takeover ?, page-3

Having had a quick look at all the data for this company the most obvious buyer would be MMG as mentioned in Fosters sept report.

Current valuation of 130m is below what the Finland operations are worth alone. Free cash from Finland could be anything between 35-45m per year depending on copper/gold price. Current cash around 20m , debt 20m -mid 2014 repayments start.

Fosters report sep2012

" MMG, who in our view would be a natural
acquirer of the Project (and perhaps Company) given they are proposing to spend >$1b on their next big project development being Dugald River which is located 11kms south of the Little Eva deposit at Roseby.

• AOH’s recently completed DFS for Roseby highlighted a NPV of ~$250m. Our unrisked NPV of Roseby is $270m which we have risked to $160m. Our derisked valuation of $144m for Outokumpu underwrites the current market cap."