Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Header say all & think more reasonable (and useful) then people running after quotes to attack others.
5 year delay? - Lot of that happen because of Global pandemic calls COVID. If people want to discuss delay they should also include this point - I think this is reasonable also.
Have there been delays? Yes but if we discuss this we should look at detail to understand investment without just Emotion / Hysteria.
Think Mr Thorngasson always make most important point - Incremental progress and end point ROI.
Let us be honest - if people REALLY think Petro Matad will not develop Heron they will not still be here - think all honest ones understand this without discussing this point further.
We have Plan A local authority permission which is Agreed BUT still need signing. Frustrating but is how it is at present.
We have Plan B - Special Certification of land which need final local governor approval which he has not given yet BUT which Central Govt can order .
Why will they not? Probably wait until after election which is why I think Plan A local signature will be before.
Why complain on BB? - just SELL!
Think all understand this is more practical then complaining all the time on BB - so why do they? Maybe they understand above better then they admit.
Like Mr Thorngasson I just accumulate to build up holding & do not waste time on BB to do same thing in sneaky way.
All understand what is going on with some of posting here I think!
š¦
I think we can for forget about Special Certification Wos. If MB was to concentrate on Plan A he would get something done quicker. Just my opinion. The guvnor has no intention of doing much at this rate.
I expect Local Agreement signing first sir.
š¦
The reason why Mongolia is poor is simply, corruption.
They should impose Chinese rules on corruption. Heavy penalty if found guilty. It worked for china.
From a nation that was dying of hunger to one of the worlds best performing country .
It makes Europe look poor.
Anyone who has been to china will tell you Britain is very back compared to China.
All nations that are poor are due to corrupt leaders.
Maybe header is good idea š¦
Nobody stopped MATD while spending millions exploring the damn place. But now we need to get signature from God knows who! Sounds we need to get permission from every Mongolians. 5 year waiting to get permission. I call it absolutely corruption by corrupt guys. Amazing that some posters think it is ok and defend the situation. MB keeps saying ' we are pushing government at each level' meaning what? Does he send them letter every day?
5 yearrrrrrrrrs. Unbelievable. Nobody should invest in this damn place.
āAmazing that some posters think it is ok and defend the situationā
Hamm, like you were just a few weeks ago?!
Doc, after the last RNS and then AGM I have lost my hope.
MB might think he is doing everything by book. That might be the problem. He is officious and not a businessman.
We have been waiting for 5 years spending so much money. He could have been much more generous to local and the governor and also the activists. Why not? He takes it personal when he said the local don't deserve it.
I have no idea what MB is waiting for. He should submit this in a international court and demand loss of earnings from the Mongolian government .
No more Mr nice guy. It doesn't get you anywhere.
They don't support PM . It's just a delaying tactics from the government
Master, for the first time I am thinking/considering to sell the lot! Which is pity after so many years waiting/wasting and missed opportunities elsewhere.
How many elections have we seen? we have been hoping /waiting each time sth happens.
My faith is diminishing every day.
Hamm. I almost sold the lot last year at. 6.5p but greed took over and here we are.
It doesn't help when we have incompetent management.
This matter should've gone straight to international court as soon as we were being messed around.
Now we know why Mongolia wont be like the middle east. They want everything for themselves.
Mongolians are not business minded people. They are poor because of they don't like foreigners investing. Foreign investment makes the world go round. To make money you have to work with money men regardless of where they come from.
Every prosperous country has foreign investors.
I think Mongolia is secluded and are not in touch with the real world.
I think it could be quite perilous if PM took anyone to court. As corrupt as the country is how easy would it be for the MG gov to take back all licences permits or anything else regardless of how much they say they want foreign investment in Mongolia, we didn't see anyone else bidding for blocks in the last round of allocations. Says it all really. 100 million spent in that country and not a single penny of revenue in over 10 years. We are now at the mercy of Mongolian bureaucracy until after the elections š” GLA
Exactly. One may think in a corrupt country you may need to have different approache, use different language.
In a way in such a country money talks and we have wasted lots which could have been used wisely. MB surely wants to get the license but lack of business approach.
Personally I think the governor is holding both plans to ransom he with holding his signature for the special cert and applying pressure for the local committee signature to not sign
Itās usually never what you know or what you think you know in these circumstances usually WHO and HOW you know them is key
If government is behind on all levels and all locals surly by now you would have a team to come down and pay the governor a visit ?
Itās getting beyond ridiculous to a point of embarrassing for MB imo making him look like a child lost in the big kids playground
I think governor def holding out for elections and after that god knows what his plan is
GLA
Court should be the last resort. Deadline could be warning. They might not give a damn. But helping the governer ( refresh his office) activists ( a couple of EV cars) and herders a truck each would help. But now we are just waiting. I thought petrovis guys should have known better!
There is a lot happening in this month and next month. A lot of changes which might stir things up and get things done. Just a little more patience required IMO
Mb should hire someone in the provincial government.
It's who you know then that counts.
By the looks of things on Facebook. This governor is going. He's been a governor for the past 9 years and people are not happy.
The problem is he isn't even bother to be in Mongolia!
Best solution is to just give in to his demands. It cannot be in the millions..where as we are loosing millions in wages.
People getting paid to sit at home .
It's impossible to have any work if the company is sitting idle
MB should hire an agent/representative on his/mate behalf to get land access sorted.
Ut is still unknown what they want!
MB would be a very rich man via the SP re-rate as soon as the licence is granted, so I am sure he is doing everything he can to get us there.
Granted, someone else may have gotten us further, but someone else may have also not even got us to this point.
It's all hypothetical.
The hold up is purely down to the governor which I agree is ridiculous. What's even more ridiculous is that the MG seem to not be even remotely bothered and / or powerless to make him sign and get production going.
I still think this will come good as there is so much money to be made and we are so close now, but I still can't predict a date when it will finally happen.
Been here since 2019 and quite heavily invested so I've seen a few false dawns now. Been way up and help for FOM on the big jump only be back down again days later after news.
We thought the EL was the final hurdle. Then it was the LP. Now it's this governor ...
Mongolian government needs to get it's act together.
It's pathetic that we have found oil for them 6 years ago and they still haven't managed to arrange for us to extract it.
GLA
Good balanced & sensible post Bluechipz
Bluechipz, you suggest that the hold up is all down to the Governor. With substantial experience of the market I think it is a little more nuanced than this. The hold up is down to those working with the Governor to delay the project. The fact that the MG has not resolved this ( rest assure it could be resolved tomorrow if they wanted it to be so) suggests influential parties are behind this continued delay. Until those parties get what they want this will not be resolved. Corruption is rife in Mongolia and the most senior are the most adept at holding businesses to ransom. As I have said repeatedly this will come good, but it increasingly looks like it will be for those pulling the strings and not for private investors.