Orica: Interim result 2013

A poor business is obscuring a great one and an opportunity may be brewing, says Gaurav Sodhi.

Since buying Minova, which makes ground support equipment for underground mines, Orica has reported financial results for its new division separately. No longer. At its interim result, the company announced Minova would fold into its giant mining services division. Shareholders who had been hoping for a sale will be disappointed. Instead of penance, Orica has opted for denial.

Management went so far as to cease mention of Minova altogether; it was presented as the ‘ground support business’. In a spookily Orwellian manner, the moniker ‘Minova’ has disappeared.

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