focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
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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?
Share price begin to dive around 20 mins after Aghmir‘s post - not to say he’s responsible as it is also a Friday : )
Appreciate that’s the language but the whole investment framework was overhauled last September into a single channel approach.
Can you see any reference to that committee ever (recently meeting)? I think it’s better understood not literally (unless you can find references) but as a delegated committee of ministers responsible for ‘piloting’ investments; the National Investment Commission meets that description and I don’t know of any other similar forum running today.
I think we have to be open minded the the CRI website says it takes 90 days to get an ESIA and we’re three years in now.
This isn't the committee meeting EML's fate is to be decided.
The committee meeting EML are waiting for is the,
the Commission Ministérielle de Pilotage (''Ministerial Committee'' or the ''Committee'')
Thank you for sharing.
This seems material to me because Graham said in July we’d be covered at the ‘next meeting’.
On my read off the legislation, this required an inter ministerial decision within 30 days and the only exception that I could see is if I’d missed legislation wrapping the process into the new Investment Commission launched in September.
Here we are having had the third investment commission meeting on 25 Jan
https://www-cg-gov-ma.translate.goog/fr/node/11636?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp
And the fourth meeting on 8 Feb, same link as in the post below but translated:
https://www-cg-gov-ma.translate.goog/fr/node/11668?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp
In the fourth meeting:
- OCP gets a mining project approved within about a month of announcing its potash play (we don’t know it’s the potash approval but we are told it’s mining);
- no mention of EML, even though they considered Mining in general; and
- the notes include text that “the head of government reaffirmed the priority that the government gives to supporting national investment” - does this mean they invest in their own national champions, which we are not, or encouraging international investment (sounds like the first pretending to be the second).
Given the second national investment committee was on 20 July last year, there was some ambiguity in my mind as to whether we had a thirty day appeal or were rolled into the next investment commission for strategic planning purposes, as the prior meeting then had been 20 July.
Now it’s clear that the fourth investment commission has passed, neither route has considered us and OCP has had an approval in what seems to be about a month that includes a mining element.
I don’t see any easy conclusion that we are not being blanked. If I’m in any way right, I assume the board’s media availability will dry up again now!
December 22…..that was a long time ago. What is the relevance?
Approval of 4 draft agreements and one agreement annex, with a total value estimated at 36.4 billion dirhams;
These projects will create more than 14,500 direct and indirect jobs.
Granting “strategic status” to 5 new projects.
The Head of Government, Mr. Aziz Akhannouch, chaired today, Thursday, February 8, 2024 in Rabat, the fourth session of the National Investment Committee, updated under the new Investment Charter, which entered into force in March 2023 in implementation of the High Royal Directives.
The committee approved 4 draft agreements and one agreement annex within the framework of the basic investment support system, with a total value estimated at 36.4 billion dirhams, which will enable the creation of more than 14,500 jobs, including 1,900 direct jobs and 12,600 indirect jobs. .
The OCP group will be responsible for implementing two investment projects from among the approved projects, within the framework of its green investment program, which was presented before the supreme gaze of His Majesty the King, may God assist him, in December 2022.
The chemical/semi-chemical industries and mining sectors lead the investment projects that have been approved, representing respectively 60% and 38% of the total amounts approved for these projects, while the rest of the sectors include the automotive industry and higher education.
https://www.cg.gov.ma/fr/node/11668
KMP is the process.
They were "confident" when submitted the appeal last July. Perhaps next RNS we need to see an upgrade to "Uber confident" !
I think we would just take a hearing date for now. Are we to believe this committee has not met once in the last 7 months and there is nothing yet scheduled in for 2024. How does it work .....send out a Group WA with morning coffee saying fancy meeting up today its been a while.
Nothing passing the sniff test here at present.
If only fair words could lift the sp! Strange that a small outfit like EML can come up with this RKP procedure that will revolutionise potash production and then provide so much information before they have the patent granted. But who am I to know? I am thinking of applying for an extension of my lifespan so that I can see a return on my investment.
I think it hopefully shows they are now more confident, he says they hope to get the ESIA soon. But of course that was said almost 3 years ago now.
Fingers crossed and cautiously optimistic.
Marketing fluff from the African Mining Indaba 2024.
Unclear if it’s paid for by the conference or the company.
Thanks both, about to listen.
It’s a good and tangible change that the directors are willing and able to show face at all!
Https://www.brrmedia.co.uk/broadcasts-embed/65c249a03fb3f51bf67d2e76/emmerson-plc-company-update/?popup=trueEML thanks metaltrack on the other board