel odds on it won't.