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Exactly is what I was alluding to and this is why this is not final because people are starting to see the value in these minerals and may not let it go easily. The Gov't has given so much $$$$ out and they might write this off or come up with something amicable etc etc etc... so let's wait then...
More NWT deals with UK get ready folks
“We have always been confident that our product would be in demand and this agreement secured by Reetec demonstrates the appetite for our product in Europe. The agreement between Reetec and Schaeffler is the first of its kind but we expect many similar announcements to follow.”
Vital is Canada’s first rare earths producer. Its Saskatoon extraction plant, which uses raw material delivered from Nechalacho, doesn’t enter operation until June. Even before the plant comes online, Vital says it is now studying “expanded production scenarios to capture the expected increase in demand from European and US car manufacturers and other customers as the EV revolution continues to increase.”
Tom Hoefer, executive director of the NWT’s chamber of mines, last week told the CBC rare earths mining was making the territory “a player in a big world.”
“Just like diamonds catapulted us into the global diamond field, this is going to push us way out into global recognition of rare earths,” Hoefer told the broadcaster.
Canada’s latest federal budget included $3.8 billion dedicated toward development of a strategy for what Ottawa calls critical minerals – 31 minerals considered important to the country’s economic success and national security.
Rare earths are among them, and last week the federal transport minister travelled to Yellowknife to pledge more critical minerals support, including potential public-private partnerships.
In a news release, the federal government said it would work “closely with affected Indigenous groups to contribute to the development of a domestic zero-emissions vehicle chain.”
Exactly, as this one is interesting especially with the government getting involved and now the government wants to keep most of all their natural resources etc. so this one is not really over yet unless there's something lurking we don't really know about....
"Tungsten, of course,
is one of the 31 critical minerals and metals on Canada's critical metals list, and under current geopolitical circumstances that may well help make these properties particularly in greater value and incentivize a private owner.
The Cantung and Mactung saga is another example of post-devolution mismanagement of our resources. Can the Minister explain what lessons have been learned from our mismanagement of the Cantung and Mactung properties? Mahsi, Mr. Speaker.
HON. CAROLINE WAWZONEK: Thank you, Mr. Speaker. Mr. Speaker, I'm not sure I would accept or agree with the characterization of "mismanagement" on this. I think the story has yet to be finished and is yet to be written. Indeed, as I've said, staff from the Department of ITI are quite active right now in terms of doing their due diligence and hoping for a positive outcome on the sale."
https://www.otcmarkets.com/stock/NATUF/security
Have you read what you posted. It really proves my point that the property has very little value, and if they do find a bidder, it won't even come close to covering the Government's costs. Which means the common shareholders will get NOTHING.
And the company has been liquidated. By law, there can be no reverse merger, but it wouldn't matter, as the stock will still be stuck with the unpaid liabilities totaling well over $100 million.
Get ready folks lets see how this all unfolds. Will natuf merge? File 211 ? Get any $$$
$Natuf may already have a bidder
Most up to date i go on NWT mines
Google below for PDF file
HANSARD - Legislative Assembly of The Northwest Territories
Mar 1, 2022 — Mactung and Cantung Contaminated Sites (O'Reilly) . ... Northwest Territories Tourism 2022-2023
Gnwt case $natuf pt2
QUESTION 958-19(2):
MACTUNG AND CANTUNG MINE SITES
MR. O'REILLY: Merci, Monsieur le President. My
questions are for the Minister of Industry, Tourism,
and Investment, who seems to have the lead on the
management of the Cantung and Mactung
properties.
When I look at the list of creditors, I see that GNWT's
owed $5.528 million from this operation. Can the
Minister tell us how much North American Tungsten
actually owes us, for what, and when we expect to
recover that money? Mahsi, Mr. Speaker.
MR. SPEAKER: Thank you, Member for Frame
Lake. Minister responsible for Industry, Tourism, and
Investment.
HON. CAROLINE WAWZONEK: Thank you, Mr.
Speaker. Mr. Speaker, I can go and look into the
specific number the Member is quoting. My
understanding is that when the GNWT purchased
the Mactung asset, we did so and that became our
asset. Canada, of course, owns the Cantung
property. And at this point, the two parties tother are
agreeing to market those assets as one and as such,
as we go forward, there's nothing more owed to the
GNWT by North American Tungsten. So again, I'll
double check to confirm if there's some
misunderstanding on what's on there, Mr. Speaker.
At this point, we're proceeding with a process that's
well underway and, in fact fairly advanced, in order
to see that the Mactung and Cantung properties are
sold and benefits are accrued to the Northwest
Territories. Thank you, Mr. Speaker.
