Zinifex Ltd.: delivering now and into future... ( Seite 37)

Kursrally in Australien (z.Z. + 11%). Gerüchten nach soll ein Übernahmeversuch von Oxiana bevorstehen (4 Ox + A$ 4). Dem gehandelten Volumen nach (14 Millionen in 2 Handelsstunden) scheint was dran zu sein.

Schade für diejenigen, die in den letzten Tagen frustriert verkauft haben...

Das heute auch die Ernennung des neuen CEO Andrew Michelmore (früher WMA Resources) mit dem Kurssprung zusammenfällt, ist schon etwas seltsam. Ein alleiniger Grund für die Kursteigerung kann das aber nicht sein, meiner Meinung nach.

Denke auch nicht das dies der Grund für den Sprung ist.

Mal sehen wie lange der Weg nach oben anhält.



http://www.worldofinvestment.com/wkn/A0B9A4/

ZINC producer Zinifex yesterday finally got a new chief executive and a much-needed share price boost.

Zinifex's stock jumped almost 12 per cent to $16.09, on rumours a bid was on the way from often-mentioned merger partner Oxiana.

Whether the price rise was a vote of confidence in the appointment of well-respected former WMC boss Andrew Michelmore or the result of market over-enthusiasm remains to be seen.

The appointment of Mr Michelmore - who was chief executive of WMC when Xstrata came courting, only to be gazumped in 2005 by BHP Billiton's $9.2 billion bid - was announced as speculation mounted that Oxiana, which is smaller than Zinifex, was formulating a scrip takeover bid.

And if that is true the new man may not get his feet under the desk at Zinifex, as he is not due to start until February next year.

Rumours of a Zinifex-Oxiana link-up are not new. The two companies are thought to have held merger talks in the past.

But as Zinifex's price jumped yesterday on significant volume, Aequs Securities institutional dealer Ric Klusman said: "There have been rumours that Oxiana was going to have a crack at them.

"The general feeling was that Zinifex would take (over) Oxiana, but the rumour that was flying around earlier is that Oxiana would bid four-for-one plus $4 for Zinifex."

Such a bid would value Zinifex at $10.1 billion, against the company's market value yesterday of just over $7 billion.

Zinifex shares surged more than 13 per cent on heavy volume of nearly 20 million shares, hitting a high of $16.48 before pulling back to close at $16.09 - up $1.69, or 11.7 per cent.

Oxiana added 6 to $4.06, as more that 30 million shares traded.

It proved a busy day for Mr Michelmore, as the first thing that confronted him was an ASX query about Zinifex's rising shares.

The company said it could not explain the price rise, and that there was nothing that it knew that was not in the marketplace.

Mr Michelmore takes up the top job at Zinifex from February 1 after spending two years as chief executive of Russian energy and aluminium company EN+ Group.

Zinifex has been seeking a new CEO since Greig Gailey, now chairman of the Business Council of Australia, stepped down in June.

It had long been rumoured Mr Michelmore was in line for the Zinifex job, along with former BHP Billiton carbon steel materials president Chris Lynch.

But Mr Lynch last month signed on at toll road operator Transurban.

Mr Michelmore said Zinifex had "excellent" mining assets and he was committed to building the group into "a mining company of international standing".

He will be paid a base salary of $1.9 million.


Quelle: Herald Sun vom 16.11.07 (größte australische Zeitung)

Antwort auf Beitrag Nr.: 32.448.928 von Candlestick_2 am 16.11.07 11:03:22Kursanstieg? Wie gewonnen so zerronnen ...

Hi Leute,

bin ich der einzige, der die DIVI noch nicht auf'm Konto hat ?

Antwort auf Beitrag Nr.: 32.476.882 von GregorK am 19.11.07 10:10:24...nicht aufregen, ist bei mir auch noch nicht angekommen.
Gut Ding will Weile haben.

mfg, Lemmus

Antwort auf Beitrag Nr.: 32.476.904 von Lemmus am 19.11.07 10:12:28New boss to drive Zinifex hard
Andrew Trounson | November 23, 2007


INSPIRED by the decisiveness of Russia's mineral oligarchs, new Zinifex chief executive Andrew Michelmore is promising an aggressive growth strategy for the lead and zinc miner.

