Some of QRL's Bismark lease is being compared to...

Some of QRL's Bismark lease is being compared to Newcrest\Harmony Gold's Wafi-Golpu Deposit....
See pages 15 + 16 of Latest presentaion.


Deutsche Bank recently put the value of Wafi-Golpu at $9.9bn.. and still rising....

One has to ask one's self if there is much upside in a 40M share on issue ($11.5 M cap) Company?? Even at a $10 share price QRL would only have a market cap of $400M.


Go Figure!



Newcrest wants all of billion tonne Wafi-Golpu

Frik Els | August 18, 2011


Mining Review reports Newcrest Mining CEO Greg Robinson told reporters on Friday it would acquire Harmony Gold Mining’s 50% stake in their massive Wafi-Golpu joint venture in Papua New Guinea if it was for sale.

Last month Harmony Gold upgraded the resource estimate for Wafi-Golpu increasing it by 57% to over 1 billion metric tons, making it one of the highest grade copper-gold porphyry systems on the planet.

Rumours about a possible sale by Harmony have been swirling for months and estimates of the value of the mine forecast to start production only in 2017 have bounced up and down with one investment bank pegging it at $9.9 billion.

Miningreview.com reports Newcrest expects the gold-copper project to produce 600,000 to 800,000ozpa of gold and 300,000 to 500,000tpa of copper.

In July MINING.com quoted Harmony CEO Graham Briggs saying Wafi-Golpu was a “game-changing asset” for the company and the latest drilling results bring the Wafi-Golpu deposits within sight of Freeport-McMoran’s Grasberg mine across the border in West Papua, Indonesia. Harmony also said bringing the project to production would cost upwards of $4 billion.

MINING.com reported in June, the takeover rumour mill is working overtime as speculation about the size of Harmony Gold’s Wafi-Golpu deposit increases. Harmony has already been forced to share the planet’s potentially third largest gold and copper mine with Australia’s Newcrest Mining, selling 50% of the project for $525m three years ago.

As the value of Wafi-Golpu climbs – Deutsche Bank recently put it at $9.9bn – other suitors may be lining up for the assets. M&A activity in the gold sector is at a 10-year high and top takeover candidates are Harmony’s South African peer Gold Fields, Canada’s Barrick Gold, Newmont Mining and partner Newcrest itself.