MR. O'REILLY: Merci, Monsieur le President. I want
to thank the Minister for that. I'll be happy to send her the list of creditors from the court-appointed
receivers website, so. But as I understand it, GNWT has decided to try to market the Mactung property and the Cantung mine site with the feds but there has been little to no interest over seven years. Can the Minister explain what is going on with proposed sale of the Mactung property and when the taxpayers of the NWT can expect to recover their so-called "investment"?
Mahsi, Mr. Speaker.
HON. CAROLINE WAWZONEK: Thank you, Mr.
Speaker. Yes, Mr. Speaker, these two properties
were, of course, jointly owned previously by North
American Tungsten. So not particularly unusual that
we'd be looking to have them sold together now.
What made it a bit more unusual is that you're
involving multiple layers of governments. We've got
the Government of Canada and the GNWT and even
the Yukon government's involved to a certain degree
in terms of this being -- the Cantung property being
in the Yukon. All three, we're all coming together.
There's governments in the region have come
together. Much discussion has taken place.
I'm pleased to say, Mr. Speaker, there's been an
RFP out to some shortlisted proponents as of March
of 2021.
It closed only just last month. And we are
right now actually in the midst of reviewing those
bids. A due diligence process needs to take place.
But, Mr. Speaker, you might note that there's a bit of
a delay between those two dates but that was
entirely for the purpose of engaging further with
some of the Indigenous governments in that region,
and I'm very hopeful that we'll be in a position to
report back positively in short order. Thank you, Mr.
Speaker.
MR. O'REILLY: Merci, Monsieur le President. I want
to thank the Minister again for that.
The Mactung-Cantung properties are 140 kilometres
away from each other by air, 700 kilometres by road.
It's unlikely that some buyer's going to take these on
as some sort of viable mining operation without
significant concessions and subsidies.
Can the minister explain why GNWT's attempting to
sell these properties together and whether we will
offer further concessions and subsidies? Mahsi, Mr.
HON. CAROLINE WAWZONEK: Thank you, Mr.
Speaker. As I mentioned in my last answer, Mr.
Speaker, these two properties were jointly owned
previously so having them as one unit under one
owner is not particularly unusual. They are both
highgrade Tungsten properties. Tungsten, of course,
is one of the 31 critical minerals and metals on
Canada's critical metals list, and under current
geopolitical circumstances that may well help make
these properties particularly in greater value and
incentivize a private owner.
Mr. Speaker, again, we are working with Canada on
this; Canada having the ownership of Cantung and
us having Mactung. So we're working together to see
that the two properties are sold together. And to do
so, Mr. Speaker, there's no intention to start offering
subsidies. That's not generally been the way that
things happen in the Northwest Territories. We do
have incentive programs, such as the mining
incentive program, and that might help leverage
some investment on the Mactung property in
particular, which is an exploration property. Thank
you, Mr. Speaker.
MR. SPEAKER: Thank you, Minister. Final
supplementary, Member for Frame Lake.
MR. O'REILLY: Merci, Monsieur le President. I want
to thank the Minister again for her response.
The Cantung and Mactung saga is another example
of post-devolution mismanagement of our resources. Can the Minister explain what lessons have been learned from our mismanagement of the Cantung and Mactung properties? Mahsi, Mr. Speaker.
HON. CAROLINE WAWZONEK: Thank you, Mr.
Speaker. Mr. Speaker, I'm not sure I would accept or
agree with the characterization of "mismanagement"
on this. I think the story has yet to be finished and is
yet to be written. Indeed, as I've said, staff from the
Department of ITI are quite active right now in terms
of doing their due diligence and hoping for a positive
outcome on the sale. In fact, if anything, Mr.
Speaker, this has been an example where although
at the time of the sale there was some
disagreements perhaps between Canada and the
GNWT about how to proceed, we were able to set
aside what differences there were, sign an MOU,
and are working together to market the properties
and share in the costs of doing so and now work
together with the Indigenous governments of the
region as we proceed to a point where there is
hopefully a final and solid proponent who could take
over and move this forward.
So again, there's no doubt going to be some lessons
to learn but it may well be that they're all positive
outcomes in the end, and I'm sure we will be able
to -- once I'll be able to share that, have more
dialogue in the House about that process. Thank
you, Mr. Speaker.
MR. SPEAKER: Thank you, Minister. Oral
questions. Member for Monfwi.
GNWT $NATUF case pt1
MEMBER’S STATEMENT 967-19(2):
MACTUNG AND CANTUNG CONTAIMINATED
SITES
MR. O'REILLY: Merci, Monsieur le President, that's
a tough act to follow.
Another day, another contaminated site
mismanaged by our government. This time it is the
Mactung exploration property in the former Cantung
Mine. Cantung and Mactung are mining properties in the Mackenzie Mountains. The Cantung Mine was a tungsten producer from 1962 until it closed in 2015.