The market sees Zinifex as a bulging cash box vulnerable to a takeover, but the former WMC boss is not about to wait around for a bid.

"You can never say you aren't a takeover target, but I don't think you can sit there and worry that you are a target and get defensive. You have to get on with life," Mr Michelmore said.

News of Mr Michelmore's appointment last week coincided with speculation that fast-growing Oxiana was set to launch a bid.

Mr Michelmore's appointment is likely to make any tie-up between the two Melbourne-based miners more complicated, as an attempt to do a friendly deal earlier in the year fell through.

The retirement of Zinifex boss Greig Gailey in June appeared to open the way for Oxiana boss Owen Hegarty to become chief executive of a merged group, but the appointment of the ambitious Mr Michelmore will complicate any friendly deal.

"The social challenges would be quite severe now to say the least," one investment banking source said.

After having WMC bought out from underneath him by BHP in 2005, Mr Michelmore joined up with Russian oligarch Oleg Deripaska who owns Rusal, the aluminium giant rivalling Rio Tinto-Alcan as the world's biggest producer. The lesson he learned in Russia was: don't wait around.

"During my time in Russia, I certainly saw a lot and learned a lot about people growing companies in the minerals industry and how they went about doing it and the way they evaluated opportunities," Mr Michelmore said. "We have seen that too many Western companies have been too slow and far too conservative."

Mr Michelmore, who will not officially take the reins until February, is due to be introduced to employees at Zinifex's head office today. He is likely to attend the company's annual general meeting on Monday, but finance chief and acting chief executive Tony Barnes will be the one fielding the media on the day.

In the near term, Mr Michelmore is expected to talk up the prospects of the company's Dugald River zinc mine development in Queensland and newly acquired, longer-term projects in far north Canada. Zinifex's strong cash position means it is well positioned to try to accelerate developments at both opportunities.

"People aren't putting enough value on the assets that are in the company and understanding the options that are there to grow value," he said.

"That is part of my job, to demonstrate that there is significant option value in the company."

Acquisitions are also on the radar.

Part of the problem is a weakening zinc price as the market factors in rising production. Earlier this month, Citigroup cut its zinc price forecast for next year by 28 per cent to $US1.25 a pound from $US1.75 a pound, and the shares have been under pressure.

The key challenge for Mr Michelmore, however, will be to make up for lost time and start delivering on the company's growth vision, which includes diversifying into other base metals such as copper.

Earlier this year, Zinifex is believed to have bought a 4.9 per cent stake in Canadian copper miner Aur Resources, only to be beaten to the punch by the larger Teck Cominco, which bid $4.5 billion to successfully take over Aur.

"There is a lot we can do with it to add shareholder value and if it is appropriate to make acquisitions we'll make acquisitions," he said.

Zinifex is the reincarnation of collapsed predecessor Pasminco. Itsrefloat has been a huge success, driven by strong zinc prices andkeen focus on operational performance.

It is still struggling to shake off the effects of the long years it spent in administration, which left it without an exploration and business development arm.

Zinifex's key producing mine, Century in Queensland, is likely to be exhausted by 2015. Drilling has so far failed to find resources to extend its life.

The drilling effort around Century is continuing, but the company is moving fast to start developing new projects. Next year it is expected to give the go-ahead to Dugald River, which will be one of the largest new zinc mine developments in the world when it comes into production in 2011.

The complex nature of the ore, which is contaminated with manganese, means smelters will probably demand a discount on Dugald's concentrate sales.

Former boss Mr Gailey has opened up a new growth front in Canada through the $384 million acquisition of Wolfden Resources, which has development projects in the far north. Those projects will be challenging and expensive to build.

Mr Michelmore's key advantage is that he will be able to call on the $1.7 billion in proceeds that Zinifex has received from spinning off its smelting and refining assets as Brussels-based Nyrstar.

Citigroup has estimated that Zinifex will have about $2.6 billion in cash on its balance sheet by the end of the year.

It is this war chest that provides the best value opportunity for Zinifex, and Mr Michelmore has been employed to spend it.

Mr Michelmore is being paid a base salary of $1.9 million a year, which could double if all short-term targets are met. He could also earn up to $3 million worth of shares if he meets long-term targets for shareholder returns.