what is it worth?, page-3

Interesting article in The Australian today regarding PNA being a potential takeover.

"All eyes have turned to the next potential copper targets after Barrick Gold's $C7.3 billion agreed deal for Equinox Minerals, with PanAust and Anvil Mining top of the list.
With more analysts today saying the Equinox deal was as good as done, Foster Stockbroking pointed out there are few remaining mid-cap copper producers producing more than 100,000 tonnes per annum of contained copper from a long life mine.

Barrick said top-tier producing mines like Equinox's Lumwana in Zambia rarely came to market and said its surprise move into copper was to take advantage of this opportunity.

Fellow major Xstrata last week made a similar move, buying Exco?s Cloncurry copper project in Queensland for $175 million as miners look to cash in on the sky-high copper price.

Foster said Barrick's massive $C1bn premium above Minmetals' offer showed the real supply constraints and trouble in delivering new large scale projects on time and budget.

"We highlight PanAust and Anvil Mining as the next large copper producers that remain in the market," analysts at Foster said.

"We don?t see much value in Oz Minerals since it is exposed to a strong Australian dollar and we are wary of how it may deploy its excess cash.""