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RNS of 6 Jul 2023 here too:
“Following a recent evaluation meeting, the Commission Régionale Unifiée d'Investissement ("CRUI"), the regional investment authority, was unable to approve the application, and consequently the Company has exercised its right to refer approval to the Ministerial Committee, which is chaired by the Head of Government and includes several Government ministers.”
Link: https://www.lse.co.uk/rns/EML/q2-update-0hygvaqv11mh42c.html
Quoting from Q4 Update RNS and hope this helps answer question below:
"Emmerson is still awaiting the session of the Commission Ministérielle de Pilotage (''Ministerial Committee'' or the ''Committee'') to obtain environmental approval"
As anyone asked Emmerson which committee, the appeal will be heard by and did they get an answer. Save all this guessing and name calling.
Only a idea.
'Nothing goes up in a straight line (except rockets.. '
Not so, the trajectory of rockets launched from Earth to space typically follows a parabolic arc, with the rocket's initial trajectory angled upward to gain altitude and escape the Earth's atmosphere. As the rocket continues to climb, its trajectory will gradually flatten out until it reaches orbit.
If you ever appear on WWTBAM, this could be your £1million question. You will thank me then and offer me at least half of the winnings. For sure. You are that kind of guy.
Swazers - I didn't post any comments saying I didn't agree with your idea. I posted a vaguely humorous comment relating to
"I didn’t get where I am today without the precise agreement and understanding of ‘macro asymmetrical descending triangles’ they are the only triangles I fully agree with." it clearly fell on deaf ears in your case.
I'm sorry if I have offended you in some way - I have no charts or money making predictions I can post you to. I am just a humble investor trying to make a few quid here and there.
Enjoy your day and I won't post on your thread again.
Swazers - Please help me here. You said "For the record, you made your statement after I had already successfully predicted a rise of over 65% from the 19th of last month and the SP moved to my exact level of prediction, which was 3.50p. I was 100% accurate using my system of TA and overdelivered. You must exist in an upside-down realm." - when did the price hit 3.50p recently? I see from your chart posted on X that a line predicts a rise to 3.50p in late March?
1/2
I think its argy bargy weekend.
Tank, thanks for raising; its better people do and you seem to have some seconders.
It’s important not be be too cantankerous. You went further by making a personal attack, so if its okay I will respond.
With apologies if I’ve misunderstood anything:
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You doubt very much that I hold
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I invested here in 2018 or before. I hold the same or more than anyone posting numbers. I’m about 4-5p on average – was below 4p but bought a few around 9p, which was a mistake; everyone knows to sell on news but it’s harder to judge when you LTH.
You’ve been watching a ‘while’ and I see an LSE ‘lurker’ since 2010, so you must know that you could have clicked on my name to see https:/www.lse.co.uk/profiles/ideas past posts.
Five years would be a long time for me to be posting on a share I don’t own, so I’ll move on.
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My current negative view of EML is ‘dangerous’
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Thank you for challenging my approach. You’re the first I’ve heard say its ‘dangerous’ to be wary of AIM.
I wondered, ‘am I too conservative’? I asked Google what proportion of investors make money on AIM.
Here are two FT blurbs:
- ”Over its first two decades, investors lost money in 72 per cent of all Aim-listed companies, according to a study in 2015 by professors at London Business…”
- “analysing data on the 2,877 companies which have listed on Aim, they calculate that in more than 30 per cent of cases, shareholders lost at least 95 per cent…”
I was quite surprised by the odds.
I don’t now think its hugely ‘dangerous’ to express worries about an AIM company, especially for new investors who are easily be taken in by talk of ‘multibags’.
That’s as an LTH and it depends on your outlook: I agree it would be ‘inconvenient’ for rampers, day traders and ‘annoying’ if grumpy.
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I try to mask my agenda
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I am frustrated and worried about the company’s position, which I think is precarious.
EML has ongoing costs, no income and I don’t think it’s being transparent being fully open about the Government; my reasons are that there is no (recent) trace of the forum EML is asking us to wait for and Moroccan legislation contains a process that’s overdue.
I don’t know if you find it hard to read social situations, but I’ve said this already and I intended to say it straight up. I didn’t anticipate that many would be confused.
What’s my ‘agenda’? I wish we had time to plan an ‘agenda’ for a chat board! Okay, it would be to a) share information with new people that come on from twitter rampers and say it’s ‘about to blow’ (or similar), because I think it’s unkind and irresponsible not to make that available, and b) to hope to god that someone else crawling the web can find the good news that I haven’t been able to and show me and give assurance that we aren’t
2/2
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I use a ‘few links and references’ [to mask those ‘real’ intentions]
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I have also never heard someone complain that another person has shared ‘information’ to explain their claims.
