Perhaps, reddwarf, but WHC shareholders have said no to an...

Perhaps, reddwarf, but WHC shareholders have said no to an equity raising, but are ok with WHC using debt to develop their flagship project; whereas OZL shareholders would baulk at debt or equity being used to develop Carrapateena. So, OZL waits. Will Glencore becomes a partner in developing Carrapateena? There is speculation in the media that that could happen.

Shareholders in OZL are unhappy. OZL is only 8% above leaving the $1b club. However, it is unsurprising that OZL doesn't have the $1b war chest that it used to have. It paid out a class action, paid for a share buyback, a capital return, dividends, bought the SFR stake, and paid for Carrapateena. $1b only goes so far. It still hold Carrapateena, the SFR stake, and some cash. No debt. It struggles on. WHC lost $82m last year, whereas OZL is coming out about even? A bad year for resources.