In relation to the Mits loan. Management decided to not proceed...

In relation to the Mits loan. Management decided to not proceed with it as the tungsten price had fallen. With the benefit of hindsight, this was a good decision as the tungsten price fell to below cost $160mtu as opposed to the current (non crash price) of $260-$270mtu which is above the cost of production.

If Mits loan was taken we probably wouldn't own the deposit now as we would have forfeited on the loan & Mits would own the deposit. The example for this is Wolf who are now in receivership.