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Manro, I understand and appreciate what you said, but I am worried as soon as he goes MATD leaves aim market!
"...I think he should still be there if not as CEO necessarily"
Hamm as who if not as CEO he should still be there. The CEO should be in his office doing his job, but it's clear from his zero results that he's not there. He is hired and used as a paid puppet and as such can be where he wants. The only question is whether with his consent he is used as a puppet by corrupt Mongolian officials or not. Most likely he knows and plays their dirty games of embezzling money from foreign investors. Otherwise he is an Idiot abroad. Therefore, we will not to be silent, but to shout as widely and loudly as possible about this impudent theft of our money.
Unfortunately MB loves zooming! He doesn't seem to have been in Mongolia. He is totally a stranger from the local's point of view. However I think he should still be there if not as CEO necessarily.
Dozz.
You are exactly right. Local stakeholder engagement must continue and form a corner stone of your ESG policy which Matad refer to as the way forward.
I would suggest a long hard winter in country, boots on the ground is where Mike Buck should be.
If Mike is not up for it then it’s time to resign and bring in some new blood who understands Mongolia and is willing to put in the hours in country.
Do you really think he cares to read our posts?
I wish he would.
We certainly need to have an RNS to clarify the circumstances. We have been in limbo for a long time.
If MB reads this board maybe he has filtered all his detractors? Fingers in ears, sing "La, La, La".
Adill, as mentioned and only my opinion bridges need to be built between PM and the local government or I don't think we are going anywhere and I really don't believe MB can do that. The PM Petrovis Chairperson must know this. I think by MB banging on the GOM ministers door will further antagonise the local governor. It needs to be sorted at local level
S0 Dozz. Maybe a CEO and senior management of more clearly Mongolian heritage who amplify the Petrovis parentage might help?
Yes, definitely an RNS would be be a big help at the moment. We have been kept in dark for too long.
Hamm, tbh only my opinion i cannot think of any other way that bridges can be built with the locals. I don't think MB is the type of person to do this, honestly I really hope he can, but i just can't see it. If MB is to stay I think the GOM needs to overrule the local governor, but that would totally contradict the new law they have just put out ref land and local control, donations and employing locals. Hamm I hope I am wrong.
What we really do need now though is a RNS and hopefully it can shed some light on what's going on and appease all us long suffering investors - keeping everything crossed for us all
Doz, MB leaving MATD at this stage would make the situation even worse. At the moment we know we have an outsider CEO! If he leaves shareholders position would be in danger! MATD might leave AIM, then what can we do?
Adill I can see where you're coming from, but the thing that tends to make me disagree is that the major shareholder is Petrovis and chairperson for PM is the CEO of Petrovis. Reading between the lines here now and info gathered,
I think the only way this impasse is sorted now is for MB to go, he's done great by discovering oil, you can't take that away from him, but I think his hands have been tied to a certain extent, he's had Covid and China issues, slowness of getting the Exploitation Licence, stuff that has been totally out of his control, but most likely him wanting to get the job done i believe he has got totally frustrated with it all and to try and move it forward he has totally screwed up by upsetting the locals, and for this reason I can see no way forward with him as CEO. PM needs to build bridges with the locals and I don't think he can to be honest. Just my take on it
Been watching from the sides due to lack of news flow from anywhere.
My view is that Petrochina are too big for GOM to fek with but we aren't... so not granting us special licence is a performance to keep the locals vote.
I believe the GOM are happy to let the oil discovery sit there for now and that licences will only be granted once the refinery is up and running and then the oil will be earmarked for the refinery.
If Petro Matad collapses in the meantime it will be of no concern to GOM.
Really sorry to be coming to this conclusion and really hope im wrong.
Hamm totally agree with you on the lack of communication, explanation on what IS actually going on. This is my biggest issue with him, his communication is very poor and this is my personal point of view I think he comes across arrogant and I believe this is part of the issue with locals and I really do think he has burnt his bridges with locals after the problem the company had during the exploration drill with police etc. I really don't think he has helped himself on that basis. That's why I say that this is now totally in the hands of the GOM to overrule the local government, so in other words overruling their own law.
He paid only $100.000 for his shares. The rest seems to be awarded. I am sure many of us has invested more than him!
Again I am not saying he doesn't care. He cares but he isn't capable of getting the job done. He isn't even capable of communicating with shareholders let alone negotiating with locals.
He needs to change his attitude towards shareholders first. MB needs to tell us if he has other plan to get LP.
Doz, fair enough He can't control MG., but he could have been fair and level with us! How difficult is that to tell us what really happened and what his next move would be! He has been silent thinking it is ok not to say anything because 'nothing has changed '. For gods sake we have been waiting for 3 years!
How about equipment? What happened to that delivery, it is nearly 3 months I guess!
That is not acceptable. He should update shareholders.
Hamm I just think it is as simple as it is. Buck.aint fkg us over he's got 8 million shares - I'm not sticking up for him, but he has NO CONTROL over the Mongolian government and I think that's where we are at the moment.
MB must be off in la la land!
Talks of China relaxing its zero tolerance covid policy should be good news for MATD. Other stocks have risen sharply based on this news e.g. FTSE100 miners. If only the permitting issues could get sorted here
How can PM NOT post an RNS updating investors with the current situation & prospects going forward? It beggars believe how dismissive this company is of the people funding it.
It s more clear where we are now and why, but still doesn't change the fact PM have not been totally up front with us, but then again I believe PM have thought the issue was being sorted and probably been told so by GOM ministers but have been played. We are in limbo Tbh. The Mongolian law on land access is absolutely ridiculous and open to corruption. To allow a local governor to be in control of land access and donations having to be made by the company to the locals to secure that land access is unreal and also having to guarantee that the company will employ locals is again open to nepotism. The GOM are the only ones who are going to sort this out,but this idiotic law needs to be changed to take it out the hands of local Governors. The cost of the licence should include a "donation" payment for local use and that amount of money should be made known publicly and then the GOM sends to the local governor to distribute accordingly. This way he is accountable. They should also incentivise companies to employ locals, it should also not be in the hands of the local governor to decide - how stupid is that.
At the end of the day MB needs to update investors now. We are into November and another year has been lost and he needs to explain this in a RNS
The silence is from GOM as well as PM. What on earth is going on?!
Here's the link if anybody interested - you will need to use Google translate https://twitter.com/ikonnews/status/1588388739721486338?t=h9wMBwqzqvK2I-nFb0s_VA&s=19
Below was a piece written by Mongolia's Ikon news - interesting part is ref the local donations and jobs, this is open to so much corruption, it's bloody unreal and this is law !!
Member of Parliament Sh. Adshaa has informed today about his opposition to the introduction of the Mineral Law along with the Budget Law.
He said, "The issue of the Minerals Law was introduced along with the Budget Law. Article 42 of the law includes the provision of signing official contracts with local self-governing organizations and making donations. Also, companies holding mining licenses in the locality are required to create jobs, The issue of the relationship between Mongolian and foreign workers is brought in by law.
One way or another shareholders have been cheated. MATD really needs to explain the situation. They need to tell shareholders what have gone wrong and what their plan is to get LP.