Member Info for Ideas

FYI

https://www-maroc-ma.translate.goog/fr/actualites/reunion-du-comite-de-pilotage-du-programme-national-dapprovisionnement-en-eau-potable-et?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

I’m assuming there’s a parochial element to it where like here people simply say yes but not in my back yard and won’t be persuaded (planning analogy, thinking of fracking, wind turbines, etc.).

I think this is why Graham feels he has a chance at the higher table, but it’s only my take.

No idea and you shouldn’t trust if I say it will it won’t. ha ha.

If we’d seen the local Rabat CRI ruling, then that could shed some light. What Graham has said all along that he’s had high level support could also be true; this might be the biggest thing in our world but only one of fifty projects up for assessment whenever the next meeting is and the government might like to bunch them to make the biggest jobs announcement. On the other hand, we’ve never heard warm words from OCP - are they needed?

Anything could be going on in decision makers minds and any hurrying Graham does may in his mind risk irritating the very people who have to approve and some of whom may not have supported the first time - but of a tightrope I’m sure.

In my mind, it’s like a Planning appeal for some project in the UK context. Anyone’s guess.

The Regional Investment Commissions are a one stop shop created to fast track approvals, and reformed in 2019 to remove administrative bureaucracy, so it’s hard to see that they lack capacity to make approvals - its their reason to exist.

The Regional Investment Commissions are a one stop shop created to fast track approvals, and reformed in 2019 to remove administrative bureaucracy, so it’s hard to see that they lack capacity to make approvals - its their reason to exist.

I looked up, summarised and linked to the ESIA legislation on 28 July below:

https://www.lse.co.uk/profiles/ideas/?page=4

Article 37 of the ESIA law 48.17 is an appeal provision. I won’t repeat the summary here because you can read on the link above and make your own assessment and go to the source and read directly.

It’s clear in my opinion that they couldn’t approve it because not enough people voted to approve it - in plain language, that means to me that it wasn’t approved.

No, I don’t think you’ve missed anything.

I think they’re saying that they’re going to brazen it out and ask for a different answer to the same question. In fairness, an ‘appeal’ would normally have to be on the same facts, etc., so not crazy but we have to hope they’re thinking of some other sweeteners.

Yes, accept they’ll have a reason. Maybe they’ve also just written it off for an all or nothing. I’m noticing it but you’re right that we shouldn’t put any weight.

For my part, I would like any dodgy deals to include a local that can open doors. If Graham takes his salary, he might use the coffee break to look at phosphate batteries also as the country seems to be going mad for that sort of thing at the moment and takes us out of the shadow of OCP, which they may well see as adequately doing the potash thing already. Anything to get a sign off!

Fair point, he’s as good as said no work streams are progressing until the ESIA is issued, so it would be a good RNS for him to issue that he’s taking a 50% -75% pay reduction until such time as the project restarts.

Burn rate conservation must be his chief responsibility if timing of regulatory approval is outside his control.

There’s a new national investment framework that came in around the time of our local approval refusal.

- First meeting 24 May 2023

- Second meeting 20 July 2023

- Parliamentary break until September

- Third meeting hasn’t happened yet

The old meetings that took local regulatory appeals seem to have ended and this new framework means that it’s reasonable that we might not have made the agenda for the first two meetings, if they are the right forum (they don’t talk about appeals in the minutes).

If it is all in that forum then it’s not necessarily out of reasonable time, even if from our side its completely unreasonable! What we still don’t know for sure is that it is that forum.

Here are the previous minutes:

https://www-cg-gov-ma.translate.goog/fr/node/11244?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

I think they’re saying that there are no “significant outstanding issues” to deal with for or before the ministerial decision, Kim.

If it reads that the ESIA is not a significant outstanding issue, then I think that’s not intended.

Talking up the earthquake is just filler copy; the charitable contribution could be made with a nominal amount. Still, it’s good to hear that none of the ant hills or grass in our field fell down!

One unsaid take out is that the special investors haven’t sold down their stake. Firstly, I hadn’t appreciated that they had accumulated so much as 15%. Secondly, they have a direct line to Graham with full transparency.

Everyone has to sail their own boat but it’s interesting that they have held and are in good enough terms to have given a testimonial, even if it’s bizarre to do so, it shows some understanding or recognition on their side.

A Thursday Government Council meeting signing off regional devolution in education:

https://www-maroc-ma.translate.goog/fr/actualites/conseil-de-gouvernement-approbation-dun-projet-de-decret-relatif-aux-aref?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

Doesn’t prove anything for us but suggests the Government can continue some business as usual, as well as the important rescue efforts.

As stands, the Strategic Investor will fall away at the end of this month because we won't have all our finances and other preconditions for investment signed off.

I had thought we'd be liable to pay under Convertible Loan Notes but, so far as I read, this is only triggered when we've drawn down on the $40m by satisfying the criteria, which we haven't yet done.

The investors have warrants that they can exercise by the end of the month but those are at 8.2p, so the risk of solution seems low to me.

If I'm reading all of this right, this is potentially good news for us because it means that we can free up that 30% of the equity to bring in the Moroccan government or someone they approve.

Source: https://www.lse.co.uk/rns/EML/renewal-of-strategic-investment-equity-placing-a71mgwl06nekylq.html

If it’s right as claimed that we’re in line for the next relevant inter-ministerial meeting, then what you’re saying is that there would essentially no meetings on economic investment for months; that could happen but it doesn’t seem a default to me, at all.

You may be right but, I think a balanced view might be to wait until at least the immediate aftermath of the quake had passed and then it will become clear if government meetings are proceeding as normal.

Personally I think it’s very early to make sweeping statements for the months ahead, either way.

Good that the business still cares about the share price; you can RNS as freely on all matters, you know EML!

Very sad news for all affected.

Governments often continue while rescue and aid teams work very hard, so both move forward.

Thanks and sorry also to be snarky - can’t edit after sending here!

No great shakes but there is a difference in the recent pattern. As you say, it’s not necessarily meaningful and at this level can be one person alone - I was just curious.

Daily

Volume

^^^^^^

5 Sept 246k

6 Sept 85K

7 Sept 2.2M (AM only)

Yesterday there were 8 trades, all day.

Today there are 21 trades by lunchtime.

There is greater activity because 21 is greater than 8.

I didn’t say there was a big surge. I’m just asking if anyone recognises the nearly 300% increase in activity over half the time. Hopefully, not too offensive for you Matador that I might be curious given the circumstances.