The owner, North American Tungsten, went into
creditor protection on June 9th, 2015 after we agreed to take on this operation under the Devolution Agreement.
Somehow the federal government let that company
put up the Mactung property as part of its financial
security for its water license. When our government
inherited the management of the Cantung site under
devolution, nothing was done to change that
arrangement even though GNWT had total
discretion over the form of the security. That's
another preventible liability that has cost our
government millions of dollars. So much for
Polluter-Pays Principle and the devolution promise
of responsible resource development.
As part of the creditor protection proceeding, Cabinet ended up purchasing Mactung for $2.5 million with a special warrant that bypassed the Legislative Assembly.
In that way we were told GNWT could hand Cantung back to the federal government for remediation. When we acquired the Mactung property, a lot of junk and hazardous materials were on the site even though I had been told that there was nothing there. GNWT spent $172,000 on a partial site cleanup of that property.
Then GNWT hired a southern consultant to prepare and submit a land use application to the Yukon government for an imaginary exploration program in an attempt to hike the value of the property.
As far as I can tell, GNWT has owned Mactung now
for seven years and all attempts to sell the Cantung
and Mactung properties have failed. These two
properties are 140 kilometres away from each other
by air and 700 kilometres by road. It's not clear to me
why we are marketing these properties with the
federal government.
There is little chance that some buyer will take on these mining properties that are now contaminated sites without significant concessions and subsidies. Needless to say I will have lots of questions for the Minister of Industry, Tourism and Investment about these properties, our failure to manage them properly, and whether we can ever expect to recoup the money spent on them.
Mahsi, Mr. Speaker.
MR. SPEAKER: Thank you, Member for Frame
Lake. Members' statements. Member for Thebacha.
MEMBER’S STATEMENT 968-19(2):
ACCOUNTABILITY AND THE RCMP
TERRITORIAL POLICE SERVICE AGREEMENT
MS. MARTSELOS: Thank you, Mr. Speaker. Mr.
Speaker, on November 29th, 2021, I had made a
Member statement on the RCMP Territorial Police
Service Agreement with the NWT. I asked questions
of the Minister of Justice about RCMP accountability
in relation to the police service agreement and I did
not receive any good answers to my questions. In
fact, I walked away from that exchange with more
questions than answers about the RCMP regarding
transparency and accountability in the NWT.
Mr. Speaker, according to the 2022-2023 Main
Estimates, the Government of the Northwest
Territories is paying over $50 million for policing
services in the NWT which is already nearly $2
million than the 2021-2022 revised estimates. That's
not even considering the additional $3.5 million for
increased RCMP salary costs for their new collective
agreement.
There's also an additional $8 million that
our Department of Infrastructure is paying to provide
maintenance and utility services for the RCMP
commercial and residential properties in the NWT.
All together that amounts to $61.5 million that the
Government of the Northwest Territories is paying to
the RCMP. With costs like that, what are we getting
from it?
How are these increasing costs for policing
making policing services better for the people of the
NWT?
Mr. Speaker, there is much talk in numerous
jurisdictions about cutting or reducing funding to the
police yet here we are increasing those costs. Do
these increased policing costs make people safer?
Will they lead to a reduction in crime across the
NWT? Are police doing more patrols throughout the
communities? Are there ways to measure whether
police are improving the quality or level of public
safety within our communities? These are legitimate
questions given the amount of money we are
allocating here.
Mr. Speaker, two weeks ago Statistics Canada
released two articles with detailed analysis of the
perceptions and experiences of people in Canada,
with particular focus on black and Indigenous
people. Mr. Speaker, I speak unanimous consent to
complete my statement.
---Unanimous consent granted.
According to these studies, black and Indigenous
people are twice as likely than non-Indigenous
non-visible minority people to report that they have
little or no confidence in police. Additionally, the
studies also state that one-third of Indigenous people reported experience in discrimination from people in the past five years.
Mr. Speaker, policing and police services is
something that affects everyone in our society
regardless of color, race, or background. Upholding
and maintaining public safety is the core duty of
policing. It is also a core duty of governments to
ensure proper transparency and accountability is
maintained in all police services in all jurisdictions. I
Have you been reading on what the Canadian government intends to do with all its natural, minerals, resources etc. because it just might be they might claim a stake in it etc. The climate has changed so things might change up accordingly so until this is finalized, you will have to wait like anybody else and you may be right but what if you're wrong?
Reverse mergers etc. can also be in place &
Before so many changes...it wont be long!
The experts already say the stock is worthless. They understand how bankruptcy works, and that the shareholders will get nothing.
The stock price says the same thing.
Well then, let's wait and see what all involved & the experts say and do and then it would be done with. It won't take too long would it hopefully?
