time you guys look at the facts, page-25

This merger is all about company strategy.

OXR has one world class asset - PH. ZFX has one world class asset - Century. Combine the two companies and you have the birth of the next global diversified miner. Keep them seperate and they are still one mine companies.

The strategy is to "mimic" BHP / RIO / XSTRATA. Long life low cost expandable mines is what seperates the big boys from the little boys. To keep with the analagy, OZL has gone from the sand pit to the tennis court.

The next logical move is for FMG and OZL to merge. Then you will have a diversified miner with both base metals and bulk commodities.

AM is executing the ZFX strategy. He said he wanted 200kt per annum of Copper and he got it. He said he wants to diversify to bulk commodities. One way to do this is to merge with FMG via FMG doing a script offer to OZL. The win here is that FMG shareholders get diversity and OZL shareholders get exposure to bulk commodities.

HT1