China Metallurgical Mining Corporation (CMMC) didnot fullfil the bindind agreement with NSL, but still manipulate the preferred Chinese supplier for the Indian iron ore beneficiation plant.
$100 million is a lot of money, it is not easy for CMMC to make investment decision, considering the iron ore tenements NSL holded at that time in India.
The CMMC's attitude for NSL is always "wait and see"
The reason CMMC always wanna keep NSL as a investment target is actually because the poor relationship between India and China gov, which means Chinese miners nearly impossible to get any iron ore projects in India directly, that's why CMMC always wanna invest heavily on NSL--it just want to make use of NSL.
Remember, NSL is the only foreign company which has iron ore mining right in India, NSL slao has strong potential to continute to acquire more iron ore projects in India.
After CMMC failed to provide $100m funding for NSL, NSL acquired another iron ore project -JORC could be 100Mt+, with more and more acquiration, CMMC will come back at any time, no doubt.
However, for our small SHs, I prefer NSL to operate independently, small scale mining but already decent profits for us.
After NSL acquires more iron ore projects in India, once the coal exploration commence, I am pretty sure CMMC or other large Chinese mining company will fawn on NSL and will provide much more than $100m funding for NSL.
NSL directors already bought lots of shares on the market these days, they will work hard to secure SH's benefits, as a director, or as decent SHs themselves.
Things all looking good now, you may find out in near future another Chinese resource major would like to invest $X00 million to form a JV for coal tenement with NSL.
at the moment we donot need CMMC at all.
NSL Price at posting:
7.1¢ Sentiment: LT Buy Disclosure: Held
