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Communication is truly awful from this company, it is sporadic, vague, lacks detail and more than often raises more questions than they answer. There doesn't appear to be any urgency to expedite things or push for answers and dates from the government decision makers. I accept the KMP was a great piece of work and potentially a game changer but at this rate there is going to be no game to play. Why can't EML just make it clear and unambiguous what is happening, it's not too much to ask.
Can't help thinking we're being played. I've always thought that there are dark forces at work holding EML back from getting all the approvals required to progress. Something doesn't smell right to me.
Agreed, Trev.
Only uncertainty is whether Grahamâs knows the timing or whatâs required.
We have been played when you read back, so is the Pied Piper Graham, the approval authorities or both - Graham hired a PR specialising in crisis management and the RNS are too vague to use, as you say, so there is spin from Graham, at a minimum!
Yes i feel the same trev.
Bewildered.
still hanging on tho.
wont sell/
chisler
On the basis of the last 2 years the quarterly update, should come within the next 2 weeks. Re-reading the quarterly update from this time last year and 2 years ago, does make very sombre reading as we still still await the ESIA.
The update needs to be very detailed and clear, and not vague. It needs to tell us shareholders what the timeline is now for a decision by regional. The company was stating a year ago that their efforts to finalise the remaining outstanding items with the relevant authorities in Morocco was being rewarded with 'constructive meetings and encouragement from the various agencies involved'. They were then confident that national would award the ESIA.
Surely now with the extra revisions/improvements and the referral back to regional they can now fully provide regional with what they need to finally award the ESIA.
What an award of the ESIA would do to the share price is anybody's guess. For now the market is much less confident of the award coming soon than it was in early 2022. What I am trying to work out now is should all long term shareholders be more confident now that this is finally coming, as GC must now have an extremely clear idea of what they need to revise to finally get this over the line?
I have believed RNS's from GC over the years, only to see things not come to fruition, I think the 9th January 2023 RNS where he stated ' I am confident we will be able to provide some substantive updates over the course of Q1, and that 2023 will be a transformative year for Emmerson' really does spring to mind as I genuinely believed then that the ESIA would drop before end of March 23.
Now a year on, I really don't know what to make of it all. I guess the market doesn't either, hence the drift here.
I took the decision to stay invested a while ago but like many long term holders my average is over double the price today, just have to hope that GC for all his endeavours can finally at last get the ESIA awarded.
Such a hurdle overcome it would be, really hope it comes soon.
Nope. Just the same weary non-news and an awful lot of opportunity lost.
You havenât missed any news, itâs the slow painful decline that comes after each false dawn. The only news to lift this from the doldrums is the approval of the ESIA and if and when that lands I suspect it will come with a whole load of conditions. 3 years on from what should be a ninety day process. God I hope our patience is rewarded after all this time.
Have I missed some bad news, or is this the pre end of Tax year / isa sell off?
graham clarke is a clown. end of. if we as shareholders, with all his bull**** and made up timelines canât take him seriously, what makes anyone think that those in government view him any differently? itâs staggering heâs still in post.
Thanks for this Beyond the sea, whilst not strictly confirmatory in my view it does show the direction of travel in relation to the approval and the fact that it has in effect been signed off at National Level, which must make it more tricky for the local council to throw out. Emmerson need to get on ASAP and get their revised application in demonstrating significant reduced water usage. Some proper clear unambiguous comment from EML is required setting out its revised time scales etc.
I fully agree with your sentiment. Hayden should have remained in post until all the permits were approved and the finances signed off. GC is the right man for the build and operational aspects but not CEO material pre build. Nothing against the guy but the negotiating and operational aspects require 2 very different skill sets. Letâs just now hope that the KMP process is the game changer that gets the ESIA approval over the line.
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 âPotashâ project, which was licensed by the British company Emmerson PLCâ 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 âwaited to receive environmental approval during the second half of last year 2023 but the relevant ministerial committee has not recovered for that purpose.â
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 donât 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 theyâre overwhelmed. By CEO, it should be possible to handle pressure and communicate about it.
I think Grahamâs out of his depth and that it was an ill judged and overly technical hire by Hayden; doesnât mean I think badly of Graham but Iâm not seeing the gravitas (and itâs 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 youâre quoting. EML ESIA RNS are too unreliable.
Just one, âThe 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.â?
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 Testpackâs 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 leastâ 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
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