Xstrata is most likely candidate for takeover. After all they paid 40% above market value for Jubilee and a hostile knock-out bid for Resource Pacific.
It highlights their view that the resources boom will continue and that it's cheaper to acquire mines through M&A rather than developing an exploration program.
If Xstrata is gonna make a bid, they'll want to do it soon, as ZFX is coming up from it's lows of $14. After all ZFX is trading at a PE, half that of RIO and BHP.
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