I did hear a great quote that know nothing else about, “Those who believe without reason, cannot be convinced by reason’ (James Randi, aparently). Is that you tank?! Is there too much ‘reason’?
My question is, where is your intellectual curiosity tank? Where is the debate? Where were your ‘links’ to say in 2019:
“This is a world class resource at bargain basement prices. Really struggling to see why there’s so little interest here. You could easily put a case for this valuation being close to 200m, and certainty above 100m. Current value of 25m seems way to cheap… Exciting few months ahead…” (2019 at 3.55p)
EML wasn’t just offered by the Board, they sold it *very* hard. Construction to start in 2021, no less. Many drunk the ‘koolaid’ – even you!
Yes, it does frustrate me that Graham left even the Daily Mail Midas column thinking the ESIA was imminent that quarter. I think the board has gone beyond marketing and overstated at times.
I wouldn’t personally buy now, but as an LTH I’m in. If you’re a daytrader you don’t need to be reading here and can look after yourself, so hopefully no ‘danger’ of learning new things, as you put it.
I share ‘links and references’ so that others can do their own research and disagree. I want people to say, “no you’ve missed something”, and to say “here’s other information showing things are okay”.
But tank, you are in a different group. You’ve said you want less ‘information’. Suppressing debate is, to me, far more ‘dangerous’, because it allows those who wish to mislead and make money off others.
I find it very … ‘dangerous’ that you would supress debate. You haven’t really said what you’re about and perhaps that would add context.
I do want to add one apology. I thought Aghmir was a reincarnation of ‘Makes’, who previously ramped and held the Lloyd Philps twitter account. Sorry Aghmir and thank you for sharing the other day.
Thank you for calling me to out, tank; it’s important to the board in order. I will reflect on that with humility because it’s annoying if someone’s voice share exceeds the quality of their posts.
I don’t apologise for inconvenient truths, but you’ve also prompted me to ask if I’m being too grumpy where I feel exasperated with EML.
What a bizarre forum this can be at times.
@idg69 I was reading your posts. Stop trolling my thread.!! You posted a comment saying "you don't agree with my idea" Sorry for paraphrasing. For the record, you made your statement after I had already successfully predicted a rise of over 65% from the 19th of last month and the SP moved to my exact level of prediction, which was 3.50p. I was 100% accurate using my system of TA and overdelivered. You must exist in an upside-down realm.
Do me a favour and post me to your winning charts and money-making predictions. I looked but struggled to find any from you . Are you hiding them from us? All I can read is flowery words and waffle.
That should be the drought of 2021/22 (two years ago).
FWIW
The Moroccan Drought was a big deal. Low rainfall has been an issue in recent years, but last years drought was a once in 30 year event. The Government has been forced into a series of measures to ensure that more water is available in the future.
https://www.reuters.com/business/environment/catastrophic-moroccan-drought-boost-import-subsidy-costs-2022-02-18/
https://www.ecofinagency.com/public-management/1801-45153-morocco-unveils-urgent-water-crisis-plan-amidst-rising-climate-induced-stress
IMHO as regards the operation of Government, the key point is that the "Normal Rules do not Apply".
It seems obvious (to me at least) that the environmental decisions could not be made locally (although before the drought there would have been no problem).
At the national level I doubt they will make a decision, until they are confident on the results of the current rainy season (November to April).
I assume that OCP need Environmental permits also for their Potash mine. Given that they are reported to be digging already, they must be confident that these permits will be forthcoming?
Also, when the Environmental committee does meet it would be logical to consider both the Emmerson and OCP mines at the same time ?
Ideas - I have been watching this board for a while and find your posts very dangerous, especially for people who are new to investing.... You try to mask your negativity / agenda through a few links and references, but it is still horribly obvious to anyone who has been around the markets for a chunk of time... Not sure if that is due to your trade, past dealing or some other reason - I am sure you will state that you hold, but i doubt it very much....
I don’t want to nitpick on that being 2021 but I was tracking them for a while and I haven’t seen those reported for ages and it’s inconceivable that there have been no other appeals for a few years, so this should be fairly easy to find and regular because if the 30 day decision requirement, if it was still running.
I do agree that it was the right forum but it’s no longer being run and so appears folded into something else.
If it did hear appeals then
a) we would only be there because we were refused;
b) the decision would by law have to have come in 30 days.
