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While Sunday browsing (which invariably sends me to investments & Emmerson), I came across this bit of news posted on a Khemisset forum.
The post is dated March 11th (the same day as the RNS on ESIA referral back to the CRUI.
Abdullah Bouano, the head of the Justice and Development Parliamentary Group in the House of Representatives, asked the government why it was late in granting environmental approval to the “Potash” project, which was licensed by the British company Emmerson PLC” in the Khemisset region.
In a written question addressed to Leila Benali, the Minister of Energy Transition, speeding up the environmental licensing of this 19-year project.
This project is expected to invest a total amount of about 2.5 billion dollars during this period, and it is expected to create about 2,000 job opportunities in Morocco.
According to Buano, the company “waited to receive environmental approval during the second half of last year 2023 but the relevant ministerial committee has not recovered for that purpose.”
The translation isn't 100% but it looks as though at least one minister is interested in getting the mine up & running.
Yet another quarterly update is due in the next few weeks. The ambiguous language used in the RNS makes it impossible to know if the announcement does genuinely make the awarding of the EISA closer or not. I sincerely hope so but the RNS is vague on detail. I don’t recall either GC or the finance director informing shareholders at any point, certainly not in their interviews in February where they said they were confident the ESIA would soon be awarded that national upholding the referral back to regional was even a possibility. s this has now happened and they are pleased I just really hope as a long term share holder that this really is a positive and the ESIA does soon follow.
Lots of helpful and informing posts recently, Beyondthesea. Thanks for taking the time to share.
Junior workers sometimes go silent when they’re overwhelmed. By CEO, it should be possible to handle pressure and communicate about it.
I think Graham’s out of his depth and that it was an ill judged and overly technical hire by Hayden; doesn’t mean I think badly of Graham but I’m not seeing the gravitas (and it’s only a personal opinion).
Agree Kim herein lies the issue when one provides the bare minimum of information to S/Hs and intentionally confusticate with ambiguous wording. Were they really "pleased" about the referral being upheld or damn right miffed it's back to CRUI as National could not approve the EIA in its current guise.
We were led to believe that they thought it was in the bag (confident) prior to KMP; now it transpires KMP is the White Knight so which one is it.
Do CRUI actually support this project, is OCP still hovering, how much more testing does KMP require to validate, have they exhausted right to appeal hence this is last chance saloon, cash position etc.
The market reaction to pleased "upheld the referral" I think says it all to be honest. If this was to be believed then there is no way we should be heading backwards.
To be honest I sway back and foe...I then think they were in the mindset 'given the last two interviews' that the approval was again going to be given by the government, not refer back. I also thought that there was an issue with heavy load traffic...theres no way around that. I cant make up my mind if Graham is just totally out of his depth or stupid or just playing the the game with the Moroccan government....or playing shareholders. Every RNS leaves more answers needed which at this stage and years passed shouldn't be the case.
I am very sceptical of anything much Graham says, nothing much in any of the RNS'S have me think that they are that promising....they are all very vague but im hanging on to this line ...Emmerson PLC on Monday said a government committee in Morocco has upheld a referral of approval for the Khemisset potash project, which is fully owned by Emmerson.
They are currently running soil trials with the new fertilizers, before it is Incorporated into a new DFS. That DFS should also increase the mine life & tonnage they will be pulling out of the ground, which all should raise the SP from it's current lows. That is the next bit of news I am expecting & hopefully the ESIA shortly after. Raising before either would not make sense unless as you suggest they need to. GC also mentioned cutting back work streams hopefully to conserve cash.
BTS - they had $3.5m @Sep 23 as per interims. Cash burn (admin costs) is circa 300k per month before any on top costs (scoping study etc). So yes I agree they have cash at the moment but it runs out in 5/6 months according to my calcs.
This raises 2 x issues. They need 12 months cash run way as at end of April in order to get annual accounts singed off as a Going Concern by auditors. This in itself may force their hand to complete a raise in April.
