As I see it CNQ is a $38 to $42 Million dollar company.
Mt Carbine is a world class tungsten mine. (Suggested 40 Year plus mine life)
Mitsubishi (JAPAN) have carried out about 18 Moths of due diligence and have agreed to lend CNQ $15 Mil USA to get the tailing plant running.
Japan INC have taken a 30% holding in VML.
The concept of a Tungsten processing hub in north Qld has been mentioned.
CNQ have spent App 10 Months trying to secure $55 Million in funding for the total project.
CNQ have now engaged Engages Palisade Capital to find the $55 Million funding.
I assume a company with the reputation of Engages Palisade Capital will carry out its own Due Diligence and decide if it should be a staged start up as per Mitsubishi approach or should it be $55 Million plant per CNQ management’s objective.
My interpretation of the Morgan’s report is the $0.20 target is with a fully funded project. (Dilution etc) What would be the target under the Mits staged startup? (No Dilution)
I am disappointed it has taken so long to involve companies like Engages Palisade Capital maybe after Due Dillagance we will end up with the $15 Mil Mits LOAN BUT WITH A CLEAR DIRECTION.
On the 7th October 2014 the Mitsubishi board approved the $15 Million Loan so with a 12 Month lead time we would be producing in October this year if not before.
Please DYOR.
A $200 sale sent the share price down 4% just before the close on Friday. Whats going on?
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