Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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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
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 :)
Hamm AKA flip flopper - nasty and rude?! Try be a shareholder on here who tries to add some balance!
For a so called easy document to be prepared and signed off by cabinet with no need for debate, it’s rumbling on a bit long, don’t you think?
Hamm - genuine question - at what point will you flop back to the dark side and start panicking? May? June?
How do you know that, Hamm?
... 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.
Lol you try very hard mr Curiouser ;)
1.000.000 is a buy. I know that.
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!!!
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.
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 ;)
"Project of National Importance" and building a damn Oil Refinery for $1 bill is also FACT!
Doc, you should stop being nasty and rude. You need to apologize to Master. Apparently you are as bad as Mongolian at work. Please Doc go back to work, You said you are working during the day. Stop de ramping.
You are surely a trader. It is ok trading but stop denying it.
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 ;(
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.
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.
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
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
Joejoe: You're right - difficult to say on which side that trade was executed. What you can say is: If the trader actually sold at 5.85p it wouldn't be called a winner.
While we wait for the new revised laws. 1.6 Fees, expenses and product sharing
The Petroleum Law sets out the different fees for petroleum exploration and extraction. These include:
Licence fee
Exploration licence:
• US$ 3 per square kilometre for initial term; and
• US$ 8 per square kilometre for any extension period
Extraction licence:
• US$ 100 per square kilometre for initial term; and
• US$ 200 per square kilometre for any extension period
• both fees payable annually;
• fines if fees not paid on time
Royalty fee
Oil and gas:
• 5 - 15 percent of extracted crude oil and gas
Unconventional oil:
• 5 – 10 percent [of extracted unconventional oil]2
Recovery cost and cost oil
• the recovery cost will be the cost oil in the amount approved by the state audit and
agreed under the production sharing agreement;
• the cost oil will be up to 40 per cent of the total oil after deducting the oil used to pay
the royalty fee; and
• the applicable amount of cost oil for unconventional oil will be determined by a specific
regulation
Product Sharing
• profit oil will be shared in accordance with the terms of the production sharing
agreement, this from the 2014 revised Mongolian petroleum law. GLA
Mr Curiouser
Does NOT need PARLIAMENT vote but CABINET only signature
Very simple :)
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 ;)
58k trade just showed up hopefully it’s a buy
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.
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 :)
Re the post at 11.46.
Point 1) - MATD are trying the local route again.
Point 2) - as you say MRPAM have drafted paperwork to bypass local government in case (1) fails
Point 3) - central government want to bring in legislation to stop (1) from being an issue going forward for other projects and companies.
So… can someone explain why (2) doesn’t do the job for us if (1) doesn’t? Again this has been named as a project of national importance by the central government. So……….