Another Australian Scammed?George Monemvasitis Leaves Scorched Earth in the Chilean Mining Scheme
George chaired an Australian mining company that raised more than AUD 7.5 million through three disclosed share issues. The company then reported no mining revenue for 2011 and losses that climbed to AUD 3.031 million in 2012. George left the board in 2013. Soon after, his name began appearing on mining claims in Chile: 24 concessions covering 7,055 hectares. By 2019, seventeen of his claims were on an unpaid-fee list.
Published 29 September 2026 · Corporate, mining and court records
24
Chilean concessions
7,055
hectares in Coquimbo
17
Princess Jordanella numbers
What that means in plain English
A mining concession is a legal right over a defined area. It is not proof that a working mine exists or that valuable minerals were produced. Annual fees must be paid to keep those rights in good standing. These records show George held the rights. They do not show a producing mine.
The new record
George did not register one mining claim. He built a portfolio across Chile.
The trail starts in 2014 with a claim called “Old Fotios.” It does not stop there. More filings followed under George's name: Kirgiz, Vaquita, seventeen numbered “Princess Jordanella” claims and fourteen “DANI” claims. Year after year, the portfolio expanded.
A Chilean Chamber of Deputies document later listed George personally with 24 concessions covering 7,055 hectares in Coquimbo, roughly 70 square kilometres. The name on the government table is George Monemvasitis, not Mono Resources and not MGT Resources.Open the government record
Even the names demand attention. “DANI” resembles Danielle. “Princess Jordanella” resembles Jordan. The registers do not explain why George chose them. They do establish one point beyond ambiguity: the concessions were filed under his name.
Names left in the register
Six years of claims. One recurring name: George Monemvasitis.
2014
Old Fotios
La Higuera / Coquimbo record
Open record →2015
Kirgiz Ocho · Kirgiz Nueve
Coquimbo mining bulletin
Open record →2015
Vaquita Ocho
La Serena / La Higuera record
Open record →2017
Eight Vaquita
Exploration extract
Open record →2017
Princess Jordanella 1–17
Copiapó discovery register
Open record →2018
DANI UNO–QUINCE
Fourteen Elqui concessions
Open record →Before Chile · the Australian money machine
The company raised more than AUD 7.5 million. It reported no mining revenue for 2011.
The pitch began in 2008. George signed the Mono Resources prospectus as chairman and offered the public 20 million shares at AUD 0.20 each. The target was AUD 4 million. The listing announcement says the company raised more than AUD 3.3 million.Read the prospectus
That was only the first round. Another placement raised AUD 1 million in 2009–2010. A further AUD 3.215 million arrived in 2011. Across those three disclosed share issues, the company brought in more than AUD 7.5 million from investors.
Then comes the part investors deserved to understand. The 2011 report says the company earned no revenue from mining activity. Losses rose from AUD 800,340 in 2010 to AUD 1.627 million in 2011, then to AUD 3.031 million before minority interest in 2012. By that point, the directors warned that the company needed still more debt or capital to continue operating.
Money came in. Mining revenue did not. Losses climbed. Then George's own name appeared across thousands of hectares in Chile.
The available records do not prove that Mono or MGT money paid for the Chilean claims. That missing link is the central question: after more than AUD 7.5 million was raised in Australia, who financed George's personal mining portfolio in Chile?
Selected capital raises
Consolidated losses
Figures are drawn from Mono/MGT exchange filings. The bars compare the displayed values; they do not assert that every dollar raised was lost.
AUD 1.835M
prior-year loss increase disclosed in 2012
The options problem
An AUD 1.835 million accounting error made the earlier loss look smaller than it was.
MGT's 2012 accounts disclosed that share options had been accounted for incorrectly. Fixing the error reduced opening retained earnings by AUD 1.835 million and increased the previous year's loss after tax by the same amount.
George held 4.25 million options and 4.482 million shares in the later disclosure. The correction was not attributed solely to his options, but he was a director and a major option holder while the incorrect accounting sat in the company's books.
