CNQ General Discussion, page-336

Generally, I agree with your position and I applaud your ethos.
IMO, regulatory drivers, which, I believe, are now growing tailwinds for CNQ, et al. are key, not public opinion or the altruism of mining companies, who are trialing now only because the regulatory changes are finally coming and their lawyers are telling them so...and Australia certainly won't be the leader here.
My key questions/risks with CNQ are:
1. Management depth, 5% ownership is the minimum threshold for alignment. Why does management own so little when they effectively built this from scratch over 30 years? The loss of a very few key personnel could scuttle this ship very easily. We see nothing about key management (on the engineering side) in any of the annual reports.
2. Why spin this off to the ASX in the first place? This slow moving, regulatory driven, cash burning model is far more suited to private equity with an IPO once the earnings are de-risked. RF et al had a particular long term strategy in mind when they bothered to place this onto a public exchange to fend for itself, I'd love to know what that is/was and if it still applies.
3. This raise included a debt component? Do the BOD, management and equity know something I don't which made them comfortable with pledging all the company assets for a few pennies or are we being fed to the sharks?
The pivot to the JV model is a good move IMO.
Happy punting.