So what. Shareholders will get nothing. The government will get any and all proceeds of any sale of CanTung to cover their massive spending owed to them. If by some miracle any money would be left, it would go to the other creditors who are also owed tens of millions of dollars.
The stock is completely worthless.
The proceeds will be split among the GOVERNMENTS, not the shareholders. The bid won't even come close to covering what the Governments are owed. But even if it did, any remaining funds would go to the other creditors. Shareholders will get nothing.
Great....it's getting interesting especially with all that's happening in the world & with shortages etc...watching...."When (or if) a sale goes through, the Canadian and territorial governments have an agreement about how the proceeds will be split"
Formerly name Strongbow "Cornish still have 1% royalty interest in Cantung
Strongbow Exploration Inc. [SBW-TSXV; SBWFF-OTC] has a 4% net smelter returns royalty on the Mactung tungsten project 790 km west northwest of Yellowknife. Strongbow has a 1% NSR on the Cantung tungsten project, also in the NWT. The Mactung and Cantung projects are currently owned the Government of the NWT the Federal Government of Canada, respectively. The governments are currently seeking investors to acquire and advance the projects.
Finally bidders deadline was Febuary 25th
Now we're finally getting somewhere
But Ketchum said buyers do have the option to restart the Cantung mine.
"It's not simply just a remediation project in our minds. We think there is some value still remaining," he said, adding there is also the potential to reprocess Cantung's tailings to recover tungsten.
The request for proposals was supposed to go out in summer 2020, but was delayed due to COVID-19. The pandemic also held things up since some interested bidders couldn't get in for site visits.
The deadline for the request for proposals is not expected to close until early 2022, a spokesperson with Canada's Crown-Indigenous Relations and Northern Affairs, Matthew Gutsch, told CBC News by email.
Once the bids are received, a committee comprising representatives from the federal and territorial governments and the monitor will pick a preferred bidder, he explained.
When (or if) a sale goes through, the Canadian and territorial governments have an agreement about how the proceeds will be split.
***News end of APRIL 17 days to ago***
"Progress on Cantung and Mactung could come by end of April"
The future of the Cantung mine and Mactung deposit may become a little clearer by the end of April after seven years in government ownership.
Formerly owned by North American Tungsten, the two properties in the western Mackenzie Mountains have been burning government money since the company folded in 2015.
The NWT government paid $2.5 million to acquire the Mactung exploration project after North American Tungsten filed for bankruptcy protection. The territory has spent another $200,000 in associated clean-up and maintenance costs, though ongoing costs are understood to be minimal.
The federal government, meanwhile, assumed responsibility for the old Cantung mine, which operated on and off between 1962 and 2015. A staff of 12 works at the site and costs since 2015 have now reached almost $44 million according to court filings this month.
By April next year, Ottawa will have spent more than $50 million on wages, clean-up work, consultants, fuel (which accounts for almost $7 million alone), insurance and other costs associated with Cantung.
The two properties have long been seen as an albatross around the necks of the governments, who agreed to market the pair as one package to interested buyers.
“There has been little to no interest over seven years,” Frame Lake MLA Kevin O’Reilly, who has closely tracked the properties’ fate, said earlier this month. “As far as I can tell … all attempts to sell the Cantung and Mactung properties have failed.”
Yet some form of sale could be imminent.
‘Multiple submissions’
The latest report from North American Tungsten’s court-appointed monitor – an independent third party that guides insolvency proceedings and their aftermath – suggests developments are possible by the end of April.
A request for proposals that sought buyers for the properties closed on February 25, the report states, having been extended several times either by potential bidders or by Indigenous governments. At least a dozen governments – including the NWT, Yukon and federal governments – have some say in the process, making this a complex sale.
The monitor states “multiple submissions” were received from shortlisted companies before the February deadline.
A committee of various governments’ representatives met in Vancouver at the start of March “to identify a preferred proponent” but did not reach a conclusion, the report continues. A decision and further communication with the interested parties is now expected before May.
While Cantung’s tungsten reserves have dwindled after decades of mining, several years ago the old mine was being contemplated as a possible processing location for a nearby lithium deposit. Mactung remains one of the largest tungsten resources in Canada but opening a mine there is projected to cost half a billion dollars or more.
O’Reilly believes there is little chance of anyone taking on the two properties “without significant concessions and subsidies,” but NWT industry minister Caroline Wawzonek said earlier this month her department was “quite active right now in terms of doing their due diligence and hoping for a positive outcome on the sale.”
Wawzonek said the governments were proceeding “to a point where there is hopefully a final and solid proponent who could take over and move this forward.”
