Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
Aeschylus - you're welcome.
Doc83 - the Progressive Research document dated 04/03/24 merely says that ' the company still faces a delay with the SPC. ' This is true enough, however the report also states ;
' PM has announced that its application for land access for 2024 operations has been approved by the Matad District Committee. This means that a land use agreement can be prepared, which, once signed, will allow operations to proceed, including the completion of the Heron-1 discovery well as an oil production well. This will allow Petro Matad to start generating cash flow that can be used to grow the business and add shareholder value. "
It doesn't state anywhere that the SPC delay will stop them from going ahead.
Pro ; From the 22nd September 2022 RNS ;
"Multiple requests by the Company and other operators for land access permission have been rejected without explanation by the local authorities. Anticipating this situation at the local level, Petro Matad pushed for central government to take action to certify the Company's Block XX Exploitation Area as a Special Purpose Area, streamlining the approvals process, and to remedy the contradictions in the land law."
Aeschylus : it stated in a previous RNS that the special purpose certification was being pursued as a plan B.
It would be daft though not to finish off the process given the time and effort which must have gone into it, plus with the government having already approved it. I don't believe that it's necessary now, however it's another insurance policy which is extremely useful to have anyway.
Pro : In don't believe that ultimately the Special Purpose certification is necessary, as right now I presume that some think that it is an essential factor in countering the land overlap objection. There are two other compelling reasons why this objection is not valid however, without even using the Special Purpose designation.
PM are still pursuing the Special Purpose cert however, as they had already spent time and effort trying to obtain it, and the government has already approved it. It's just another insurance policy which they may as well have handy just in case.
I thought the whole idea of the SSPL was for it to be an insurance policy in case the LP couldn't be obtained ? In other words a plan B to allow for work to commence this year if the LP application kept on getting held up.
Now people are saying that both will be necessary, even though the SSPL probably wouldn't be necessary to prove the Protected Land objection to be invalid, given that there are two other compelling factors which counter the flimsy objection raised by the governor.
Well this latest feeble and somewhat desperate attempt by the governor to thwart PM is a non-starter on three separate counts. I presume that any of the three points below would render his objection invalid ;
1) Heron 1 is not on the overlapped land.
2) PSC was signed in 2006 - so many years before the Province created the Protected Land status for the overlapping part. As the RNS stated - it's the Province which is in breach.
3) The Land Law allows the gvt to take Protected Land for Special Purpose use, and the government has already designated the land as Special Purpose, even if the tripartite agreement has not been signed by the governor.
Clearly this governor has some kind of an agenda against PM, and therefore its shareholders, however I can't see that this flimsy objection does anything except reveal how desperate he is to impede PM.
By the way - what happened to the compensation payments to the herds people, and how exactly did the governor originally convey his intention to sign the tripartite agreement once the Provincial government had received the funds ? That latter point is important I would say - was it just communicated verbally or in writing ?
Researchandhold ; funny that we both hold a very similar quantity of shares at an almost identical average price !
What you wrote makes sense regarding DQE and PC.
Good luck to you as well - after all this time I think we deserve some good fortune. It's certainly has been a rather stressful experience at times, with so many twists and turns . It has been hard to keep the faith at times, however I now feel pretty positive about our prospects for the near future.
@Thornogson : at least what I write is reasonably coherent and legible. And I know the difference between ' there ' and ' their. '
Everybody makes the odd typos with grammar or spelling - I'm sure that you do too - but the likes of 'Professional ' give the impression that they never attended a school.
My point is that if someone writes in an incoherent and illegible manner, then it's hard to take their investment or trading opinions seriously. If WOS is not European then I will make an exception for him.
Badprophet ; what do you mean when you say you have consistently wished all the LTHs good fortune ?
Just about every day that the share price has dipped you have been on here gloating, and basically revelling at every possible opportunity in schadenfreude. You even started carping on about how it looked certain that PM would be going bankrupt soon.
You have not shown the slightest bit of sensitivity to the emotions of the LTHs on here - so cut out the hypocrisy please.
Researchandhold : I also bought shares over a series of tranches starting in 2019, ending up with a similar number of shares to you. So we are in a very similar position. It has been incredibly galling to watch profits on the numerous spikes dissolve into heavy paper losses several times over during that time. I could have taken out decent profits and then bought back in much lower. My worst mistake was when I got caught out buying about £4,000 worth during the 8p spike when the exploitation licence was granted, just before the subsequent raise which was announced straight after. My average is 4.1p.
