prosp hill asset hunt includes hav tin copper, page-18

Hi MX,

Searching for the correct asset and waiting for the correct price can sometimes take years.

A bit of a history lesson.

Wesfarmers, under Michael Chaney was dubbed "always the bridesmaid, never the bride" cause he never seemed to be able to make an acquisition. He was patient, refused to overpay and waited. Eventually he secured the Bunnings business at the right price, and WES built it up to the business it is today. It took WES a number of years to find that right corporate transaction. Patience, diligence and keeping to the "game plan" paid off.

Commpare that to IGO, who had cash on their bal sheet and bought Jabiru metals this time last year. Ask EL or Stefanis whether they think that was a good transaction. IGO is a company with a growth profile almost second to none to it's piers (Tropicana), yet it's share price has performed worse than OZL's. BHP has not exactly been kicking goals with it's corporate transactions recently either. Newcrest keep writing down Lihir production guidance.

So, does OZL do a transaction because potential investors see no growth profile, and if it is a poor one (because they rushed), get really hammered on the sp (like IGO), or do they have patience and wait. I do not know where mid term growth will come from, but TB has delivered on every promise (prod guidance and mine development. He has been straight talking to the market and has not done any spin (from what I can tell). Compare this to KZL that has over promised and under delivered - look at their sp!!.

So, am I unhappy with the OZL sp? You bet I am. could it be worse? You bet it could. IMO, TB has demonstrated that he knows what he doing. I know you have a different opinion, and I respect that, but with 62% of shares held by institutions, if they were unhappy with TB, they would let the board know quick smart. I am not reading any of that.

HT1