OZL 0.00% $26.44 oz minerals limited

wouldn't you know it!!!

  1. 1,522 Posts.
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    I sold all of mine last Friday. No confidencce anymore and have dropped plenty from the Oxiana days on. I hope all goes werll for you all but I have had enough. Goodbye and (hopefully) farewell.
    Today's Herald Sun as follows:

    Read more: http://www.smh.com.au/business/confident-oz-chief-grabs-more-shares-20120826-24uev.html#ixzz24hbk6KYX

    CONFIRMATION that Olympic Dam's massive supply of copper would stay buried deep underground was barely 24 hours old when Terry Burgess dusted off his wallet.
    The OZ Minerals chief executive buys $20,000 worth of shares in his company each month, but he made a special trip to market on Thursday to buy an extra $70,000 worth.
    OZ had been closely watching Olympic Dam's progress, given the company has two nearby assets that may have struggled to retain workers if BHP's monster project had gone ahead.
    The mothballing of Olympic Dam should support copper prices long term, too, as supply of the conductive metal is already failing to keep pace with demand.
    Advertisement Yet Mr Burgess said neither of those reasons were the main driver behind his decision to buy an extra 10,000 OZ Minerals shares.
    ''The current share price doesn't represent the true value and this is a great opportunity for me to buy some more shares and put money where my belief is,'' he said.
    At Friday's closing price of $6.78, OZ shares have more than halved over the past 13 months in a losing streak that has been significantly more pronounced than declines in the benchmark prices for its two main commodities: copper and gold.
    Mr Burgess has previously blamed much of the selldown on investor frustration that OZ has not yet spent the $750 million cash war chest that it has quarantined for acquisitions.
    The increasingly high cost of mining at its flagship asset, Prominent Hill, appears to be a factor, too.
    But Mr Burgess said the selldown had now reached a point where the company's assets - which include a 19.9 per cent stake in market darling Sandfire Resources -were becoming seriously undervalued.
    ''I decided that I can't just stand idly by and watch the share price fall,'' he said.
    Mr Burgess has called large overseas investors in a bid to remind them of OZ's investment credentials.
    It was unclear whether one of those was BlackRock, which recently reduced its stake in OZ.
    ''It's a message to other shareholders that the CEO thinks it's worth investing in,'' he said.
 
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