May be it is time guys.I just found this article in...

May be it is time guys.
I just found this article in miningnews.

OZ Minerals cashed up, eyes energy prospects
Kate Haycock
Wednesday, 18 June 2008

THE reborn OZ Minerals could have around $A4 billion in cash and debt to spend on empire building, and is looking for energy projects such as coal seam gas.

News reports today have suggested the Oxiana and Zinifex union – which has adopted the patriotic name of OZ Minerals, to be ratified by a shareholder meeting later this month – could be looking to spend around $A4 billion on acquisitions.

Current Zinifex chief executive and soon-to-be OZ chief Andrew Michelmore told the Australian Financial Review the company could potentially add $3 billion in debt to current cash reserves of around $1.2 billion.

These funds could go towards projects in Australia and around the world.

Michelmore also suggested the company could be looking at coal seam gas assets in Queensland or other coal opportunities overseas, according to a report in the Australian.

Michelmore also told Bloomberg TV there may even be opportunities for the company to become involved in hydro-electric power generation in Laos.

Post-merger, OZ will be looking to further diversify its asset base and the comments from Michelmore indicate no commodity is out of bounds.

With zinc prices – a major part of Zinifex’s bottom line – declining rapidly and copper prices also expected to fall, diversification into other minerals will be welcomed by the sharemarket, which has driven both companies’ share prices significantly lower this year.

Oxiana was last trading at $2.74, well down from its all-time high of $4.32 from late last year, while Zinifex fell 4c to $8.69 this morning. Its all-time high of $21.60 was reached in September last year.

The merger of the two companies will be given court approval on Friday and create a new company worth around $12 billion.