MAC has not responded to any of my emails, faxes, or phone calls or personal visits by our people in Mongolia. We have been informed on alternate weeks that the court case is on and that MAC and the TD Bank are negotiating. I think the long delay is typical, and there may be a belief on MAC's part that MGR will just give up and go away.
MGR is satisfied with its claim and contributions, and that MAC owes funds to Bumbat, and penalties to MGR accruing at 0.1% per day. We are also satisfied that for MAC to gain from a delay, they would need the government to ignore the rule of law. I don't think this will happen, but it is not impossible.
MGR will continue to take steps to protect its investment, and will continue to send letters, faxes, phone calls, emails and personal visits to MAC. At some point they will have to explain why they did not respond. Tough to argue good faith bargaining when you refuse to communicate.
To protect its shareholders, MGR is moving forward on other projects. The ones that we have reviewed are excellent. The consolidation will enable the company to move forward.
Dave
Dave |
