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@mrjinx why wait for the £1 party? Come to Leeds we'll get on it this weekend Ha!
The final approval permit meeting is open ended which is where the problem lies. The Government can leave it indefinitely without a reason or explanation to us. If we were a cash flow business it wouldn't matter too much, however as we only have income from equity raises and daily 'keeping the lights on' costs time is not on our side and it is a war of attrition we cannot win.
Aren't S04 bust now after saying beginning of October last year they had "loads o' money" (Harry Enfield style) to bust end of the same month?
@kimhappy spot on.
Brilliant points @testpack and @ideas gonna give it until end of q1 and if no permit take my little profit and sell up. Morrocan Governmet (OCP) will take this and are delaying the final meeting deliberately. Most are too emotionally involved to see the red flags. Hayden has distanced himself nicely.
Don't even know why he has been hired since financing was Hayden's area? Does he have any input in EML still if so what?
@Chisler thanks
Is the £40 million investment available to spend or is it in escrow subject to the permit being granted? From what I've seen it doesn't say either way. It will be interesting to see how the debt finance will be secured wihout the permit too.
Thought Hayden said no placing for "this year" which was 8th October 2021 (podcast) we are now February 2022 with ongoing indefinite delays to construction commencing, and keeping the lights on daily outgoings. Would be interesting to see balance sheet now.
So Government owned OCP are wanting a potash mine (11 exploration sites) however none are viable, except ours. Can anyone explain the benefits of them "cooperating" with EML rather than just buying us out and building the mine themselves as we've done the hard work in terms of studies (feasability, environmental etc.)
@Ideas do you have more info about the plot OCP are wanting to mine? Do you know if this is our seam of potash too? Ta very much.
@OOSM your definition of starting differ to mine and Grham's.See the following quote from GC taken from the link below. "The company plans to start building the potash mine, Africa's largest, by the end of 2021 and expects to start production in late 2023, Chief Executive Graham Clarke told Reuters" https://www.reuters.com/article/morocco-potash-idUSL1N2KF159
He didn't just announce the permit was imminent he also specified a time line thereafter including beginning construction by end of last year.
The truth would cause a panic and slump the price significantly. Staying quiet is lesser of 2 evils.
@minded great point to be fair about the markets in general especially equity. Hopefully people buy the dip.
I always wonder if bad news is coming after such a drop. Clearly the permit delay is down to the Government not EML. I still believe we are being shafted behind the scenes either for more bribes or to run down our funds for OCP takeover IMHO. No coincidence that 2 weeks after the 'imminent' RNS we appoint a DIPLOMAT! As always i hope that i am wrong!
Looks like the new unofficial deadline is end of March. I just wonder what the consensus would be if still radio silence and no permit by then?
@OOSM thanks for the posts explaining more about the permit. Hopefully any doubts i have will evaporate once the permit lands.
If we are still waiting April/May with still no word that will be 18 months from submitting (November 2019.) I would imagine even the most loyal of holders would be having doubts by then, not to mention a sub 6p share price. As always i hope i am wrong.
Yes Mr Jinx, or any other government owned company.