I am not sure who provided me with the information, but it was on Hotcopper. If you go to the licence legislation in Mongolia you have to pay a fixed amount per square metre to cover the proposed mining area. So as I understood it, it is not just a royalty based fee. Considering they had not determined the area of mineralisation it meant that they either restrict the mining area and retain only the three remaining exploration licences, making the proposed mining licence uncommercial or convert the whole area into a mining licence, which would have been cost prohibitive.
So commercially with the mineralisation that have identified I am of the opinion that they had already intended not converting the licence but instead have been working on the extension all along. But I was not sure about the legislation (and still not) so I assumed that I was wrong.
However, which sounds more positive to someone looking to make an investment that has not performed a great deal of research:
- we are in the process of converting to a mining licence; or
- we are looking to extend the exploration licence to spend more money drilling holes.
I am not sure who provided me with the information, but it was...
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