strategies, page-8

From my understanding, when Oxiana spun off Toro, there was an agreement that any Uranium discovered at P Hill was Toro's. OZL, maintaining it's substantial holding in TOE, is a think, a way to keep P Hill all to itself. i.e. no U at P Hill, Toro does it's own thing, U at P Hill OZL, buy's out TORO.

Yes, Dasa, IXR would be a possibility. I had thought of that after my previous post, but OZL would only move if there was a reason to.

Interesting thought on the dividend. Very few mining companies are dividend plays - if they are, it says I cannot use all the cash. I doubt that is the message OZL wants to send. Also, if C costs $1.5 to $2B to bring to production, having the cash would be handy. (Using the cash for SFR means that OZL then gets increased cash flow to pay for C)

I am suspicious of Uranium as a stand alone mine. With U being mined with Copper and Gold by BHP at O Dam and OZL at C, the U is regarded as a by-product and all it does is reduce the C1 cash costs for the copper production. So the U can be sold at any price by these companies because it is not the main game for them. The marginal cost of production is $0. when PDN and others need to compete with them, they are shackled with an infinitely high relative cost of production.

HT1