purchases say no, page-4

True,
But I see some great JV's - Escondida, NWS, BHP/RIO iron ore to name a few. Remember, joint ventures are done for one or more of the following reasons.

a) Great resource but no cash
b) Got cash but no resource to spend it on (a share buyback should always be a consideration in this case, but often better returns can be made with providing that cash to a partner with a resource who cannot get bank funding)
c) Risk reduction

I agree with your sentiment if that was to occur, it would be a waste, but sometimes in business, a risk needs to be taken and you hope it pays off. You would hope that OZL had learnt form it's mistakes and was a little more street wise.

HT1