Both the territorial and federal governments have declined to reveal the identities of interested parties, describing the proposed transaction as sensitive.
hmmmm
https://news.knowledia.com/CA/en/articles/global-demand-for-electric-cars-sparks-opportunity-for-canada-s-mining-006f5928a043fa12d35cae6eac38eeb603823c0d
"Global demand for electric cars sparks opportunity for Canada’s mining sector. Here’s why"
Perhaps. Lol this could return like back in 2005 211 filing with Market Maker can put $NATUF in the spot light once again. Cantung mine is very vaulable and bidders getting ready or already won the bid. NWT got a new highway that opened in Nov 2021 all season access
The Tli?cho Highway is a new highway that provides all-weather access from Highway 3 west of Yellowknife to the community of Whatì. The 97 km road opened to the public on November 30, 2021.
This is getting interesting, do you know if this was heavily shorted because some people seem to have a negative interest and hope this never trades again!
China moly Tungsten Cantung missing $$$
Mining News
"China Moly reports record net profit in 2021 on strong battery and rare metals demand"
increased significantly due to the increase in the market prices of copper and cobalt and the growth of the basic metal trading business.
China Moly specializes in mining and trading of base and rare metals, with its main business presence on five continents: Asia, Africa, South America, Oceania and Europe.
The company is the largest tungsten producer, the second largest cobalt and niobium producer, one of the top seven molybdenum producers and a leading copper producer.
It is also the second largest producer of phosphatic fertilizers in Brazil. In terms of trading business, the company is among the top three base metal merchants in the world.
Investment in 31 crucial minerals such as tungsten, molybdenum and rare earths in Canada requires national security review.
The government recently issued the ‘Guidelines on the National Security Review of Investments’, which mentions that the acquisitions involving the control of key minerals, the acquisition of companies specializing in sensitive personal data businesses, and the proposed investment involving state-owned or government-influenced investors, as well as initiating National security review.
Tungsten, molybdenum, and rare earths resources are significant strategic reserve resources, occupying an indispensable and important position in high-precision fields such as national defense and military industry, optoelectronic information, and biomedicine.
Canada is a vast country with abundant mineral resources. By the end of 2020, it has 96,000 metric tons of molybdenum resources and 830,000 tons of rare earth resources.
The country also has several large tungsten deposits outside of China, including those located in New Brunswick.
The Sisson mine in the central part of the province and the Mactung mine and Cantung mine
We can only rely on CCAA monitor documents and ofcourse some article outthere that try to spill the beans about what is taken place behind closed doors. These mineral are valuable especially in the EV markets imo
Stay proceed until April 30th 2022
Anything else. Been hearing over the years blah blah blah rah rah rah folla lala la la la la la
Outdated record. Lol time for some new music
I find with the otc one never knows until it's really over and done with...so April 2022 it is and until then....
This is a all time low even when news article states otherwise. Even when technically $NATUF still owned property even when a company can file 211 through their transfer agent
Enjoy the comedy Central lol
Hope some of y'all did load when y'all had a chance these few years. Tungsten got many applications and the U.S.A want a hold of this precious mineral which is right next door in Canada.
I'll wait till April on news.
But Ketchum said buyers do have the option to restart the Cantung mine.
"It's not simply just a remediation project in our minds. We think there is some value still remaining," he said, adding there is also the potential to reprocess Cantung's tailings to recover tungsten.
The request for proposals was supposed to go out in summer 2020, but was delayed due to COVID-19. The pandemic also held things up since some interested bidders couldn't get in for site visits.
The deadline for the request for proposals is not expected to close until early 2022, a spokesperson with Canada's Crown-Indigenous Relations and Northern Affairs, Matthew Gutsch, told CBC News by email.
Once the bids are received, a committee comprising representatives from the federal and territorial governments and the monitor will pick a preferred bidder, he explained.
When (or if) a sale goes through, the Canadian and territorial governments have an agreement about how the proceeds will be split.
But details of that agreement — like so much of this process — are confidential, said Ketchum.
"The sale process is designed to maximize the cash value of the Mactung property and to offset to the greatest extent possible the environmental liabilities that exist at the Cantung mine site," Gutsch confirmed.
Any new owner will also be expected to negotiate a new Impact and Benefits Agreement (IBA) with the Nah?a Dehé Dene Band in Nahanni Butte. "Cantung operated for more than 50 years without any consideration of [the Nah?a Dehé]'s rights and interests," Soham Srimani, acting band manager, wrote in response to questions from CBC.
It wasn't until early 2015 that North American Tungsten signed an IBA with the First Nation, but this agreement was never fulfilled due to the company's bankruptcy protection filing soon after.
"[The Nah?a Dehé Dene Band] is actively working to ensure that any further operations or reclamation activity at Cantung Mine maximizes benefits to [its members] and minimizes further impacts on our traditional territory," explained Srimani, adding a new IBA is needed to document these obligations.
