Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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The Speaker of the Great Khural of Mongolia G. Zandanshatar today /2024.02.19/ gave information to journalists about the regulation of land use and ownership by foreign citizens and enterprises, as well as the organization of public hearings.
B. Enkh-Amgalan, Chairman of the Standing Committee on Security and Foreign Policy of the State Parliament, D. Tsogtbaatar, Chairman of the Standing Committee on Justice, B. Battumor, Chairman of the Standing Committee on Ethics and Disciplinary Responsibility, E. Chairman of the Standing Committee on Innovation and Electronic Policy, attended the press conference. Batshugar and others participated.
At the beginning of the news, the Speaker of the State Great Khural said that although it is spring, the situation of snow and rain is severe throughout Mongolia, so it is necessary to pay special attention to overcome dangers and risks with minimal loss. Although cattle are the property of herdsmen, they are a guarantee of Mongolia's wealth and independence, so he appealed to all Mongolians to join the "Reflection of the Soul" campaign, which was launched by a non-governmental organization to support the herdsmen.

N. Nomun-Erdene, a citizen of Mongolia, published a public petition on the topic of "Canceling the use and ownership of land by foreigners for 100 years" in the "D-Petition" electronic system of the Parliament. As of February 19, 2024, or within 17 days, 100,252 citizens supported it. signed, according to the Law on the Rules of Session of the Great Khural of Mongolia, this proposal made within the framework of the right of citizens to govern, is arranged to be discussed and forwarded to the relevant institutions. Therefore, the Chairman of the State Great Khural G. Zandanshatar emphasized that when the Parliament drafted a law to repeal the relevant provisions of the Investment Law and discussed it with the Council under the Chairman of the Parliament, all the heads of the Standing Committees supported it.
Also, this draft law has been sent to the Government for opinions, and it has been announced that preparations will be made to discuss it in the regular spring session of the Great Khural of Mongolia.
In addition, the implementation of the Land Law is unclear. He said that the people cannot own 0.07 hectares of land equally and fairly, and that the implementation of the law is not enough. Also, conduct inspections on the implementation of laws and regulations on land and minerals, granting land permits, calculating the percentage of mineral resource royalties, charging, reporting, and paying to the budget, making suggestions and conclusions, and preparing for the establishment of an ad hoc review committee if necessary. announced the establishment of a task force.
Petromatad is a Mongolian company, simple.
No it isn't! Read the LSE header!
Petro Matad plc, a notable British firm, specialises in oil and gas exploration and development, with a focus on Mongolia
LONDON, 19 December 2023: Petro Matad Limited, the AIM quoted Mongolian oil company, provides the following operational update
Rather use this above from PM's official RNS
'LONDON, 19 December 2023: Petro Matad Limited, the AIM quoted Mongolian oil company, provides the following operational update.'
The company is registered in the Isle of Man. Its where a company is registered that determines the matter of domicile.
If for any reason LP is not secured/signed off then what would be the image of Mongolia to foreign investors?
Who is gonna use Heron oil? Government has responsibility. MG can't just sell exploration and refuse extraction.
Hi Jimthebrush
Excuse my ignorance but what is the link tell us? I have read the detail and feel this is all rather confusing when Cabinet have given approval to Matad and we just wait for one signature from local representative. Please explain.
My take on it = and aimho it appears to me that some laws regarding land use and ownership seem to have been omitted from latest draft law submitted to parliament which were meant to be discussed in the last session of parliament in autumn and has been adjourned until the spring sessions start as some of the laws contradict the Mongolian constitution, perhaps that's why the delay, obviously with the elections due very soon it all sounds quite controversial hence the silent treatment from MATAD and further delays on news. There is a lot to take in but until MATAD rns us the info we've waited a long time for we are at there mercy, unfortunately. GLA
Yes Pilsbury. We are just waiting for the local governor to sign LP..
The only time The new investment law will affect PM is if the local governor starts playing up.
Thanks JtB and m82 - I agree
I suspect we're rapidly getting to the point where it's so close to election, that it's very unlikely we'll receive any sort of permit until after the votes are counted