Zinifex, Oxiana marriage made in mining heaven

ANALYSTS at investment bank Citigroup have given a possible merger of mid-tier miners Zinifex and Oxiana their blessing, suggesting that the union of the two would fill the gap in the Australian resources industry left by WMC Resources and MIM.

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Citigroup said the combined enterprise value of Oxiana and Zinifex would be some $11 billion, with potential earnings for a possible Zinifox or Oxifex reaching $2 billion by 2009.