Please find a link to the Mota-Engil Group website a most informative read.
I would not object to Mota-Engil Group taking a board position and could they be using CNQ as a platform into Australia?
Link http://www.mota-engil.pt/Default.aspx?Language=2
Carbine Tungsten Ltd : Placement to Mota-Engil Appendix 3B 08/08/2012| 07:54pm US/Eastern 9 August 2012 Company Announcements Office Australian Securities Exchange CARBINE TUNGSTEN LIMITED ANNOUNCES STRATEGIC INVESTMENT BY MULTINATIONAL MINER WITH A$2 MILLION PLACEMENT AT 12.5 CENTS PER SHARE TO KICKSTART MT CARBINE HARD ROCK TUNGSTEN PROJECT The Carbine Tungsten Limited (ASX Code: CNQ) Board of Directors is very pleased to announce the signing of a collaborative memorandum of understanding (MOU) with Mota- Engil, Minerals & Mining Investments BV (Mota-Engil), the goal of which is to pursue mining and concession opportunities, specifically at the Company's Mt Carbine mine. The Mota-Engil Group is a Portuguese-based, multinational mining, construction and engineering conglomerate operating in over 19 countries and employing approximately 19,000 staff worldwide. As part of the collaboration between the Company and Mota-Engil, it was agreed that Mota- Engil would subscribe for 16 million CNQ shares at 12.5 cents per share for a total investment of A$2 million. This will represent approximately 5.86% of the Company's expanded share capital, with the funds being applied to assist CNQ with the rapid further development of the hard rock portion of its operating tungsten mine at Mt Carbine. The funds will predominantly be utilised for the feasibility studies and for deposits of long lead items of equipment. Mota-Engil and the Company consider this collaborative relationship to offer mutually-beneficial key strategic growth and expansion opportunities in the tungsten mining industry, a business that Mota-Engil staff have considerable past expertise in. The Mota-Engil mining Board of Directors considers that this arrangement will bring numerous other benefits to Mota-Engil mining by establishing a business operation in the mining sector of Australia. This has the potential for providing a key Australian growth and reference site opportunity for its existing and expanding global mining business, with a special focus in Africa. The Company's Board of Directors welcomes Mota-Engil to its share register, and looks forward to a mutually-beneficial relationship that should expedite and strengthen the development of the Mt Carbine hard rock project.
CNQ Price at posting:
8.5¢ Sentiment: Hold Disclosure: Held
