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Agree with this, only adding that the investors could call for a voluntary liquidation to lower their losses if they lose confidence.

The other thing that could be negotiating is a sale to OCP if they’ve made it massively clear that they want to mine Khemisset and will not tolerate a neighbour. Likewise cutting a deal to licence the KMP to OCP to ease its water concerns.

If OCP has the sway to stall the CRUI decision, then anything could be going on (also nothing!).

To the comment below about weekly CRUI meetings, I have a feeling they break from July to late September but haven’t found the reference again. May or may not help explain the delay.

Interesting, joking aside, that American Jacobs Solutions Inc., with $14 billion revenue in 2021, entered the local market as a JV with OCP (JESA).

Is that telling us it’s a gated market, as clearly they had the money to enter alone, and what we needed to do, whereas Graham said on one of the podcasts (paraphrased), “we don’t need OCP as we can sell worldwide and OCP can come to us if it wishes”.

One company choosing JV doesn’t mean it’s required but we’re all saying variations of, “what’s going on?!”.

Surely a misstep somewhere here…

Graham could be busy interviewing at OCP’s subsidiary JV, JESA: Technical Project Manager (Khemisset)

Is your chart foreseeing when a permit to operate will be issued (the only real price affecting event)?

Agreed, exactly.

When AJ27 says, “You pays your money and you takes your choice.”, it sounds like you’re buying a raffle ticket. Risks exist in everything so this can’t be risk free but there have been a lot of specific and direct representations that there is regulatory support and imminent permitting.

When you look understand that half of applications are rejected and this type of application is normally granted in 2-3 months, it’s hard to see how Graham could ever have made those claims truthfully, transparently and in good faith because the application has been out of normal process for nearly all of the years since it went in.

Thanks Beyondthesea.

I was thinking particularly about the investment approval meetings themselves and the composition of the committee. If the committee comprises parliamentarians, which I think from memory it does, and those are on holiday, do we know if any investment meetings are going ahead, rather than the office being open for basic queries, lodging new applications, etc. ?

Did your local journalist person ever find anything meaningful, from around this time last year?

From memory, I think the local Parliament closes in July and reopens in late September.

Has anyone recently looked into it and does this apply to the CRUI also and mean that early October is likely to be our first window for any news?

The company should arguably be telling us this but, there we are, and thanks in advance for any replies.

One medium (100 g) banana apparently contains 358 mg of potassium. Maybe a farming licence would be easier … shallower pit for one thing.

Really hope that the person buying in today knows something good is coming

Agree there may be no one standing over a cauldron, however, they don’t need to actively ‘force a solvent and well funded company with no bank debt into liquidation’ - disinterest and passage of time alone are enough.

For integrity, the Board should take less salary in a company like this with no income and when they’re sitting on their hands to at least some extent.

Very hard to imagine they’re using 100% resource capacity and, while variation is normal, this has been the case now for some time with things on hold.

Great … now the King has an interest in phosphates. Hard to top that!

Given this has been through once and people will be familiar with the basics of the project, the continuing timeline allows ominous concerns.

I keep wondering if any approval RNS will add that ‘we’re delighted to announce that the government is taking a 25% stake in the project “ (for free - and btw we’ve already used a lot of equity in staying afloat)

At least it wasn’t the NOMAD bailing!

Agree. It’s seemed beyond Rupert’s reach. GSM could really be strategic investors if they get this through and funded.

The idea it was being passed back for waive-through-approval is still possible. Reasonable to expect the application will have to fully justify things. Small chance of skulduggery.

Seems we move through each of these being most likely as time passes. Feels we’re beginning to pass the first assumption that we might be waived through and onto an assumption of arms length review.

To be fair, if it’s done in another six weeks, will be very tolerable compared with the historic delays. Feels far more on the record now and that’s positive. Investors flying in also adds positive pressure.

GSMs appearance seems to confirm that either a company approach, or a company + Rupert / ex-ambassador approach aren’t enough and you could go further to suggest that there’s genuine concern of an impasse. What EML alone can bring to the area appears insufficient, at least not sufficient to allow it to chance. Hayden’s heyday very much in the rear view mirror now. I wonder if Graham got OCP’s well connected back up by saying (roughly) that he wasn’t bothered if they didn’t wish to deal and would carry on without them. Must be some reason if they don’t like us.

Good reason. Who knows but at least that makes some sense.

Exits the last three days - seems more than a Friday thing. I wonder why now if July / August has been on the cards since the new application went in, making the delay frustrating but not news.

Nearly.

https://www.insider.co.uk/news/scotland-at-risk-water-shortages-32644022

Scotland faces water shortages unless immediate action is taken to make the country more resilient to drought (2024)

https://www.bbc.co.uk/news/uk-scotland-highlands-islands-65928250

Warning Scotland faces threat of water shortages (2023)

https://www.bbc.co.uk/news/uk-scotland-south-scotland-61864347

East-west split in Scotland as water scarcity threat grows (2022)