old holders read it and weep

On the smaller end of the spectrum is Cape Lambert's much-touted Lady Annie copper project in Queensland, which was once expected to produce 25,000 tonnes a year, but was sold to Cape Lambert by the collapsed CopperCo in May before prices showed signs of consistent recovery. In late August Cape Lambert announced plans of a Lady Annie IPO and also said seven buyers have shown interest.

"They are actively trying to flog to someone, or they'll IPO or generate value from it somehow," DJ Carmichael analyst James Wilson said of Lady Annie. "If it wasn't for the fact that the global financial crisis came along and copper prices and various hedges in place went awry, the place would be making a bucket of money."