Tungsten APT and concentrate metal prices have been riding high...

Tungsten APT and concentrate metal prices have been riding high for months on the back of Tight Supply. FerroTungsten has remained steady due to lack of demand but has in the past week started to close the gap. HAZ need feedstock (concentrate) for the Vietnam FerroTungsten plant until Big Hill comes online in 12/15 months. Feedstock being 90% of the plants operating costs and high concentrate prices make HAZ look unattractive. As the FerroTungsten price continues to close the gap the HAZ SP should increase. A tight supply of concentrate should equal a tighter supply of FerroTungsten down the track and therefore a higher FeW price, I think this is what we are about to see. The director alerts readers to this in the last announcement when he refers to "perfect timing".

Limited supply outside of China is creating the squeeze and as demand returns the Tight Supply should turn into a monkey grip. Not a bad place to be if you plan on producing 25% of the worlds FerroTungsten by the end of 2012. HAZ MC 40M.

I would like to see a deal with NCMs O'Callaghans and HAZs Vietnam FerroTungsten operation.