Replies to post #870 on North American Tungsten Corporation Ltd (NATUF)

[1manband]

NATUF is worthless. That will not change.

The Government is cleaning up Cantung, and it has negative value. NATUF has nothing of value.

The mill is in government hands, and any money for the mill would go to the Government for cleanup costs. NOT NATUF.

NATUF is bankrupt and has zero value. Not now, not ever. They couldn't even find a buyer for Mactung, so the Territorial Government bought it for just $2.5 million, which was applied to NATUF's existing massive debt already owed to the Government. NATUF no longer has any ownership interest in Mactung whatsoever.

http://www.cbc.ca/news/canada/north/new-life-for-cantung-1.4464188

Cleanup for Cantung in federal hands

When North American Tungsten, the mining company that formerly operated Cantung, went bankrupt in 2015, the mine was essentially abandoned.

The devolution agreement, signed in 2014, saw management of lands and resources pass from federal to territorial hands. That included responsibility for mine cleanup.

The agreement stated that the federal government would continue to be responsible for mines in operation prior to devolution, including Cantung. But there's a catch.

North American Tungsten had used another mineral lease — for a nearby tungsten deposit called Mactung — alongside cash as collateral for Cantung's cleanup costs. Mactung went up for sale during the receivership process, but according to the N.W.T. government, nobody came forward with an acceptable bid.

A clause in the devolution agreement required the N.W.T. government to buy the Mactung lease for $2.5 million as a stipulation for the federal government to take over responsibility for Cantung."