Master.
If I remember correctly the loan for the refinery in terms of capex was $1.2bill.
Not sure where you get the billions from. Again from memory it’s a 30,000bpd refining project which is not huge.
The refinery is not 90% complete. A few admin buildings are done, and some front end deliverables.
It’s not a technically challenging project and yet here we are a year after scheduled completion not knowing when it will be operational.
Master.
I am sorry to say the source is good and that’s exactly what’s happened.
If you are better connected to Mongolia you go and drag the intel out,
This will be on the British Ambassador’s desk Monday.
Then it’s up to the British government to investigate.
Work it out.
I just had it on very good authority from a government
official the refinery investment from the Indians has been spent by the President and the reason Petro Matad will not progress is, there is no money to build the refinery.
No refinery, GoM will do all they can to hold Petro Matad from progressing.
I will be taking this up with the British government Monday.
It would appear Mike Buck is being properly f—ked by the Mongolian government.
WOS. A bit of bed time reading for you. Just putting it out there. Mongolia has a very special past.
Laws and public announcements often are reversed upon in Mongolia. It has become challenging for businesses and investors to know when government statements are final and factual, as changes after things are seemingly in writing or official do happen.
Under Mongolia’s law, the government has the right of up to a 34% stake in Strategic Mines, much like its 34% stake in Oyu Tolgoi that has led to so many problems between government and mining company that the Oyu Tolgoi mining project is now years behind
Canadian mining company named Khan Resources owned the license to a uranium mine in the northeastern Dornod region of Mongolia from 2003 until 2009 (though they did not sell it or relinquish it in 2009). The deposit is believed to be Mongolia’s largest uranium deposit. Then came a few Russian state visits to Mongolia including one from Vladimir Putin and Khan Resources awoke one morning to discover their license was now owned by a Russian company (AtomRedMetZoloto). As a result, Canadian miner Khan Resources sued the government of Mongolia in international arbitration.
In 2011, after a lengthy bidding process for operating half of the Erdenes Tavan Tolgoi coal mega-mine, a winning consortium was announced. The winning consortium included China Shenhua and Peabody of the United Sates. Shares of public companies involved in the bidding process that won went up on the news. 46 days later, the government of Mongolia announced its National Security Council led by President Elbegdorj had reviewed the bidding process and nullified the entire bidding process.
You won’t see any government decision until parliament reconvenes early October. 2022 reopening was exactly on the 3rd October I believe.
Matads only chance of disclosing good news to us long term shareholders is around the 9th / 10th July at the Mongolian Economic Forum.
If the Prime Minister is smart he will use this platform and Matads long suffering position to flip this to a good news story.
If not we will continue to suffer.
MON1
I agree with you and Dozzawba
Politics in Mongolia has in the past been attached to corruption.
Many licenses over the past two decades owned by foreign investors have been unlawfully stolen.
The key for Matad is ensuring both Nyambaatar and Oyun Erdene see this project as one future investors in Mongolia will look at and believe their own investments are de-risked adequately to pump money in to the country.
If this goes south many investors will look at Mongolia as a country still un-investable. Mongolia is only at the beginning again of attracting investment to the levels seen in 2011.
The recent SME, railway, coal and education loans scandals still indicate there is much work to do.
The British government should be being much stronger and at the slightest hint of corruption, holding the Mongolian government accountable.
Owly.
Chill it my friend.
Did I say I was a consultant today ? Yesterday ?
I am asking questions. I am only seeking factual answers.
Stop attacking the messenger.
If the companies house keeping is all in order we should be happy members of the team are being awarded further bonuses.
WOS.
I would suggest you consider every possible outcome and not just the ones that suit your own narrative.
I am asking questions. Questions perhaps it’s time for Transparency International and FATF to also consider.
If the answers to those questions come back satisfactory then we truly know Matad were in the IOM for legitimate business reasons.
If not and Matad have not disclosed such an important reason that may be materially misleading to the companies shareholders.
Could be something. Could be nothing. Transparency will allow all to understand.
Happy trouser hunter !
WOS.
As I explained to you Major Drilling offered many years ago to invest in the Capex required to bring a rig to Mongolia suited specifically to Petro Matads requirements.
Question. Why did Petro Matad refuse that opportunity yet here we are many years later with MD providing drilling services to Matad this year ?
As for my question regarding the Isle of Man. It’s a question backed up with correspondence from 24/3 and before.
Just looking for transparent answers.
Question.
Below is part of a group of correspondence with UK agencies regarding Petro Matad.
My question is a simple one. Have Petro Matad had contact or correspondence with either the Mongolian or Isle of Man regulators ??
I am being transparent by sharing concerns real long term holders have with an ongoing real understanding of Mongolia.
If we can establish the truth attached to the IOM issues we can move onto the real reason the LP has not been granted.
Good afternoon Richard
It was good seeing you yesterday.
I have today received a request from the isle of Man (IOM) FIU in relation to the intelligence which I passed to the re Petro Matad.
The IOM FIU are seeking permission to pass this intelligence over to the ‘Mongolia Financial Information Unit’ and ‘The Isle of Man Financial Services Authority’.
Are you happy for the IOM FIU to pass this information as requested and will any dissemination to the Mongolian FIU cause you any issues?
Of course as a person only concerned with the truth I agreed to the above.
Question.
Were Petro Matad summoned to the Isle of Man by the Isle of Man regulator regarding complaints against the companies continued disclosures ?
Have Petro Matad had any contact with the Isle of Man regulator.
Could Petro Matad either confirm or deny this via their next RNS.
I think Buck should be honest about Major Drilling and come clean when a few years ago MD made a commitment to Matad and said they would invest in drilling equipment and bring into Mongolia specifically for Matads use.
Never happened - WHY ??
Why has Buck rode the DQE wave for years and made all sorts of statements, all of which have never materialized - WHY ? RNS after RNS about joint ventures, partnerships.
The question is therefore what is happening with DQE, and can Matad come clean on the real Major Drilling position.
For the record Matad should have engaged Major Drilling years ago on a long term basis and retained MD. Most miners use MD for a very good reason in Mongolia.
Yet another rookie mistake by the leadership of Matad which has cost shareholders.
On good authority I was advised from a colleague in UB the meetings scheduled by the British Ambassador and the CEO of Petro Matad with both the Mining Minister and Deputy Justice Minister scheduled for the end of February never happened as both Ministers were unavailable.
Would appear the wait for the LP will continue.
Be good to get an RNS confirming when these meetings will happen.
SirBob.
I find what TMK Energy are doing follows a normal well executed scope of work, well planned, well communicated and focused on investor and stakeholder future returns.
It’s very strange that for years Matad cannot deliver the same transparent process, and yet have been in the country a decade longer, have a wealth of experience, should have robust government relationships, and through this time being invested in Mongolia paid for by its company shareholders, fail to deliver similar progress to that of its much younger peer.
Strange !
https://tmkenergy.com.au/wp-content/uploads/2023/02/02631637.pdf
What our peers are doing.
Strange.
So my question is ?
If you have full visibility over your business, your CFO understands actual against planned activities, your project manager understands what he has to deliver in the next three quarters, your CEO then based upon this senior leaderships feedback states to the capital markets and retail investors alike the business is fully funded.
What the F—k changed in 4 weeks ??
It’s a peanut project that a five year old could understand.