EML should be taking us by RNS if this is in default as it may be under a duty of due diligence to appeal to the courts to intervene. I could only assume this is absent because they’re scared and have no confidence in the outcome or that it will help.
This is exactly my point, Beyond the sea.
This commission was set up to reform the CRIs to make them a one stop stop that could approve everything investment related to speed up investment in the country.
If you look in English, it describes the law that contains the right to approval or an appeal decision within 30 days.
https://www-maroc-ma.translate.goog/fr/actualites/le-chef-du-gouvernement-preside-une-reunion-de-la-commission-interministerielle-de?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp
The CRUI reform program has been completed to my understanding and this commission is disbanded. The only remaining functioning forum is the National Investment Commission and that doesn’t fit the appeal criteria, so doesn’t seem right to me either.
ESIA sits with either CRUI or Appeal decision in 30 days of last July.
EML should issue a RNS this coming Monday morning clarifying that The National Investment Commission is not responsible for the ESIA Approval if this is the case.
Ideas, have a look at the link below. It is from 2021 but the text reads & sounds like it is the committee we would have been referred to.
"This meeting was devoted to the study of appeals filed by investors concerning the decisions of the Unified Regional Investment Commissions (CRUI),"
https://www.maroc.ma/fr/actualites/le-chef-du-gouvernement-preside-une-reunion-de-la-commission-interministerielle-de
Last weeks news of the new process has hopefully changed the landscape. If you have a look at the last presentation you can see the amount of water EML wanted to use & how much it now saves. Have to say I was surprised by just how much water the original process needed (139m3 per hr), just for comparison an Olympic sized swimming pool has around 375m3.
Thinking back to the original application the changes to using waste water, dry tailings & now the process to save far more water must be beneficial to obtaining the permit.
To finish my post below, if investors could refer to ministers at will, the ministers would be overwhelmed with self-important investors and the process would breakdown.
I don’t see how this would be credible and, if it was, where are the meetings? I’m not aware of any past our present.
The only Commission Ministerielle de Pilotage I can see on Google is described by EML or in country as a special committee to review the CRI process and put a one stop shop in place.
Very hard (for me) to see a new bespoke Commission Ministerielle de Pilotage (i.e. strategic ministerial project team) being created just for EML.
Each are two different authorities but there’s no sign of a Commission Ministerielle de Pilotagein operation and the Government overhauled the investment system under one umbrella last September, so it’s anyone’s guess.
ESIA approval comes under the authority of the local CRI, which stands for something like Regional Investment Commission, UNLESS an approval is refused and then the applicant can appeal and an appeal decision must be given within 30 days.
EML has told us only that the CRI - the one stop shop established to accelerate sign off - was ‘unable’ to award and that the business exercised its ‘right’ to refer to a higher ministerial committee.
Two camps on this board either think,
A) the application was refused (sorry but were ‘unable‘ to offer you [a place at University / the job / a mortgage]); or
B) that the stop shop (set up to be self sufficient) lacked the competence to award the ESIA (notwithstanding this is one of its responsibilities).
I am in the former camp and I think the clue is that EML exercised its ‘right’ to refer. Such a ‘right’ only appears after refusal, or the Investor could avoid the one stop shop at will and forum shop.
If they buy out at +50% then that’s 4.125p a share and half the board is still sunk; isn’t too attractive!
My understanding is that the granting/refusal of the ESIA Permit Approval will be decided by The Commission Ministerielle de Pilotage.
Today's posts are decisions made by The National Investment Commission.
Are these currently 2 different authorities OR is The Commission Ministeriellede Pilotage now part of The National Investment Commission ?
Clarification would be most welcome.
Scargs
Nothing goes up in a straight line (except rockets - and we are definitely not one of those). We have to expect some pull back after the recent rise. I'd have taken 2.7p a month ago when we were sat around the 1.5p mark - let's just hope we don't go back there.
OCP will always go to the front of the queue and get preferential treatment when they're served by the nature of their state ownership. I don't like it one bit but EML have zero leverage with the government. Not a great advert for any overseas companies looking to do business in the kingdom if this is how you are treated. Anybody think we may get a cheeky take over offer from OCP in the short to medium term?
Enjoy your weekends and we'll see where this goes in the coming weeks.
Yes, I fully agree you’re not responsible.
Thank you for sharing it!
Att.Mr. Ideas
I am not responsible for what happens. I share with you the news of the National Investment Authority, sourced from Moroccan government websites only. Every time they tell us there is another committee. Can you ask yourself who is really responsible for this delay?