One more time. There is NO company. They are bankrupt and being liquidated. Once the liquidation is done, the company will be wound-up, dissolved, and stock cancelled.
That is the law. It will not magically make the stock have value in the future, much less return to trading.
It is OVER. The stock is worthless. That can not, and will not, change. Ever.
The whole truth and nothing but the truth. If anyone gonna throw around rule 15c-211 then explain the whole process correctly. Geewizz
C'mon man.. Been hearing this since 3 years
A company pushed down to the Expert Market would be able to apply for relisting on OTC Markets Group once a market maker has filed a new Form 211 with FINRA, and the company has made
current public information available. This requires a company to locate a market maker to file a Form 211 on its behalf and, once the form is filed, there is no set timeframe for a re-application approval. When compliance with the amended rule is demonstrated, relisting can occur.
That is not factually correct.
There will be no filings of any kind. The management resigned 7 years ago. The company is bankrupt and being liquidated by court-ordered monitor.
It cannot, and will not, return to trading. EVER. Once the liquidation is complete, the company will be wound-up and dissolved, and the stock cancelled.
Its over.
Help me pleaseee. Man make up ya mind up.
First Natuf technically in name. Lol but they factually owned the property
Although the Canadian government has assumed responsibility for Cantung, the property is still technically owned by North American Tungsten, which is currently being run by Alvarez & Marsal, a court-appointed monitor.
it can't really even be traded.
I already AM right. The stock is worthless. And now with the change in the 15c2-11, it can't really even be traded.
Which is a good thing, as it prevents bagholders from trying to suck in people to buy their shares with false claims of value here.
so then we see and if you are right, then good for you but until then.....
We do know the facts. They are in the monitor's reports to the Court.
The assets are all gone except for CanTung, and once the Government finds a buyer for a fraction of what they are owed, that is gone, too. And once that is gone, the company will be dissolved and cease to exist.
And all shareholders will officially lose 100% of their investment.
The stock is worthless. And absolutely nothing will change that.
"promoting"? facts are what it is... some stocks have been reverse merged even with bankruptcy etc. so that is NOT facts? unless all has been liquidated who really knows or do you?
No, they were not. That is not factual.
Every second that goes by, the Canadian government spends more and more money on the care and ultimate reclamation of CanTung.
They will get paid back first from any proceeds of the sale of the mine. And they want their money.
There is ZERO chance that NATUF shareholders will get anything. They will lose 100% of their investment, guaranteed.
People should really understand how bankruptcy works before buying into a bankrupt stock. Or promoting said stock to other investors.
https://www.cbc.ca/amp/1.6262590
Some companies were in a liquidation process as well!
Those companies were reorganizations. This is a liquidation. HUGE difference. This is stripping out and selling ALL of the assets. Once the process is done, the company will be formally dissolved and cease to exist.
That is the LAW.
There is ZERO chance of any other outcome here. Shareholders are guaranteed to lose 100% of their investment.
Well, easier said than done because people said about the same with so many companies which later turned around, reverse merged etc.. wasn't even quite recently hertz almost done? so let's see.. risk/reward NATUF$$$$
NATUF is BANKRUPT. And has been for what, 6 YEARS now? They are in the process of final liquidation. All assets are being stripped from the company and sold. Once done, there will be no assets of any kind in NATUF. Only massive amounts of unpaid liabilities and debt.
Do you understand how bankruptcy works? This is not a reorganization. It is liquidation, the end of which the company will be terminated.
There is no chance that shareholders will receive anything here, except a 100% loss.
Guaranteed.
I think that company which uplisted via WEED was also being talked about as you are now, but look where WEED ended up, think it's trading at about $9 now......who knows with NATUF because as long as any company values it, it may just continue as is with same ticker/symbol etc.. so let's all wait.. it's risk/reward NATUF$$$$.. think it may even have a lower float so who knows?
Uplist? They are bankrupt and defunct.
The stock is worthless. Once the government unloads CanTung, the company is being dissolved. The only reason NATUF still legally owns the mine is that the Canadian government doesn't want to be hit with the reclamation costs. Instead, they will try to find a buyer to assume some of the massive costs.
Either way, NATUF shareholders get NOTHING. The stock is worthless.
"Once the nasdaq NYSE bidder wins this gonna take off and uplist. Imo"
I remember when a company did the same... think it was WEED years ago and it opened in dollars etc. and later went to about $70 - I sold too soon.. some of these are unbelievably good priced now so hopefully all goes well and we see something great...risk/reward - hope I don't regret NOT getting lots etc.. can you buy? it seems not to be trading for now...
We can only hope for positive turn around. Hopefully the bidder is announce or reopen whatever comes
SEE BELOW.. NOT MAKING THIS STUFF UP HOPE ALL GOES WELL WITH $NATUF
Newsss $Natuf technically owned Cantung
"Although the Canadian government has assumed responsibility for Cantung, the property is still technically owned by North American Tungsten, which is currently being run by Alvarez & Marsal, a court-appointed monitor."