The other issue is they cannot simply drift close to the point that they run out of cash so will need to start putting in place contingency measures very soon to avoid this. They simply have no idea how long this next phase will take given it took CRUI 3 years previously just to get to the point of referral.
So not saying they will definitely have to raise but I believe it's much tighter than you think - unless they are extremely confident EIA lands within a couple of months......."Imminent" shall we say !
I expect it will come too Kim but not based on the RNS you’re quoting. EML ESIA RNS are too unreliable.
Just one, “The Company has completed all significant items in the process previously outlined, all in compliance with best international relevant standards, and is now awaiting the confirmation for the evaluation meeting with the EEC, following which the ESIA approval will be granted.”?
RNS 24 June 2021 (https://www.lse.co.uk/rns/EML/khemisset-potash-project-update-nlthll80q9l3cgv.html)
Logic says it should come though and … hopefully it will! Even Testpack’s in!! ; )
Sloppy, they don't need to raise, EML has enough money to last them through to 2024 according to the broker.
"Emmerson currently has US$3.5m of cash, sufficient for 'at least’ the next 12 months", added the broker. (Jan 2024).
Yep me too. It's going to happen. Without any solid news going above 3p ain't gonna happen. But that solid news and up it goes, sharpish.
Some forward selling an April raise me thinks.
Emmerson says Morocco government committee supports potash project
March 11, 2024 at 06:36 am EDT
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(Alliance News) - Emmerson PLC on Monday said a government committee in Morocco has upheld a referral of approval for the Khemisset potash project, which is fully owned by Emmerson.
Emmerson shares were up 6.8% to 2.67 pence each on Monday morning in London. They remain down 43% over the past 12 months.
Chief Executive Officer Graham Clarke said the project, whose referral of approval was upheld by the Commission Ministerielle de Pilotage, or ministerial steering committee, "will provide significant value and benefit to the Khemisset region, the Kingdom of Morocco and to the company itself."
Further, the committee invited Emmerson to update the project's environmental impact assessment and re-submit it to the Commission Regionale Unifiee d'Investissement, or unified regional investment commission. The CRUI in July had referred approval to the Commission Ministerielle de Pilotage after the CRUI was "unable to approve the application" following a recent evaluation meeting.
CEO Clarke said: "We are very pleased that the committee has upheld our referral in this matter. We now look forward to re-engaging with the CRUI to facilitate the approval of the environmental impact assessment for the project."
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
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© Alliance News - 2024
Latest news about Emmerson PLC
People still bailing, It's not looking good
The lack of clear communication from GC is very frustrating. I want to be positive but we are left very much in the dark here again.
Crossed fingers a new application was made if this isn’t imminent and guaranteed - you get on the 90 day decision SLA tracking and no one can say the right of appeal is already ‘exhausted’ if the CRUI is still ‘unable’ to award. Please update us EML.
Thanks
Woolverston - IMHO bid/ask prices are changed after (in reaction to) the large buys. The small trade reflects the new prices - it does not move the prices.
Hi Ideas, it was that Twitter account that I picked the info up from.
Can somebody answer the question.
Why is there nearly always a small trade buy of 100 pounds or less after large buys that move the share price up far more than the large buys have like today
2 250000 buys and then a small buy.
Must be very well connected to know the seller by chance. Be careful there.
Without looking, the language sounds like the account previously run by Makes on here under the name Lloyd Philips, and which I understand was renamed to Peter / emmerson potash after adverse press about the other name.
That account often seemed to know the seller when the share price dropped and it was usually for a unique, explainable reason shopping the same lines.
Maybe extremely well connected with people who say when they sell but I always felt it a bit of coincidence to know so many sellers.
According to Twitter it was a bitcoin margin call that forced the sale.
Who cut n Run..
Will it continue tomorrow?
For all your nonsense Swaz, I don’t think I’ve ever seen such rampant self-promotion in all my life. Really sad….