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Fair point D1nger but it seems we are viewed as "foreign" (Canadians even!?!) exploiters or mistakenly lumped in with Petrochina.
Ive noticed that nationalism is pretty extreme in Mongolia. Perhaps PM could more loudly and clearly market our Mongolian heritage credentials to the locals?
The management of PM and its "high-caliber" CEO are ordinary parasites who are sucking our money and as such will never share anything with anyone. Besides, who are the locals if they have a complete support of the centrals, having promised PM to start drillings in the second half of this year. So, we need to be patient a little bit more and everything will be OK: either this or next year. Or in 2-3 years time if PM don't suddenly disappear of course.
To be honest I don't see any parties/ individuals/ group would benefit if MATD wouldn't start exploitation, on the contrary one way or another many will surely benefit from MATD oil production. Perhaps MATD should be a bit generous to the locals!
“Foreign investors claim a bias against them if they pursue legal action against a Mongolian state-owned enterprise (SOE). To our knowledge, no foreign plaintiff has ever prevailed against an SOE in Mongolia’s courts. Mongolia-based legal experts claim foreign investors and exporters may experience preemptory, non-transparent court treatment up to outright discrimination from judges. Most investors and legal experts advise using legal, non-judicial dispute resolution mechanisms when confronting Mongolian SOEs.“
We’re not a foreign enterprise, our parent company is Mongolian. But I do understand your point.
Appreciate you posting it Jimi. In my opinion we just need to get special purpose certification to get going.
If I've read the report correctly, it seems that legislative changes, even if made this session, will then need the development of both a Rights Registry AND an arbitration procedure for dispute resolution which is not going to be quick. If the Government are as supportive as we are told they are, then they need to issue the special licence NOW....
This from the RNS:
The land issue has yet to reach a resolution. The Company has submitted another application to the local authorities for land access whilst at the same time, in response to pressure from Petro Matad, the legal process for Special Purpose certification is underway at the relevant ministries. Amendments to the Land Law are due to be debated in the next session of the Mongolian parliament and although this represents the best opportunity for an all-encompassing long-term solution, Petro Matad is urging the Ministry of Mining and Heavy Industry, under the newly appointed Minister, to help expedite the special purpose certification for Block XX as a priority in order to allow the Company's in-field operations to commence as quickly as possible.
Yes Hamm I did, it was a major project in my local area but did manage to recoup some back on another stock thankfully. Yes curious it does appear very grim but thought it would be of interest to share and let people decide for themselves what to make of it. GLA
MATD should try to solve the problem with locals while continuing legal procedures.
At the same time MATD/MB should outspoken regarding Mongolian system.
Meanwhile all salaries should be stopped while waiting for LP!
Unfortunately wages increased last year!
Jimmi ... This US Embassy in Mongolia 2022 Mongolia Investment Climate Statement you've found makes for some pretty grim reading!
hmmm.....
Foreign investors claim a bias against them if they pursue legal action against a Mongolian state-owned enterprise (SOE). To our knowledge, no foreign plaintiff has ever prevailed against an SOE in Mongolia’s courts. Mongolia-based legal experts claim foreign investors and exporters may experience preemptory, non-transparent court treatment up to outright discrimination from judges. Most investors and legal experts advise using legal, non-judicial dispute resolution mechanisms when confronting Mongolian SOEs.
Jimi, I wonder if you lost your money in sxx too?
There's a possibility that we may not be seen for a while as the session's in parliament appear to only take part twice a week, if they are as supportive as MB says perhaps not, nothing to do really except wait longer for some sort of Comms from the company so no not all lost but have a feeling the share price will depreciate no matter how much oil is there. GLA
I wonder who the so called blue chip guys are?
How did they fall for it?
Were they real? How much they said they would/ had invest/ed?
Amazing that these activities turn up out of blue!
Locals are worried about environment. Considering the country V the population. This is a real joke a sour one!
Where is the darling MB now?
Oh dear,
// one way or another everything is lost!//
That certainly wouldn't surprise me Hamm - glad I'm not as deeply involved as some on here claim to be!
Jimi, is that a ental preparation for shareholders to get ready that one way or another everything is lost!?
Throw this in the mix and one can understand why processes take so long. LEGAL SYSTEM AND JUDICIAL INDEPENDENCE
Investors state that judges frequently avoid controversial decisions in business disputes, preferring to delay judgment for as long as possible—sometimes years.? If a decision is made, businesses face similarly long delays enforcing court orders.? In some instances, cases have taken so long that by the time an enforcement is executed, the counterparty has liquidated assets and vanished.? Investors note similarly long delays with respect to inspection agencies, such as the Tax Dispute Settlement Resolution Council, as well as with other inspection agency panels, especially those related to mineral licenses and health matters.
One may ask MB, what the hell He thought it would be just a formAlity?
He has some excuse of not being local/ native, but the rest of theMATD staff/ gangs should have known, or they knew but just played MB to be able to fool us all for their own benefit!
Perhaps this concerns me most....
Complicating matters, Mongolia’s civil-law system is still developing a formal process for apportioning multiple use rights on adjacent lands or adjudicating disputes arising from conflicting use rights. ?As of 2022, the Mongolian government has no accurate figure for land with clear titles.
So its not just a case of "passing legislation", they are actually going to have to create a process for compiling the records of land use rights accurately and systematically, then deal with any disputes that fall out as a result, using an adjudicating system that currently does yet exist.
How long is all that going to take?
We need a special licence!
What drilling?
Perhaps you should have sent it to MB/MATD!
MB could have read it while he has been traveling!
All the Blllllllloooooddddy rubbish M government support says it all.
MB should have been stupid or naïve or knew but playing fool, who knows? God knows where he has been hiding.
Wasn't it stupid waiting for late/end of Q2 thinking drilling would be started soon.
OH DEAR,
Enjoy your weekend guys,
Is it not important if a crapshoot or not. What is much more essential - MB has and enjoys excellent and constant support from Mongolian government even during his travels. Lol.
so it's a crapshoot basically.
highlights re Protection of Property - from Jimi's post ...
Statute limits real-estate ownership to adult citizens of Mongolia. Civil law allows private Mongolian citizens or government agencies to assume property ownership or use rights if the current owner or holder of use rights does not use that property or those rights.?
In the case of use rights, revocation and assumption is almost always written into the formal agreements covering the rights.? Squatters may, under certain circumstances, claim effective property ownership of unused structures.
Foreign investors may own permanent physical structures and obtain use rights to land and resources, but only Mongolian citizens may own real estate, and only in municipalities.? Land ownership does not convey ownership of, or necessarily access to, surface or subsurface resource rights, which remain with the state.
Use rights are granted for terms ranging from 3 to 60 years, depending on the particular use right.? However, foreign nationals and foreign companies can lease land-use rights for no more than 10 years:? a five-year term and a single five-year renewal.
Although Mongolia has a well-established register for immovable property – structures and real estate – it lacks a central register for use rights; consequently, investors, particularly those investing in rural Mongolia, have no easy way to learn who might have conflicting rights.
Complicating matters, Mongolia’s civil-law system is still developing a formal process for apportioning multiple use rights on adjacent lands or adjudicating disputes arising from conflicting use rights. ?As of 2022, the Mongolian government has no accurate figure for land with clear titles.
Thanks Jimi.
5. Protection of Property Rights This section sums up were we are at I think. GLA.
A little light reading may be of interest? the section on the legal system and judicial independence made may take a second look https://mn.usembassy.gov/2022-investment-climate-statement-mongolia/