Member Info for Ideas

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.

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!

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!

Hi Chisler, yes it gives them something to be useful but the government can still choose whether to deal with them. The patent is only for one way or doing things and only an application. OCP could offer to licence the technology, ask the university its working with the apply the same ideas in a different way so as to obtain the outcome without infringing the patent, or challenge the application as obvious. I’m not saying that they would do anything unhelpful, but we just don’t know either way.

To paraphrase George Lucas:

Lando : [we had a deal]

Darth Vader : I am altering the deal. Pray I don't alter it any further

“Can't be that difficult…” for the government to let the application keep sliding, as EML has no (visible) leverage

Classic, thumbs up

Idg69, can’t resist your quote a few days ago, “I'm […] 55% down over 3 years” when asking if that’s sarcasm or distrust of charts when you say you “didn’t get were I am today without the precise agreement and understanding of ‘macro asymmetrical descending triangles”?! Ha ha.

Hope so!

Two bits of news FYI:

1. A presentation by the Minister at the House of Representatives Mining committee happened earlier today:

https://www-maroc-ma.translate.goog/fr/actualites/le-secteur-minier-une-composante-essentielle-de-leconomie-nationale?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

Reads as encouraging for the sector and a little ominous the number of references to 'national industrial sovereignty', as we could fall outside that definition. Also talks of rewriting the mining law; we don't need any more regulatory concerns (e.g., a mandatory 25% JV as per oil and gas).

2. The House of Representatives has closed for its first session of the year

https://www-maroc-ma.translate.goog/fr/actualites/chambre-des-representants-cloture-de-la-premiere-session-de-lannee-legislative-2023-2024?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

Looks like the second session ran from around mid-April to the end of July in other years.

Legit question below, not a flame war:

Curious:

If you’re a chartist on a small volume stock, you post what you see and other chartists see the same prediction and buy accordingly because they know the signs or read the chart.

On a small volume stock, to what extent can it become self-fulfilling as amounting to an organised buying pattern, say if a chartist is v popular / influential?

(saying small volume as I expect the logic would fade the greater the volume)

There’s a lot of percentage movement but the buys are quite small and we’re coming from a very low base.

It’s being going now for so long that (for me) until we see the ESIA or a signed deal with OCP, it’s still betting because no one knows anything. Exceptions are if you sold out before and can come back in or are day trading. Many will still be sitting on a loss, which I suppose also dampens enthusiasm.

Haven’t been reading twitter but is it down to ramping? I’m imagining 3-6 mths to agree any deal with OCP - far too much ‘boy who cried [were nearly there]’, but very much hoping it’s asap, so we can see the proof and can get back to building a business and out of A&E!

Agree with you though, massive shame all this rally and we can’t universally get the party poppers out! Ha ha

As said earlier, if you’re a LTH you’ll the know the possible range is from sky high to six feet under.

ESIA will see the real price movement and I think the the time to go back in. As Testpack says, if you can see a copy of the rns before it goes in, even better. I only know the next rns will be …’imminent’, within the meaning given by this company, so who knows! ; )

i wouldn’t be surprised if they need heads terms signed with OCP before ESIA though, as that’s OCP’s leverage to get access for an unfair price.

Ferrisc, have a look at the posts below summarising the local law on environmental permits, which bears a staggering resemblance to the ministerial commission the Graham speaks of:

https://www.lse.co.uk/profiles/ideas/?page=6

You are quick to say that Testpack's comments are 'made up', but there's substantiation that lines up with them, as set out above and I haven’t seen any substantiation for the view that you are putting forward.

Perhaps you could elaborate on your own position so that we know that's not just 'made up' as well?

My own take meanwhile is that:

- they were refused and appealed;

- they've been left hanging and are too afraid to bring any legal challenge; and

- this is all done on handshakes, so that if they come back and the man from del monte says 'Yes' then it will all go through whatever the process and same in reverse (us currently being in the later camp - the man from del monte has been 'unable' to say yes).

Very good point Jinx, any appeal has to be on the original application (in any normal world, anyhow). They may have been facing a brick wall to come with this new process because no zero-revenue business designs new processes like this before they start unless they have no choice.

There is so much detail on their proprietary process here that the RNS looks like an advert addressed to curious OCP execs. I hope it is.

OCP said it's going to work with the local university to produce a water efficient process but, if Graham can have solved the water solution already and could either licence or just take and process the OCP material then he could have made EML something that it appears not to have been until now - perceived as useful.

Https://www.rabatinvest.ma/en/home/

Although, the decision made by this body has been appealed to ministerial committee, seemingly due to rule in 30 days of July under the legislation.

New legislation brought in a one stop shop investment committee at national level and that happened last week, so whichever way you look at it, we’re overdue.

Good time to write to our MPs engaged in Moroccan trade partnerships.

Graham has always claimed to enjoy government support but this level of strategic development can’t have been going on in the closet and must be known or led right at the top.

Perhaps the appeal meeting is being delayed intentionally to avoid any conflict with UK trade envoys; if the business runs out of cash first then it wasn’t ‘blocked’ by the government to favour its own but just ‘unfortunate’.

Good time for Graham to get some lawyers to look over that 30 appeal tine table from last July also, unless he’s locked in a boardroom to use OCPs upcoming processing facility in return for some other operational trade - these are the only appropriate uses of his time now, no tweets or sponsoring trade shows.

Thanks the tone reads as competitive rather than collaborative.

The nationalistic references explain why we may have been held back. The next question is what milestone it must reach for national pride to be assured? Is this enough? Would commentary on a two horse race be unhelpful and they will only waive us through after opening their mine?

Many of the claimed benefits could have been achieved with an offtake agreement, so it’s reasonable to assume this may have been on the cards and in plan and process for years - conspicuously no press release and stealth mode until now for instance and it’s claiming to have loads done here.