10m ounces: an investigation, page-16

Find8,
I admire your loyalty to CTO in spite of years
of "gunna do's" and few "have dones" from the CTO board.

You pose the question

How much would a major be prepared to pay CTO
to take the project off its hands ?

I don't know the answer to this but would pose to you the
question "Why doesn't one of the majors make a takeover
bid for CTO"? If they offered say 40 or 50
cents per share I think many would jump at the
chance to sell, given the past performance of CTO.

After all, if the board is to be believed, they have
10m ounces which one should be able to mine at say
a profit of $300/ounce (ie. sale price minus development,
mining and administration costs)yielding a net profit
of $3billion or nearly half the current value of Lihir.

The only answer I can come up with is that one or more of the
majors have cast their eye over CTO and have concluded
that all is not what it might seem.