Kharmagtai has been in and out of talks about strategic deposit duscussions, but with the latest reserve calculations and economic outlook, it’s definitely back on the table now. All media in Mongolia have been covering this for days. https://news.mn/r/2762120/ - The top media agencies are writing about it now. It’s blowing up, and not in a good way.Cabinet member who is also leader of Mongolia’s Democratic Party mentioned that a proposal to include Kharmagtai in the upcoming negotiations on strategic deposits is coming now. Check this interview - https://www.facebook.com/watch/?v=564714672774027 Mongolians have always been super protective of their mineral wealth and want more from the deposits. https://legalinfo.mn/mn/detail/63 - You can see the current mineral law requires 19% royalty rate. XAM is assuming the Investment Agreement with the Mongolian government will go through, and that’ll for sure mean 34% ownership for the Government. People in Mongolia are fuming over this. Tons of angry comments on those articles – seems like they’re pushing for 34% of Kharmagtai, and politicians are rushing it. One thing Mongolians are upset about is that Xanadu’s Kharmagtai reserve calculations aren’t even registered back in Mongolia’s Mineral Resource Agency. Now the Mining Ministry’s saying they’ll set up to dig deeper into the project. https://www.facebook.com/watch/?v=8647502898664061XAM is in trouble with this one – no local approval, tons of hate comments. Doesn’t look like they’re gonna make it here.
XAM Price at posting:
5.5¢ Sentiment: None Disclosure: Not Held
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