Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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I think what is being lost here, conveniently or otherwise is that the minister is submitting the docs to his own government and cabinet. Not an opposition party. He is a minister who I assume is part of this cabinet. Rather like his PM has asked him to go and sort an issue. He is not returning to a hostile environment.
100% mr Nineandtoe
I say this plenty time here Document NOT present to Great Kural Parliament but to pro business CABINET
Cabinet meeting held regularly & no vote needed but formal signature
Think lot of people confuse about this & will be Happy if they understand :)
Ninesandy- yes its a Minister who sits on this Cabinet ie this governmebnt who are pro business investment and his department "have" prepared the docs for circulation and comment on to other departments in advance of submission to cabinet to secure approval to certify the Block XX Exploitation Area as a Special Purpose Area. The certification is being proposed on the basis that the Heron development is a project of national importance.
Nothing to guess. It have been given to all Ministeries and at 3rd April was preparing in formal form for presentation to Cabibet for signature.
Simple & soon :)
Mr ID78
Read 3rd April RNS so you do not confuse yourself sir & other ;)
Also it is Ministry of Mining now who take over and put together documentation for SPECIAL CERTIFICATION for Cabinet signature.
No confusion unless you want confusion ;)
Be happy & clear :)
The minister is pro business and foreign investment... the government isn't particularly.
Remember there is a very strong resource nationalism sentiment in Mongolia i.e. against foreigners gaining private wealth and that is reflected in the elected representatives. The Government is not going to upset its small voting base until/unless it has to. Until then they may defer unpopular decision. That is EXACTLY why the company has been sent to try again with the local soum as local acceptance will mean implicate the government in any unpopularity. However the soum leaders have been virulently opposed to Petro Matad.
So let drop the rose tinted ramping and look at ALL the facts in a cold, dispassionate way. There is a lot in favour of investing here, but there are also political/social/ environmental as well as legal obstacles.
Buyer beware and all that.
Ministry of Mining head by Mining Minister mr J Ganbataar.
If you look at old RNS mr Mike Buck say Special Certification is prefer route but will still try local permission in parallel
He say this again in 14 Feb RNS but no mention documentation at this time
3 April RNS now all push for Special Certification and no mention local permission
Maybe if you read most recent RNS you do not confuse yourself or other ;)
Mr Curiouser
Does NOT need PARLIAMENT vote but CABINET only signature
Very simple :)
In the most recent interview MB even said the locals expect central government to over rule them as they don’t have a veto .
The locals also told Matd “…if (you) continue to operate in line with the law and do things that bring socio economic benefit we won’t stand in your way “
This was video on LSE Dec 6th
WOS //If you look at old RNS mr Mike Buck say Special Certification is prefer route but will still try local permission in parallel//
The preferred route for everyone is of course local agreement. The quickest (and most popular result politically) is if locals show "buy in" and support for PM with the local land permit issue.
It does NOT say anything to support your statement in the last RNS. Please provide proof positive to support your statement.
Thanks C&C
The company is trying again at the local level as (for everyone) that is preferable.
However a mechanism has been put in place to bypass the local government should they remain an issue.
And directly because of this issue it is proposed to change legislation to avoid this problem in the future.
No ramping, just facts.
Yes these are facts. But the outcome still has to be voted on and agreed by central govt and may are anti foreigners and its not a good look if the locals reject t the granting of a land access permit (twice) and have to be overruled. That is also fact.
Mr Curiouser read LATEST RNS
This is not my statement but company. I think you have some cognitive issue to understand sir lol
Also you say "quickest way" but now MMHI have now prepare document this is quickest way with Cabinet signature
Say again to mr ID78 read LATEST RNS to not spread confusion for yourself & other. Just Buy it is easier lol
Very simple sir ;(
"Project of National Importance" and building a damn Oil Refinery for $1 bill is also FACT!
No voting by central Govt needed mr Curiouser. Read post at 12:39 or people will really think you are simple sir to not understand this ;)
If it was unlikely to pass through the cabinet vote they wouldn’t bring about they mechanism to bypass the local government, having called this a project of National Importance.
They’d look a bit incompetent.
Then, as mentioned, where does leave them trying to attract companies to spend money on new exploration blocks? Spend millions on exploration, but we won’t let you sell the oil.
Time will tell.
Research and Hold. Heron field is a project of National Importance yes... but the Mongolian Government don't care who is the owner of it... damn facts and all :)
Remember Xcite Energy? Bently field got the go ahead but Xcite Energy don't exist as an entity anymore as they ran out of money!!!
Lol you try very hard mr Curiouser ;)
... for those who dont know what Im referring to, Xcite Energy was the darling of AIM in its day... safest play on AIM and all that jazz. The company's big prospect money maker was the Bentley field, but they ran out of cash and folded.
Shareholders lost the lost and Bentley got bought for pennies by another (I think private?) company.
Think Mining Minister mr J Ganbataar have a lot of influence in Cabinet which is PRO business anyway and made that way in reshuffle in Aug 2022
Do research it help :)
Curiouser, i understand where you're coming from, but as mentioned below this needs to be approved by Cabinet not parliament. The Mining Minister Mister Ganbaatar's title is - Member of the Government of Mongolia-Minister of Mining and Heavy Industry, so he is a MP of the current sitting government. He wouldn't be pushing for foreign investment for Mongolia if it wasn't backed by his own cabinet. He has named this LP as of National Importance. He has recently invited the UK Minister Nus Ghani to the next Mongolian Mining Conference. (There is NO WAY Block XX is going to be taken off PM). Nus Ghani has confirmed she is aware of Petro Matad's issue with the LP. She is in touch with Philip Malone UK Ambassador. Ganbaatar knows that Foreign Investment is paramount to Mongolia being successful hence why the LP is of National Importance. This will be granted once its gone through the various ministries and then lastly the cabinet.
As regards locals, Dornod province are anti oil exploration, backed by Eco activists who are originally from Dornod. They are against oil exploration due to their dealings with Petro China. They are NOT anti Petro Matad, they have just received nothing from the licences that Petro China own, PC's enviromental responsibilities have been awful. They have played into the Eco Activists hands who are anti Chinese and Foreign companies taking their oil, so pressure from these activists has caused the refusal. Funny how PM is no longer mentioned by the most active EA. It's all PC. Even today they are in Block 19 stirring up crap again
The Central Government would prefer the locals to vote through the LP., so they know its agreed by locals. The locals might have already done so for PM, none of us know that, but if they don't Central Government WILL NOT any longer let locals hold back the economy and future of the country.
The slow wheels of the MG are working through this Philip Malone has confirmed this and said it will be soon
Dozz ... excellent post and balanced. Thanks. I do agree mostly. Its just the rampers I have issue with as no doubt they are the true sellers and they are just low life manipulators.
Off topic. Just for those who are interested the history of Bentley field and the now folded Xcite energy debacle please see wiki link below
https://en.wikipedia.org/wiki/Xcite_Energy
Thank you WOS :)
Curious - just buy or go away- no need to deramp - simples ;)
Viking. I am bought in... been a holder for years thanks - read my history
and don't tell me what to do :)
Curiouser. When you say the Mongolian Government don't care who owns the licence. Perhaps at the time of issuing any licence they won't, but PM have paid for a licence and explored that licence and discovered oil. As mentioned Ganbaatar has invited the UK MInister to Mongolia, how do you think that would look if Block XX was taken off PM a UK listed company with UK Investors. It ain't going to happen. They would be cutting their own throats.
Long and short of it, the LP is coming, but we don't know when, MG slow wheels etc, but not for the sinister reasons you are stating.