Open the 2012 financial reportPeople and structures
Follow the sequence: investor money in Australia, then claims in George's name in Chile.
Australian public-company branch
Mono / MGT Resources
Prospectuses, placements, shareholders, losses and director options.
Public-company promoter, director, shareholder and option holder; later named personally in Chilean concession records.
A major MGT shareholder and option holder in the Australian company record.
Managed the company's principal mining interest and held shares and options.
Named with George in MGT's director and related-party option disclosures.
Named in the same option and governance disclosures during George's board tenure.
Personal Chilean branch
George Monemvasitis
Named personally as concession applicant or holder across Coquimbo and Copiapó.
The documents do not show MGT owning or paying for these Chilean claims. They show a sequence that demands an explanation: George left an Australian mining company after repeated capital raisings and rising losses, then accumulated a substantial Chilean portfolio in his own name. Who paid for it?
The enforcement record
George secured the claims. Then seventeen of them reached enforcement for unpaid fees.
On 25 September 2019, a Chilean mining publication issued the official list of exploration concessions with unpaid fees for 2018–2019. Princess Jordanella 1 through 17 appeared under George's name. In plain terms, every numbered claim in that group was listed as owing the annual fee required to keep it in good standing.
The same publication reproduced an order from the Fourth Civil Court of Copiapó: concessions that remained unpaid after the legal deadline were to proceed toward auction. The publication does not reveal how George's entries finally ended. It does not say whether he paid, lost the claims or allowed them to lapse.
Open the unpaid-fee publicationThe complete chronology
The paper trail, from the 2008 share offer to the 2019 enforcement notice.
George invites the public into Mono Resources
The prospectus offered 20 million shares at AUD 0.20 and sought AUD 4 million. George signed as chairman and described the investment as speculative.
Source →More capital, no mining revenue
The company raised further funds, including AUD 1 million in a placement and AUD 3.215 million in 2011. Its 2011 accounts said no revenue had been earned from mining activity.
Source →Director options and rising losses
George received or held millions of options while the group reported growing annual losses. The 2012 accounts also corrected earlier option accounting by AUD 1.835 million.
Source →George exits the board
MGT announced that George had relocated to North America, retired as a non-executive director and would remain a significant shareholder.
Source →His name spreads through Chilean mining registers
Old Fotios, Kirgiz, Vaquita, Princess Jordanella and DANI claims appeared across Coquimbo and Copiapó records under George's name.
Source →Princess Jordanella reaches the unpaid-fee list
The official mining publication listed the numbered Princess Jordanella concessions among exploration claims with unpaid fees for the 2018–2019 period and reproduced a court order directing delinquent concessions toward auction.
Source →Questions George has not answered
More than AUD 7.5 million was raised. Where is the producing mine?
- 01
Who financed the Chilean applications, surveys, legal work and annual concession fees?
- 02
Did any Australian company, shareholder or investor money support George's personal Chilean portfolio?
- 03
What exploration was completed across the 7,055 hectares and what commercial result followed?
- 04
Why did the Princess Jordanella concessions reach an unpaid-fee enforcement list?
- 05
Were the arrears paid, were any claims auctioned, or were the concessions abandoned?
- 06
Why were so many claims given names that appear to echo members of George's family?
- 07
Were the Chilean interests disclosed to people funding George's other ventures?
- 08
What assets, reports, geological data or sale proceeds remain from the Chilean campaign?
Bottom line
Strip away the corporate language and the pattern is stark.
Investors put in more than AUD 7.5 million. The company reported no mining revenue for 2011. Losses climbed. An accounting correction added AUD 1.835 million to the previous year's loss. George left the board. His name then appeared on 24 Chilean concessions covering about 70 square kilometres. All seventeen Princess Jordanella claims later appeared on an unpaid-fee list.
Those are the documented facts. The missing middle is George's responsibility to explain. Who paid for the Chilean portfolio? What exploration actually took place? What was discovered? Were the overdue fees paid? After years of raising money and registering claims, what valuable mining asset was left?
Scam?
Primary record set