They may have not needed due diligence as they were likely already customers, so they know what CBMM can produce and were happy with it. I find the fact they did NO DD hard to beleive but they might not have access to CBMM's processing technology.
The thing is if you do the DD you already know Gulf Mineral and Colorado School of Mines already developed processing technology that makes this project feasible. The problem with that technology from the 50's is that is not environmentally friendly but technology already exists that is but its isn't going to provide higher yields just potential cost saving and more environmentally friendly. Don't forget their are 3 other mines producing and selling Niobium today its not like CBMM is the only one and holds all the secrets?
All of this is available in the DD that has been presented over the years, all you have to do is read it.
Just like Moojer you assume every company already has a supplier for Niobium. Use in China is low but folks are realizing (read DSU's DD on the subject) to compete you need to be using Niobium. So the situation may be the SOE needs Niobium a few years down the road and there isn't excess capacity available to them from CBMM or others and they are looking to lock up supply? Or they are using it now but can't get the excess supply they need from CBMM and need to look elsewhere as their Niobium consumption grows?
Market Data 
Markets 
AI
