independent report, page-5

Although this is an encouraging synopsis of CNQ's status, one wonders at the veracity of the article because

"Unfortunately, the plant it purchased could only recover WO3 in the 75 micron or larger range, but the company was able to recover sufficient product for Mitsubishi to evaluate. In this respect, the plant amounted to little more than a commercial demonstration plant Carbine Tungsten has fine-tuned over the last 22 months, growing average production to 1,500 metric ton units per month (1,500 MTU/month).

Mitsubishi has purchased 100% of production and participated further by means of two pre-paid off-take agreements. Between the improved OPEX and the AusIndustry R&D refund, the tailings operation is operating at breakeven or a small profit."


The plant has never produced 1500mtu per month, and is not currently operating at all, let alone at breakeven or a small profit. Just look at the last published financial accounts which show zero income from sales, and confirm that we never sold 1500mtu a month.