CNX are in a holding pattern at the moment, awaiting approval to proceed with application. If you read the last few quarterlies it will probably give you a better idea of how they have been traveling.
The Zhengzhou Project is in Hiatus for the time being. Had a whopping reduction in Profits, change of management and previous CEO arrested. Given the costs of moving forward, IMO they may well await to see how CNX go with this project first before continuing.
There are still 13-14 months left on the options. Personally I think for them to come into main play when approvals are received and CNX announces Finance (JV) in place. Such would also boost their bank balance significantly.
CNX have done the work, they have been examined by independent consultants and from my point of view, proven their tech. Now we await the Bureaucratic, currently at last stage with DMNR (well last we heard anyway) and Political decisions.
Still a spec gamble and all the risks associated with that, but for money, especially given all the scrutinized work done to date, there may be great potential both in short term and long term. I'd rather be in SAus than QLD, but that's a discussion for another day.
CNX Price at posting:
2.9¢ Sentiment: Hold Disclosure: Held
