Oz Minerals to build shareholder value to fend off potential takeover

Oz Minerals' newly chief executive Terry Burgess says that the company would focus on building shareholder value to fortify itself against potential takeover bids

He added that the company needed to ensure that its value was maximised as a good share price represented the best form of defence against takeover and the value in the market place.

He said that with regards to the Prominent Hill project, no party that had given it a lookover in the past had evinced any interest in talking to Oz Minerals. He added that the company was hoping for an opportunity to develop the project and the business in the coming months.

Burgess said that Oz Minerals which escaped ending up in administration when it sold the bulk of its assets to China Minmetals was working on a strategy to take the company forward (See: OZ assets mark China's largest Australian acquisition ).  

He said decisions will be made around the commodities and global regions the miner would like to operate in.

He said there were opportunities and the company was happy to assess these but it wanted to ensure that whatever it did fit the overall strategy process that has been started