IPO - QEM Limited, page-53

Yeah hindsight I'm sure IRC MD Jon price would have run a much harder J/V deal had the V price been at the present levels and if he had more ability in the sector, JP is a Gold man and has stated he'd much rather experts which AXF where going bring to the table to take the project forward,,,

From my rough numbers even 25% share of the project at 10mtpa production would bring in over -$100mill EBIT to IRC at current V205 prices(not including other metal credits or oil)

I did very briefly talk with the AUS director at GOS and in his point of view the Oil price would have to be much higher than it was $50-60bbl USD at the time for them to take their shale oil rights ahead into further DFS > production etc ... as to why in talking with JP it sounds like going the cheapest route on lillyvale near surface (low to nil oil content) for the first 10-20yrs of production to be focused on the Vanadium/Moly/Ni/Cu