Once the nasdaq NYSE bidder wins this gonna take off and uplist. Imo
NOTICED WHAT WAS SAID ABOUT BIDDERS CONFIDENTIALITY
Quote:
"It's a confidential process," Ketchum said, when asked for details on the identities and number of bidders. Releasing company names at this stage, he said, could affect how they are valued and traded on the stock market.
"There's a lot of sensitivity around the process."
Still got my shares :) Natuf still owned Cantung. Thats right Makingezmoney
Quote:
But Ketchum said buyers do have the option to restart the Cantung mine.
"It's not simply just a remediation project in our minds. We think there is some value still remaining," he said, adding there is also the potential to reprocess Cantung's tailings to recover tungsten.
Quote:
The deadline for the request for proposals is not expected to close until early 2022, a spokesperson with Canada's Crown-Indigenous Relations and Northern Affairs, Matthew Gutsch, told CBC News by email.
Once the bids are received, a committee comprising representatives from the federal and territorial governments and the monitor will pick a preferred bidder, he explained.
When (or if) a sale goes through, the Canadian and territorial governments have an agreement about how the proceeds will be split.
But details of that agreement — like so much of this process — are confidential, said Ketchum.
"The sale process is designed to maximize the cash value of the Mactung property and to offset to the greatest extent possible the environmental liabilities that exist at the Cantung mine site," Gutsch confirmed.
https://www.cbc.ca/amp/1.6262590
Great.. will mark it and it'd be boomtime if all goes well... about time...
Stay period April 30th 2022.
Look at the message board
Hmmm for? It'd be great if they would open up...
1 more month left April 30th 2022
$NATUF: Metals prices worldwide breaking out with RUssian Invasion
This only mens more depand for Tungsten which is used in Military equipment.
$NATUF in the best possible position
GO $NATUF
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Six years after taking the extraordinary step of purchasing the Mactung property — a tungsten mineral exploration project straddling the N.W.T.-Yukon border — the N.W.T. government continues to plod ahead with the complex process of trying to sell it.
Each step of the sale involves a detailed back and forth between a dozen separate governments, a court-ordered monitor in charge of a miner in bankruptcy protection and an undisclosed number of interested mining companies.
To make matters even more convoluted, the Mactung project is being sold in tandem with another mining property — the former Cantung mine. Both of these properties were held by North American Tungsten before it went into bankruptcy protection in 2015.
"It's the most complicated process I've seen in terms of a sales transaction," said John Ketchum, director of the N.W.T. Geological Survey.
But it continues, if slowly.
The territorial government, federal government, and more than 10 N.W.T. and Yukon First Nations governments have approved a list of qualified bidders for the two tungsten projects.
Ketchum said a request for proposal is now out to that short-list of prospective buyers.
"It's a confidential process," Ketchum said, when asked for details on the identities and number of bidders. Releasing company names at this stage, he said, could affect how they are valued and traded on the stock market. "There's a lot of sensitivity around the process."
Back in the fall of 2015, a few months after failing Vancouver-based North American Tungsten was granted creditor protection, the territorial government stepped up to buy Mactung for $4.5 million. When the N.W.T. cabinet approved the purchase, the rationale given at the time was all other offers to purchase the tungsten-rich property were too low.
With mineral leases in both the N.W.T. and Yukon, Mactung is one of the largest-known tungsten deposits outside of China — the main player in the market.
But perhaps more importantly to the territorial government, by buying Mactung, it was able to get responsibility for Cantung off its books. The N.W.T. government transferred all liabilities for Cantung's cleanup to the federal government, based on the devolution agreement signed between the two governments in 2013.
Cantung, roughly 160 kilometres southeast of Mactung, produced tungsten off and on between 1962 and 2015. It has been in care and maintenance ever since.
Cantung mine to close Oct. 27, says North American Tungsten
The Department of Crown-Indigenous Relations and Northern Affairs spent more than $37 million at Cantung between 2015 and March 2021.
According to a recent court filing, cleanup costs at the former mine for the period between March 2021 and April 2022 will cost Canadian taxpayers more than $7 million. Right now, 12 full-time workers on four-week rotations do environmental monitoring and site remediation work at Cantung.
Meanwhile, the territorial government has spent more than $208,000 since 2015 to clean up Mactung and keep it in compliance with its water license. "There's no real ongoing costs with the property at the moment," said Ketchum.
Although the Canadian government has assumed responsibility for Cantung, the property is still technically owned by North American Tungsten, which is currently being run by Alvarez & Marsal, a court-appointed monitor.
