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You're right DDzx, ME has a 10% interest in Trinity Mongolia. On settlement on the Mongolian coal licenses (at the end of the 10 wk DD period) a JV will be formed with Trinity which will automatically have 10% of the JV equity with the right, but not the obligation, to increase it to a max of 25% subject to some reimbursement of costs (it was all set out in the appropriate announcement which won't be hard to find). ME also has a direct interest in CEO (options through his remuneration package plus some performance hurdles related to coal resource size).

In due course they'll need to address this; probably they'll beef up the Board and there will be some greater clarity around ME's involvement in both CEO and Trinity Mongolia. For now, I'm OK with this because it's a pragmatic low-cost solution. We need to remember that without ME this co would probably be headed for the knacker's yard. Looks like he's pulled a major rabbit out of the hat; as some of us always believed he would.