Malaga Inc (MLG)

[drluck]

North American Tungsten stated that Cantung had approximately two years of tungsten reserves left, but, combined with its Mactung operation, the two hold 15% of the world's known tungsten.[4] Leahy is optimistic:

"We've seen the price rise from $50 a unit (22 kilograms) to $250 a unit in two and a half years... This mine started in the early 1960s and it has been taken care of quite well, but you are still dealing with very old equipment... China used to say it had an infinite amount of tungsten. Then a few years ago they said they had about 100 years supply at the current rate. Then last year at the tungsten conference [China] said they were less than 20 years and they better start looking. Their grade has been dropping as mines mature. They haven't been reinvesting. They have environmental issues, and you can't just bring a mine on in two months. Even over there it takes years. Their costs are rising, as ours are."