In May 2019, the territorial government and the federal department tasked the Vancouver-based monitor to lead the sale of the two mineral properties. Any prospective buyer would assume ownership of the two properties, including all environmental liabilities and securities owed at Cantung.
But Ketchum said buyers do have the option to restart the Cantung mine.
"It's not simply just a remediation project in our minds. We think there is some value still remaining," he said, adding there is also the potential to reprocess Cantung's tailings to recover tungsten.
The request for proposals was supposed to go out in summer 2020, but was delayed due to COVID-19. The pandemic also held things up since some interested bidders couldn't get in for site visits.
The deadline for the request for proposals is not expected to close until early 2022, a spokesperson with Canada's Crown-Indigenous Relations and Northern Affairs, Matthew Gutsch, told CBC News by email.
Once the bids are received, a committee comprising representatives from the federal and territorial governments and the monitor will pick a preferred bidder, he explained.
When (or if) a sale goes through, the Canadian and territorial governments have an agreement about how the proceeds will be split.
But details of that agreement — like so much of this process — are confidential, said Ketchum.
"The sale process is designed to maximize the cash value of the Mactung property and to offset to the greatest extent possible the environmental liabilities that exist at the Cantung mine site," Gutsch confirmed.
Any new owner will also be expected to negotiate a new Impact and Benefits Agreement (IBA) with the Nah?a Dehé Dene Band in Nahanni Butte. "Cantung operated for more than 50 years without any consideration of [the Nah?a Dehé]'s rights and interests," Soham Srimani, acting band manager, wrote in response to questions from CBC.
It wasn't until early 2015 that North American Tungsten signed an IBA with the First Nation, but this agreement was never fulfilled due to the company's bankruptcy protection filing soon after.
"[The Nah?a Dehé Dene Band] is actively working to ensure that any further operations or reclamation activity at Cantung Mine maximizes benefits to [its members] and minimizes further impacts on our traditional territory," explained Srimani, adding a new IBA is needed to document these obligations.
Tungsten in the spotlight
The request for proposals comes at a time when critical minerals, like tungsten, are in the global spotlight.
Tungsten is a durable metal, with the highest melting point and tensile strength of any element. It is used to make cutting and wear-resistant equipment and tools that are important in heavy-duty industries like mining and construction.
In January 2020, the U.S. and Canada signed an agreement to secure access and improve supply chains for so-called critical minerals, many of which are controlled primarily by Chinese producers. Tungsten is one of the 35 critical minerals considered vital to clean energy, communications and military defence technologies.
According to a 2007 filing, Mactung is believed to host more than 290,000 tonnes of recoverable tungsten trioxide.
In 2009, North American Tungsten estimated it would cost $402 million to build Mactung and bring it into production.
Ketchum said the growing interest in critical minerals — and the two tungsten projects by extension — could be a "silver lining" of the complicated sales process.
"Because they are world-class resources," he said. "There's no question about that."
https://www.cbc.ca/news/canada/north/n-w-t-government-mactung-cantung-mine-1.6262590
NATC owned and operated a tungsten mine located in the Northwest Territories known as the “Cantung Mine”. NATC produced “tungsten concentrate”, which was sold to two customers, one of which was Global Tungsten and Powders
Corp. (“GTP”). Low tungsten prices and significant debt service obligations were two of a number of factors that resulted in NATC’s seeking creditor protection.
The Cantung tungsten mine is located in the south-west corner of the Northwest Territories, approximately 720 km west of Yellowknife. The mine is located 390 km from Whitehorse, with year-round access via Watson Lake. North American Tungsten Corporation Ltd (NATC) is the owner of Cantung mine and is responsible for the site under the water licence issued by the Mackenzie Valley Land and Water Board.
The company, while legally responsible for the site, has been under creditor protection since June 2015. A Court-appointed Monitor, Alvarez & Marsal, oversees site operations, which are funded by the Government of Canada through the Companies' Creditors Arrangement Act court process. Under direction from the Court-appointed Monitor, NATC continues to undertake care and maintenance activities at the Cantung mine in order to meet its regulatory requirements. It is also advancing environmental site investigations to assess and determine potential closure options for existing environmental liabilities at the mine site. This work is being carried out in conjunction with federal officials and in consultation with Indigenous groups with asserted rights in the area.
In 2019, a Memorandum of Agreement for the joint sale and marketing process of the Cantung mine and Mactung deposit was signed by the Government of Canada and the Government of the Northwest Territories. There are viable tungsten and copper reserves remaining at the Cantung mine, and as such it is possible that the Government of Canada could find a new operator to resume mining activities before the site is remediated and eventually closed.
https://www.canada.ca/en/crown-indigenous-relations-northern-affairs/news/2019/08/the-northern-abandoned-mine-reclamation-program.html
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