generic versus corporate growth

Ox is a good company with quality base metal mining assets (except gold which is marginal at best- ie if you had oxr's gold assets in sepon now you wouldn't mine them).
That being it then for my money the question about growth in sp and dividends comes from either corporate growth ( buying another advanced yet undeveloped income producing asset ) or generic growth ( thengkham, Sepon primary, scuddles extensions or prominent hill).

For the last 4 years growth has come from the corporate sphere - the corporate acquisitions are the things outside of metal price increases which have added value to the company. The acquisitions have added the most value. So where to now for the next 4 years? Are we going to see a sustained rise in metal prices or are we at the top? And if they do rise will it be related to them being priced in USD as well as demand? Bit problematic here as the USD sinking against the A$ makes oxr's profits in A$ weaker.
If you go for the we are at the top or near the top argument then oxr and metal stocks generally would be the last places to invest.

Generic Growth
P Hill coming on stream is very persuasive - even if it is a fair way off. Will probably cost a truckload more than the company says but thats the industry for you anyway.
Sepon primary - call a nurse
Sepon gold is really a bit of a smell in the corner of the room. She looks good at night but you would chew your arm off in the morning to get away.
Thengkham - a cracker
Golden Grove life extensions are undoubtedly stong upside drivers Wait for the next reserve statement.

Matabe - Impossible environmental and social approvals will most likely stop this baby in the tracks. - It could be written off in less than 3 years but most likely would be spun off into something else. Time will tell.

Corporate growth
Ox has a good balance sheet and a high sp. great for making scrip bids for other companies. The zinifox story has lost a bit of wind of late. I kid you not- a mate of mine bought 100,000 zinifex shares at $20 becuase he was assured by a melbourne small broker that after zinifex sold their smelting assets then there would be a merger between the two.
Who knows?

Histrory shows that oxr is the perpetual predator - pacman style gobbling up smaller companies. I don't think things have changed that much.
I reckon real growth will come from corporate acquisitions. I don't think oxr will be taken over anytime before 6 months afetr p hill is fully commissioned. From now till then the pacman will still rule the roost.

cheers
omg