The equity firm, which holds 5.4% stakeholder of Intrepid, is currently holding discussions with Indonesian billionaire Edwin Soeryadjaya who currently owns the project.

Intrepid Mine, which owned stake in the Tujuh Bukit has, however, lost 80% stake earlier in July 2012. The project is expected to hold 25 million ounces of gold and 15 billion pounds of copper.

Addressing a conference call, Quantum Pacific founding partner Greg Mazur remarked that the Intrepid’s board has failed in formulating a strategy to secure the project and added that it invested A$100mn asset without obtaining its title.

In fact, the stakeholders have lost nearly $1bn in value, noted Mazur.

Currently, Quantum Pacific is overhauling the current board with plans to relieve five of the six directors, and replace them with its approved candidates.

The new board would work with the current owners of Tujuh Bukit to obtain stakes in the project within the next six to nine months, revealed Mazur.