Hopefully it will be calmer waters ahead - though I am tempted to sell a portion if we reach 7 or 8p with a view to reinvesting some of the profits if there is another raise. Without a signed contract with DQE a raise is surely only a matter of time. I would guess that they will announce another raise once the LP documentation is finalised.
It's odd that nothing more has been said about the signing of the DQE contract - we were told that it was with them awaiting a signature months ago. Maybe they won't sign until the LP permits are finalised ? Perhaps it's the same with PC?
' It doesn't ' I meant. My own grammar typo - however that's just one in a medium longish post. Not 20 or 30 mistakes in just a single post written in almost illegible English...
Professional - if you could write in more legible English, rather than giving the impression that you are a child who is still learning how to string sentences together, then I might take what you write more seriously. Or maybe you typed your last post in a bar at 1am. ? Why not at least use a spell checker if you are such a canny trader ?
If some people pepper everything they write with poor grammar, typos and write in a manner which makes it hard to understand what they are writing, then I personally switch off. It's amazing how some people on here don't even know the difference between ' their ' and ' there, ' ' to ' and ' too' etc etc. It's doesn't exactly inspire confidence in their investment prowess...
Pilsbury - Thanks - it's good to know that there have been other LTHs in my type of situation. I feel more optimistic now that I have ever felt in the last 4.5 years, and yes, I agree that MB has done a very good job, despite the difficult political set up which seems to exist in Mongolia. This malicious governor has deliberately set out to thwart PM at every turn seemingly - yet MB seems to have finally outwitted him.
Professional is full of nasty schadenfreude towards the LTHs. That's not nice - he comes over as totally self-centred - gloating when the share price falls hard, and letting everyone know hat he has allegedly made fat profits through his shorting. If he trades the shares then good luck to him - however there's no need for all the schadenfreude and gloating about his alleged profitable trades and all his alleged shorting. Bad Prophet is cut from the same kind of cloth.
I've been in this since 2019 with 888,000 shares. It's been a rocky ride - and I must admit that recently I have often wished that I had just short-term traded the share instead. Several times I could have taken out a very nice profit - only to end up heavily in the red just weeks later.
Thanks WOS - that is good info. It's good news that this rogue, corrupt governor is appointed by the PM, and therefore can be removed by him. Hopefully this will happen soon. Anyway, I take it that when the District LP documentation is issued then the Special Purpose certification will be unnecessary anyway ?
Anyway, there seem to be 3 reasons why this 'land overlap ' nonsense that the governor is using as a flimsy excuse to block MATAD's Special Purpose certification are not valid ;
1) The overlap is not in an area which Heron 1 operations will take part on.
2) The Block XX PSC was signed in 2006, but the provincial Protected Area was not declared by the Province until 2014 - so therefore the Province has breached the "overlap principle. "
3) According to the last RNS the governor had already indicated that he would sign once the herds people had been compensated. MATD paid this compensation to central government months ago.
I presume that even one of these 3 points would render the governor's objection instantly invalid ?
Professional - I thought you were now long on this ?? Doesn't sound like it with all the deramping today ..Are you sure you aren't in a short squeeze ?
Badprophet : How can you say that it ' doesn't indicate any progress ' when the District authorities have approved the land usage ? That's the biggest one, given that the MMHI have already signed the Special Purpose agreement, and that there are three reasons why the ' land overlap ' issue raised by the governor will prove to be invalid. One of the three reasons is that Heron 1 is not even within the overlapped area.
Growmorecash : which part of ;
" At a meeting of the Matad Citizens' Representatives Committee at the end of February the Company's application for land use in 2024 was approved" don't you understand ?
Reading it again, it doesn't sound as though the governor has a leg to stand on regarding this land overlap issue- and that's on two counts ;
1) State Special Purpose Designation status overrides designation of provincial "protected areas. "
2) The Block XX PSC was signed in 2006, and the ' protected area ' was not designated as such until 2014.
Either way, the governor doesn't have a leg to stand on, and land usage has been approved by the District authorities. That governor is a total idiot.
So no doubt in my mind that operations will be going ahead when the weather permits.
Growmorecash : read it again ;
" the company has engaged with the District authorities to secure local level approval of LAND USAGE.'
Which part of LAND USAGE don't you understand ?