BullBoards Member Forums My BullBoards All Forum Search
Jump to IVN Forum
SUBJECT: So Long Ivanhoe (Regrettably) Posted By: Activatecard Post Time: 5/26/2006 14:59 � Previous Message Next Message �
I have taken this opportunity to sell my considerable stake in IVN. The Windfall Profit Tax is now the law of the land. The President did not veto the law, rather, he signed the law.
The Ivanhoe press release states: �Some members of Parliament who introduced the tax bill have indicated that one intent behind the tax measure was that it would serve as an incentive to add value to copper concentrate through the establishment of smelters in Mongolia.� Well, maybe one intent of the law has to do with smelters, but it seems to me to be a bit of a stretch to think that a confistcatory tax law will encourage any development. The President�s veto was our hope for the last two weeks: The veto and the missing MPRP Parliament members. Well, it turns out many of the MPRP voted for the bill, the treasury Minister supports the bill, and the President just signed the bill. The President said the bill was �adopted in haste two weeks ago�. Apparently not, as he just signed it.
Mongolians hate foreigners. Just read Luke�s blog. I don�t see that changing anytime soon.
IVN shareholders just got schooled in Mongolian Parliament corruption. Ivanhoe is walking a tightrope in Mongolia, grasping at straws. I deluded myself into thinking Ivanhoe could sell OT to some big miner, maybe even the Chinese. The Parliament would strip Ivanhoe�s mining license in a nanosecond if that were to happen. In fact, that may be the actual end game in play here; revoke Ivanhoe�s license and auction off OT to the highest bidder. It is not out of the question.
I thought that if Ivanhoe could just �educate� Mongolia, then surely the Mongols would see the light, and be reasonable with their demands. Now I believe, they know exactly what they are doing, and they want OT and they will get it one way or another. What good is a SA in Mongolia in light of the President�s signature on the Tax bill. A SA with the Mongols isn�t worth the paper it�s printed on.
pcallicoat, the ace that ivn has and I hate to admit it is rf. rf is not going to let the mongolians cost him billions of dollars. he may not build the next chile but he is not going to let the mongolians roll him over.
alot of deals are done over long weekends and rf has to start feeling the heat. keep in mind that the majority of his wealth is tied up in ivn paper.
RF won't go broke if he sold it all..Whereas we of lesser means counld be learning to like beans and rice and mares milk.I have been wrong before and this might be one of those times that the information is totally distorted to throw out us small investors.On monday our markets are closed and if the news that comes out looks like the veto IS on and was only delayed and the usual mongo news is wrong then all who sold will have given up lots of gains.The stock is up today and the volume is good.So it does seem that the news is somehow not effecting the bottom line.Stange.Are we going to see more mongo magic.yak dung and mirrors?Will the tax code consider this stock as charity for deduction purposes?It should be considered gambling loses.