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As I type CNQ.AX is valued in TOTAL at a shade over $29 million. Shares on offer 296,745,179. Shares trading at a 8.8c EACH. Two years ago Leon told us at the AGM the NPV of each share was 61c !

I continually read how Tungsten is a strategic metal. The EUC consider Tungsten a vital metal.
Tungsten is a metal needed to run a first world industrial economy, an economy like Japan.
Allegedly CNQ is in protracted negotiations with Mitsubishi a major player within Japanese heavy industry.

In Geo political terms Japan and China are involved in a heated verbal stoush over control and influence in North Asia.
China is the major supplier of Tungsten supplying up to 85% of world demand. Mitsubishi is indirectly reliant on Chinese supply. SO WHY HAS THIS DEAL NOT BEEN FINALIASED?

I quote "there is plenty of tungsten in the ground is not in doubt but some of the biggest deposits are in the areas where access is difficult, or have a low ore grade, making the long-term view of tungsten prices the governing factor in determining their economic viability"
http://www.itia.info/supply-and-demand.html

BUT Mt Carbine, CNQ.AX  looks to be a 20 year plus Tungsten mine. This mine has proven reserves with more often talked of.
OK so CNQ have a strategic metal, an established mine serviced by roads, on the power grid, an educated work force, with approvals in place all under the umbrella of a stable western democracy. A mining friendly government.

Where are we going wrong getting the CNQ/Mitsubishi deal stitched up?
There appears to be a mutual need.  who is playing who?
I have no doubt that Morgan is negotiating hard, hard for the shareholders of which he is one.

I digress
I recall in my youth how OPEC took on the world with control and supply of oil. Is Tungsten that different?

Todd Corporation in NZ can see that supply of Tungsten is vital and have invested into this sector.  Are they looking to take a foothold in controlling the x China supply of Tungsten? It appears so as they see Tungsten as a metal of increasing importance. Is Todd structuring a consortium that sees Tungsten similar to oil, control the supply. Remember current supply is primarily from China. The world needs a secondary source of Tungsten
http://www.miningaustralia.com.au/news/kiwibillionaireseyeingofftungstenjuniors

I reckon a buyer could take out CNQ.AX for $80 million (25c a share) and have a viable mine ready to go.  Stitch this together with a few more juniors and the likes of Todd become major players in Tungsten global supply. for a mere pittance.

So how dumb are we allowing these negotiations drag on with Mitsubishi if they are not genuine call Todd Corporation and have a second option.
If we get a take over offer lets hope it is at something higher than .088c a share.  

The following link will highlight usage.
http://www.itia.info/tungsten-primary-uses.html