OZ Minerals Limited
(ASX:OZL) chief Terry Burgess says the Melbourne based company is withholding its $750 million acquisition cash reserve until it finds the right transaction to target.
The company has been targeting a large scale acquisition since late 2009 after it emerged from a considerable financial restructuring following the global financial crisis.
However Mr Burgess says Oz is focusing on projects with the potential to add meaningful growth at a reasonable price and risk.
He believes such criteria is essential due to the need of identifying value for shareholders and until such times, the company will not transact.
OZ Minerals recorded a full year net profit of $119.5 million in the 2012 financial year.
