With Pump and Trump out of the way, it is time to put the record straight. First of all: Mr. Morgan signed the half-year report that states:
"Carbine has also been unable to resolve a number of sublease condition issues with the quarry owner and mining leaseholder."
That is crystal clear. I do not believe that Mr. Morgan lied about it to anybody, at any time.
Secondly, in 2013 the company publicly announced its intention to obtain environmental approval to mine fresh rock but failed to do so up to the present day. Obviously nobody is going to pump millions into a project that is not fully permitted. Certainly Mitsubishi didn't do it and that's why the whole thing stalled. BTW, management never told us what exactly prevented fresh rock mining from being permitted. But that, knowing the company's history, shouldn't come to anyone's surprise.
CNQ Price at posting:
0.8¢ Sentiment: Sell Disclosure: Held
