Yesterday Oz Minerals posted a $36.1 million loss.
It also said it would pay a 10 cent dividend, outside of its normal pay-out policy.
Credit Suisse mining analyst Michael Slifirski, according to The Australian, thought that was weird, which he expressed on the earnings call.
But JCP Investment Partners head of resources Peter Harris was all for it.
He joined in to let Oz Minerals boss Terry Burgess know how happy he was. Burgess said it was the fist time a shareholder had done so.
According to the Aus, here’s what he said:
“Thanks for the dividend, Terry. Shareholders appreciate that, and I am sure we’re more than willing to help out with Carrapateena if the numbers on the PFS (pre-feasibility development study) stack up.
“So don’t get too worried about giving money back to us, if other people are complaining about it.”
JCP has an 8.6% stake in Oz. Slifirski was worried the dividend would make it harder for the company to fund an acquisition, or further develop the mines it already has.
Read more here.
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