Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
There was an update on the cash position in the RNS of 28/9:
“The Group posted a loss of USD 1.90 million for the 6-month period ended 30 June 2023, which compares to a loss of USD 1.62 million for the comparable period in 2022. The Company's cash balance at 30 June 2023 was USD 8.39 million”.
Doc83 I refer back to your original post. You said we do not have LP. This is incorrect. We do have LP. The legal formalities are to register LP and for management contracts. This is in the RNS. At no point doesn’t it state that we need local government approval as you have stated. These are administrative tasks. The RNS is very clear that we have legal rite of exploitation
//we do not have LP//
That’s not correct. If you read the RNS on the LP it states that we have to register the land for special purposes and sign contracts relating to the management of the area. It doesn’t state that any of this stops us from commencing work.
The RNS is also clear on this by saying:
“The certification of Block XX as special purpose land gives the Company the legal right of access to the entire area for the purpose of hydrocarbon exploration and exploitation.”
Mike Buck also added:
“. This important step has been a very long time coming but now provides a firm legal standing to the Company to execute the approved plan of development for Heron and to explore the exciting potential around it. “
A couple of interesting points on yesterdays cabinet meeting.
Mongolian Government have negative risks as budget has increased by i 1.9 trillion MNT and they are looking to increase productivity of the overall economy in the 3rd and 4th quarter. Also as part of the law on investment Legal regulations relating to land use were resolved. This is not specific to PM but shows the Cabinets needs to reduce regulation and increase trade this year
https://mongolia.gov.mn/news/view/26715
If you are registered for investor meet then you can see a video of the full presentation here:
https://www.investormeetcompany.com/investor/meeting/september-investor-presentation
http://envoi.co.uk/projects/active-projects/asia/mongolia/
This is an old link and has been posted here before but it has now been significantly updated following the issue of the exploitation licence so it does appear that they are currently actively engaged in pursuing a JV partner.
nwgb I agree that the current bargainng position would be weak, however, the EL award should IMHO be sufficient for MATD to recognise the Heron asset on their balance sheet. This opens up new avenues of finance through asset (reserve) backed finance which should significantly imporve MB's bargaining position. Also the asset value for Heron is much greater than the current MATD market capitalisation which will hopefully make MATD a very attractive investment prospect.
Approval of the reserves is the critical aspect as this is agreeing the asset in the ground to be shared with the Mongolian gov. The rest is just putting ticks in the boxes IMHO and should happen quickly. If you look back at previous RNS the delay was caused by re-establishing the committee's and sub-committee's after the election. We now know these committee's are established, meeting and taking action. GLA LTH