OZ Minerals Cheap Mines Luring Glencore, Anglo

OZ Minerals Ltd. has fallen so much that it offers potential suitors decades of Australian copper production at the world’s cheapest valuation.

After its shares plunged 76 percent in less than three years and a slump in copper prices prompted a writedown on its only producing mine, the Melbourne-based company was yesterday valued at $1.2 billion, one third below an appraisal of its two mines by Macquarie Group Ltd. Excluding cash, no peer trades lower relative to earnings and only one is cheaper relative to reserves.

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