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Posted this before. But to me AM & BC were making the statements below, but had no idea of the situation of their own balance sheet!! Amazing....



OZ Minerals Can Fund Mines Amid Credit Market Turmoil (Update1)

By Rebecca Keenan and Jesse Riseborough

Sept. 23 (Bloomberg) -- OZ Minerals Ltd., the world's second- largest zinc mining company, said it can finance its development projects without having to access financial markets.

``We have a strong balance sheet, no net borrowings and the ability to generate healthy cash flows,'' the Melbourne-based company's Chairman Barry Cusack and Chief Executive Office Andrew Michelmore said today in a letter to shareholders. ``At a time when the world's financial system is in so much turmoil, this is an enviable position to be in.''

Turbulance in credit markets locked corporates out of capital markets this month. Small mining companies seeking to build large mineral projects may need to find partners to provide funding, John Veldhuizen, a resources analyst at BBY Ltd., said last week.

``We have the financial capability to finance the pipeline without being beholden to the financial markets,'' Cusack and Michelmore said in the letter sent to the Australian stock exchange. ``The outlook for demand for all the commodities we produce remains strong.''