Oz Minerals Ltd
(ASX:OZL) is eyeing a number of potential acquisitions after finishing the year with $1.4 billion in cash on its balance sheet.
Yesterday the miner reported a first half net profit of $406 million, reversing a $585.6 million loss from the year before.
Oz Minerals’ chief executive Terry Burgess says that the company is assessing its options for buying assets after recently paying $100 million for nearly a 20 per cent stake in Sandfire Resources.
The Australian Financial Review also quotes Burgess as saying that the company has already assessed four assets but hasn’t progressed with them.
Burgess also said that Oz Minerals is likely to take its time with future acquisition, adding that it’s essential to carry out proper due diligence.
Oz Minerals recorded a loss of $517.3 million for the year to 30 December 2009.
