Member Info for Ideas

Thank you, I don’t disagree that it would be a helpful tie up and hope we’ll see the RNS.

I just think that it’s hard to see that in 20k staff plus subsidiaries they have no relevant mining experience, or couldn’t simply hire a full team in 6-12 months, which we’d presumably have to do also if it’s right that we’ve basically got a board, c-suite, outside advisors and only very limited operational hires (e.g., social media, an essential expense for any pre-revenue miner!). ; )

Appreciate Graham has some knowledge but how deep is our experience really? Many of the reports, designs and studies have been compiled by outside suppliers (one Moroccan with ONHYM links). OCP has pockets to instruct all the same people and some are I believe out of contract so would have no conflict of interest presumably to simply take the instruction and churn out the same advice, examples:

https://www.pillsburylaw.com/en/lawyers/james-campbell.html

https://www.barr.com/Project/process-and-plant-design-for-potash-mine

Golder also had a live case study describing past work ‘done’ but has taken this down.

I’m still not persuaded by what you’re saying as to why OCP couldn’t instruct all of those and crack on, while leaving us to simmer as per a frog in warm water?

Thanks again for the reply.

Beyondthesea, thanks for your useful thoughts and commentary. I do have one question on the substantiation of the claim below, which doesn’t seem to match what’s in the Internet:

Beyondthesea (Today 15:04)

"OCP have the blocks but no mining licence or experience"

Wikipedia

"The OCP Group (OCP S.A.) (formerly Office Chérifien des Phosphates) is a state-owned phosphate rock miner, phosphoric acid manufacturer and fertilizer producer.

[...]

OCP has access to more than 70% of the world's phosphate rock reserves.Initially a mining company, OCP diversified in 1965 to become a phosphate processor, making it the world's largest fertilizer manufacturer.

[...]

The group employs nearly 23,000 people in Morocco and a number of international subsidiaries.

[...]

The OCP Group was founded in Morocco in 1920 as the Office Chérifien des Phosphates following Royal Decree. Mining production began in 1921, when it began extracting phosphate rock at its first mine in

Khouribga."

****

Beyondthesea, could you elaborate on how you see that OCP is behind because it has "mining licence or experience"?

To my mind it's a 6bn USD turnover state miner with a huge depth of staff and subsidiaries and the state connections to pretty well print its own mining licence, whenever it wishes.

By comparison, we have zero turnover and our mine and experience exists only in Powerpoint slides.

I can't see them being at any real disadvantage or taking three years to get an ESIA if they want to get on? Do you feel differently on this?

It may we be handy for them to use us in a way that works for us but I'd see that as a lucky coincidence only!

Graham said 2-3yrs ago in a previous podcast type interview that they had approached OCP and it had either shown little interest or rebuffed then and so they were going to get on with their own stuff and OCP knew where they were (all from memory and in the past, which may be outdated, dyor).

A link with translation here:

https://medias24-com.translate.goog/2024/01/22/ocp-lance-un-projet-dexploitation-de-potasse-a-khemisset/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

What I think it does highlight is the EML should have had a tie up with ONHYM. ONHYM was on the committee that refused our permit; seeing this, it would presumably have been conflicted in playing a part.

In good news, it suggests that mining will be authorised in the area. Must we wait for them to go first (how long?), will the differentiates permit allocation because OCP has developed a new process that outside our resources as a small company, if we shut, who will buy out our assets. I wonder? Or do we become a happy customer of their processing plant once the country can say it’s self sufficient and not dependent on an outside company?

Hopefully a local administrator buying 2.5m shares. Could also be Santa buying in after a busy week.

Unbelievable that the legal system there means that they can be left hanging, seeming like we are, and feel there’s nothing they can do about it, even with an ex-ambassador who would have secondary relationships on the Board, above our operational people and their counterparts.

Siriusly been left hanging here.

The website says, “accelerated pathway to development”. I’d like an accelerated update. RNS, blog, whatever; they can’t say they’re too busy for it!

I don’t see anything leaping out in the Thursday meeting - it doesn’t appear to be an investment committee meeting:

https://www-maroc-ma.translate.goog/fr/mobile-actualites?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

I do wonder if Aghmir is the other early investor, ‘Makes’ - something fishy!

The new envoy is an ex-channel 5 news presenter turned lobbyist.

Unclear if he has any ties or knowledge of Morocco or if the role extends to in-country business as opposed to pure exports. In contrast to my post below, I couldn’t see if he’s a replacement or addition.

Can only really hope the King was partial to a Ch5 lunchtime news bulletin circa 2000.

https://en.wikipedia.org/wiki/Rob_Butler_(politician)

Graham will need to raise some dining expenses.

The new guy may be completely unfamiliar with the brief and any previous efforts left with the old guy.

We may be more exposed to what else is on the in-tray agenda and where we fit in.

Some jobs take 6 mths to acclimatise beyond the most pressing issues.

Graham's draft xmas message:

1) We don't know any more on why the permit is not forthcoming or when we will know more - we know the authorities are very busy;

2) Except those who refused the permit application, everyone in government continues to be very positive about the project;

3) I won’t say ‘imminently’ after being caught out before, but save for anything in paras 1 and 2, we remain very confident the permit will be forthcoming in the short to medium term.

Moroccos main interest seems to be to get Moroccan food produce in uk shops:

https://www-maroc-ma.translate.goog/fr/actualites/marocroyaume-uni-deux-economies-extremement-complementaires?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

Could well be. I’ve seen a few jump ship on other AIM stocks but you’re right that we don’t know morals.

I suppose it varies with respect for own reputation and concern for the CV and next job, which is not universal.

Thanks, that’s helpful. Shame we’re not getting ours out!

Whatever the final decision, I am continually surprised by the months in silence when the legislation says an appeal decision should happen within thirty days.

Accepting we’re not a native Moroccan entity that they want to champion, it’s not as if we bought the land and then sought a change of use; if I’m right, it was sold to us as a mine! All we’ve done is implement the purpose it was put up for sale for.

In or out, we should be approved or knocked back quickly.

Perhaps there’s more to it but it does make the jurisdiction *appear* completely unstable to trade in, without that better understanding.

So far no directors are standing down, which can happen in a sinking ship, so you might infer that they must believe it’s going to come through.

Still, I’m freshly amazed by the delay, every week. Any government assurance as to when they will announce would be corporately-humane (a contradiction, I know) and greatly help.

The plants will be in a different region but FYI:

https://www-maroc-ma.translate.goog/fr/actualites/laayoune-12-mmdh-pour-la-realisation-dune-station-de-dessalement-et-dautres-projets?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

I agree, Chariot et al have given 25% for free because it’s part of the legislative framework. We have fallen into an awkward gap where there is no such requirement and we are effectively on OCP’s ‘patch’.

OCP were unhelpful in RoboCop and I would say May be here also. The quicker we can point ownership in line with established conventions the better to my mind; this is the kind of ‘environmental’ problem that no water plan can fix.

If EML sells the govt 25% non diluting equity for £4m, I'd imagine it will progress.

Fake it ‘til you make it! Ha ha

I don’t think there is any great change in ‘reality’.

We got knocked back in July. We appealed. After two meetings in the prior quarter, no investment meetings have been published at ministerial level for anyone since.

It’s unbelievably frustrating but what’s the change in ‘reality’ since July? It’s been a void.

Water reserves increased from 23% of capacity to 26% and the agricultural sector moved into modest growth; incentives to promote growth, including access to fertilisers.

https://www-maroc-ma.translate.goog/fr/actualites/campagne-agricole-2022-2023-une-croissance-previsible-de-3?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp