cazaly pockets a handful from winmar for hamer, page-2

Hi pepsi.

Do you have a link/ref to the MIN op cost by RBS?

Remember the $35mill buyout option for Winmar is just that, an OPTION, at this stage, not a done deal.

I agree though, overall CAZ is looking undervalued, but to MIN or Cliffs I can see huge value in them taking CAZ over.

In a recent Austock report on MIN, it was mentioned that the the takeover of POL by MIN will go down as one of the best in the resource sector. POL didn't have a great deal more on offer than what CAZ has and POL got taken over for circa $140million.

"Acquiring Polaris was a Masterstroke

At the time MIN acquired POL it cost ~$140m (though most of the acquisition was via equity). Since then, MIN has received a $35m tax refund related to POL and has other tax benefits ? we believe that overtime, the acquisition of POL will be viewed as one of the best acquisitions within the Resources space."

http://www.mineralresources.com.au/upload/docs/Brokers%20Reports/Austock_May_2011.pdf

Hang tight is my play. Parker range is a quality enough asset. NM knows it and that's is why he just keeps topping up IMO. It'll happen.

cheers.