north parkes - more info

Picked this up from "The Australian" today

"Rio Tinto's divestment gathers pace with Northparkes mine on market"

RIO Tinto has hired Macquarie Group to find a buyer for its majority stake in the Northparkes copper and goldmine in NSW, swelling a list of assets for sale as the mining giant focuses on cutting costs and bolstering its balance sheet.
Rio valued Northparkes at $US405 million ($389m) at the end of last year, and would probably expect a premium for an operation where enough resources remain in the ground for mining to continue for another decade.
However, subdued Asian demand for commodities and low metals prices are strengthening the hand of potential buyers when several of Rio's competitors are also looking to sell resources assets.
The proposed sale of Northparkes, about 27km north of Parkes, marks the latest step by new chief executive Sam Walsh to focus on more profitable assets such as Rio's iron ore mines in the Pilbara that contribute most of the company's earnings.
The mine produced 53,800 tonnes of copper and 72,000 troy ounces of gold last year.
Units of Japan's Sumitomo Group own the remaining 20 per cent of Northparkes. Rio acquired the asset as part of the $3.5bn acquisition of North in 2000, outbidding Anglo American.
The mine exports most of the copper concentrate it produces to customers in Japan, China and India. According to Rio Tinto, extensions to the mine since it began production in 1994 have prolonged its expected life to 2024."

So, the 80% interest gives a cu vol of 43,000tpa. This is fractionally less than the 50,000tpa that OZL was looking for, but IMO, this is probably the best opportunity for OZL. I do not know what C1 is, but with the Gold credits, IMO, it could be in $1.20/lb range.

If OZL went for it, and did not overpay, I think the purchase would strengthen the OZL sp. (It needs it!!!)

HT1