Sheldon's hard headiness cost him, not withstanding the the settlement, MILLIONS by not trying to settle this years ago. He hurt the company immensely in the eyes of the Chinese and US governments. I sold years ago in the 60's, but will buy back in once China sets their economy back on course.
As of now with Ocata being up 10%, I have broken even. Now Let's let it ride on the house's money. btw, good SA articles, helps me to understand the science.
I won't ride ADXS down again. I moved into OCAT on Friday. Thanks. I read up on REG MED and finally we can put away the medicine bottle.
Looks like they fell off during the last hour though still green. I bought 5K shares two weeks ago and so far I think this has the best risk/ reward out there.
It has been a couple of years since I sold LVS in the $60's ($12 to 66) and I am quite please to see the board has resumed it's normalcy. I am thinking of getting back in with 1000 shares IF there is a chance of a REIT. SA talked about some years ago on a CC, so has the subject been brought up since then
It is obvious that EGI is a direct play as it holds the leases for a large portion of TRQ's reserves and is co-owned along with TRQ and Mongolia, but KCC is a stretch. KCC, like many many other (Canadian) mining speculators, hold land leases that may or may not be promising.
Thanks Noc for the vote of confidence. Due diligence and persistence looks like a winning combination this time around. I have owned this stock for awhile and bought heavily recently when it fell into the high teens Feb/Mar. I now own 167K shares. Similar story with TRQ with slightly half as many shares. To me it was only a matter of time before the GOM decided to fix stupid.
Johnson, Navin R./wefwfo
Advaxis, Inc. - Princeton, NJ
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SYDNEY--A US$5.4 billion expansion of one of Rio Tinto PLC's(RIO) biggest mining projects looks set to go ahead, after the company reached a deal with the Mongolian government that ends two years of tense negotiations.
The Anglo-Australian company described the agreement--which paves the way for construction of an underground mine at the site of an existing open-pit operation--as a significant step forward for the Oyu Tolgoi project. Oyu Tolgoi is mostly owned by Turquoise Hill Resources Ltd.(TRQ), which in turn is controlled by Rio Tinto.
The deal with the government settles disagreements around tax and royalty payments that had held up the underground expansion of the copper-and-gold deposit. It also lays out how the further development of the mine will be funded.
The first convoy of trucks carrying copper to China departed from the existing US$6.2 billion open-pit mine in July 2013. The project's expansion has been delayed since then as talks floundered, among other things, over Mongolia's demand for higher royalties from the sale of resources.
Oyu Tolgoi, 66%-owned by Turquoise Hill, is central to Rio Tinto's efforts to tap new minerals in developing countries to help reduce its dependence on iron ore, the price for which has fallen sharply over the past year. For the government, which owns the rest of the project, proceeds from the mine at full capacity could account for as much as a third of the country's gross domestic product.
"Mongolia is back to business," said Prime Minister Chimediin Saikhanbileg in a statement Tuesday, after three-way talks between Rio Tinto, Turquoise Hill and the government finally yielded fruit. "Unlocking Oyu Tolgoi's underground mine will have a significant impact on the Mongolian economy, which will benefit Mongolian citizens for generations to come."
Rio Tinto said the deal means that expansion work can now get under way. "With a new pathway to development of the underground mine agreed, the focus now shifts to finalizing the project finance, the feasibility study and securing all necessary permits so that the underground mine development can proceed," it said in a statement.
Turquoise Hill said it was already holding talks with global financial institutions, export-credit agencies and commercial banks to secure roughly US$4 billion in project finance. The company has estimated that up to 80% of the value of the project--located in the southern Gobi Desert, about 50 miles north of the border with China--is tied to its underground operations.
When fully operational, Oyu Tolgoi is set to produce an average of 450,000 metric tons of copper and 330,000 troy ounces of gold a year, in addition to vast quantities of silver and molybdenum.
The investor spotlights will begin to be focused on Mongolia again, and when it illuminates the opportunities, TRQ will again be in focus. I am a buyer in the morning as I think we have a long ride up beginning now.
Congratulations all Longs
Prime Minister of Mongolia MP Chimediin Saikhanbileg said "Mongolia is back to business. Oyu Tolgoi is a world-class copper-gold asset and its further development is of great economic significance for Mongolia. We have finalised a way forward with our partners which re-establishes the foundations of a new and constructive relationship based on mutual trust and our joint long-term commitment to Mongolia's growth.
"Unlocking Oyu Tolgoi's underground mine will have a significant impact on the Mongolian economy, which will benefit Mongolian citizens for generations to come. Our joint agreement clearly positions Mongolia as an attractive country for investment and underscores the fact that Mongolia is open for business".
Rio Tinto Copper and Coal chief executive Jean-Sébastien Jacques said "Our joint announcement today reflects tremendous leadership by all parties and paves the way for work to resume on the underground development, which is expected to deliver significant value to shareholders. The resolution of the outstanding issues reinforces the principles of the Investment Agreement signed in 2009, which underpinned the US$6 billion invested in Oyu Tolgoi to date, and provides a clear and stable framework for the future."
Turquoise Hill Resources chief executive officer Jeffery Tygesen said "The signing of this agreement is the culmination of extensive work by Oyu Tolgoi's shareholders over the last year. The agreement outlines a pathway to restarting development of the underground mine, and builds on the value that has already been unlocked for Mongolia from the operation of the open-pit mine which is providing jobs and other economic contributions as well as best practices in mining standards."
Looks like TRQ is expecting to beef up procurement in advance of the expansion of the underground mine.
Friday, 15 May 2015
Friday, 29 May 2015
Oyu Tolgoi in Mongolia is a copper-gold mine consisting of an open pit mine and underground development, processing plant and supporting infrastructure to produce high grade copper and gold concentrates. Oyu Tolgoi will utilise a Mongolian workforce that will be trained to effectively operate and maintain the processing plant. Oyu Tolgoi’s workforce is more than 95 per cent Mongolian.
We are looking for one (1) Contract Lawyer in our Legal department based in Ulaanbaatar.
What the role entails
Managing contract risk, including providing the legal parameters for strategic solution and mitigation of contract risks in view of company’s best interests and business objectives;
Review and develop draft contracts and general terms and conditions for contracts and purchase orders;
Assessment of most appropriate means of providing legal advice for particular matters, some of which may have a long term impact;
Provision of timely, accurate, independent and commercially focused legal advice, with a view to avoiding potential problem areas and resolving issues as advantageously as possible;
Maintaining awareness of material internal and external business/legal developments which are likely to affect effective contract and contract templates;
Developing relationships in procurement and legal teams
Negotiation and management of litigation and disputes arising from contracts as assigned;
Liaising, developing and maintaining close working relationships with members of Oyu Tolgoi LLC, as assigned by the Chief Counsel, to meet their contractual, statutory and corporate requirements by:
Assisting the capture of statutory and corporate compliance requirements;
Advising on legality, integrity and uniformity of contracts.
Provide law reform information and updates as required and as assigned;
Managing other projects as designated.