At last, after a long wait, yes, 'light at the end of the tunnel'. Let us hope that the light is the illumination we want. There are three alternatives, Roseby 51% to Xstrata, Roseby 100% to Xstrata, or Xstrata walks.
But the deal is further complicated. When Pasminco sub-divided the tenements, into the 'lead-zinc' prospects which went to Dugald River and ultimately MMG, and the 'copper-gold prospects' which went to Universal and ultimately Altona. The agreements at the time said that any 'copper-gold' prospects in the 'zinc area' would be owned by what is now Altona, while any 'zinc prospects' in the 'copper-gold are' would be owned by what is now MMG.
So if Xstrata do go ahead, these are further issues to be resolved.
These issues are not of Altona or Universal's making, these were decided by Pasminco.
AOH Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
