I am delighted to see CNQ's share price moving in a positive direction.
I do note the volume is small but I believe the majority of the holders are long term and realise that it is highly likely the Japanese (Mitsubishi) will proceed considering there objective to secure continuity of Tungsten supply and grow there business
As per CNQ's announcement dated 3 Feb Mitsubishi loaned CNQ $1.0 Million USD (2.7% of the project) which equates to around $0.14cents AUD a share. (Early Feb Share price say $0.05)
Therefore I am expecting the share price consolidate around the $0.12 to $0.14 mark waiting conformation of the finance. 30 June tax loss selling could hold the price down.
A suggestion was made in the last Quarterly that some improvements would be made to the tailings plant so I am hopeful of some increased output but it is a R & D project and not CNQ's Focus.
I am confident Mitsubishi would be Hands On with CNQ approving all announcements and currently working closely with the CNQ engineers regarding the design of the plant. An impressive Partner/Funder.
I believe in CNQ and have a strong feeling it will be the Tungsten slurry processing hub in north Qld.
Please DYOR.
CNQ Price at posting:
10.0¢ Sentiment: LT Buy Disclosure: Held
