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This is pure speculation and most likely wrong but what if their reported minimal uranium resource at prominent hill has been superseded by recent results hence all the activity??? Does anyone know more about those (dismissed/ignored?) uranium resources they have there?


During 2003, Minotaur Resources continued exploration drilling at the Prominent Hill Cu-Au-U deposit, approximately 150 km northwest of Olympic Dam. The best intersection was 130 m averaging 1.41% Cu, 0.43 g/t Au, 82 ppm U within hematite-sandstone breccia. This interval included 56 m averaging 2.02% Cu, 0.64 g/t Au, 115 ppm U. (Think olympic dam averages 400-500 ppm U)


Any thoughts?

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In reply to: falko on Tuesday 02/08/05 06:30pm

Xstrata speculated to bid for Oxiana

August 2, 2005 - 5:49PM


After narrowly missing out on buying WMC Resources earlier this year, Swiss-based mining giant Xstrata is speculated to be on the prowl again with diversified miner Oxiana now in its sights.


Xstrata is rumoured to be considering making a bid for Oxiana and shares in the Melbourne-based Oxiana broke through the $1.00 mark to reach an intraday high of $1.045.


One analyst said he had heard from institutions that a bid would be announced on Wednesday, adding that Jubilee Mines and Macarthur Coal were also potential targets.


Wilson HTM analyst Keith Williams said Oxiana was the most likely target of these companies.


"I would have thought Oxiana would be a much more likely target for Xstrata because of the number of assets and the diversity of assets and the overall potential within those assets, particularly in Laos," he said.


Oxiana produces copper and gold from its flagship Sepon project in Laos and is developing the Prominent Hill copper gold project in South Australia.


It also recently acquired the Golden Grove base metals mine in Western Australia from Newmont Mining.


Fat Prophet Mining analyst Grant Craighead said he had previously considered the possibility of Xstrata making a play for Oxiana.


"We have speculated on Oxiana in the past and the thinking there was that Xstrata missed out on WMC Resources and it is an acquisitive company and will want to keep looking at growth opportunities," he said.


"There is a shortage of growth opportunities and mid-sized resource companies ... there is only a few such as Oxiana and Minara Resources that might fit the bill."


Xstrata made an $8.4 billion cash offer for WMC Resources late last year which was ultimately gazumped by a $9.2 billion bid from BHP Billiton in March.


"Everything is a small morsel compared to what they were prepared to pay for WMC and therefore by default must be affordable," Mr Craighead said.


Xstrata took over Queensland coal miner MIM in 2003 for nearly $5 billion.


Oxiana shares gained 4.5 cents to $1.03 on Tuesday.


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In reply to: monty1 on Tuesday 02/08/05 07:51pm

OXR is Owen's baby.


I am sure he will go down kicking and screaming.


He knows he has a strong loyal following and will milk it for what it is worth.


I am not too sure that OXR is the target, but if it is I will certainly follow any recommendation from OH.


Nifty http://www.sharescene.com/html/emoticons/wub.gif

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In reply to: mongoose on Tuesday 02/08/05 07:15pm

Rebel was doing the numbers, but it was some time ago - not sure we can have much infleunce. I really hope it is a script offer - gives us a chance to sell over time and work out our Capital gains Tax. I have worked mine out on two SP's - $1.20 and $1.50. Whilst the latter is obviously better - it does mean hundreds of thousands in CGT if it is an all cash offer.

Lets hope The Rebel's first "rumour" is correct and only to do with a huge upgrade of PH. Let Xstrata take over someone else.M.

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