RE: Reminex - water solutions27 Dec 2024 13:31
Follows is a post from Sept,24 re; above;
18 Sep 2024 15:08
If it is true, then OCP spending $100m on pipeline from Coast shows the seriousness of the water shortage problem. This could and should have been on the cards for EML 2, 3 years ago.!. It is called Risk Assessment Management. In Jan '22, Reminex was awarded a pre-construction design contract. A leader in their field (!). The first item on their agenda, copied from the RNS;
'The scope of works included covers the following packages:
- Package 1: Water supply solution to mine site.'
Obviously this firm has no credibility whatsover. Drought conditions had already started in Morocco at this time, and GW was a major talking point, everywhere. Except of course at Reminex and EML.
Capex at this time was 'sold to us' as a 'low cost' Capex mine. From memory, around $350M. We were also told various Banks had signed MOU to offer the cash. The FS of mid '20 stated EBITDA of $300Mpa, and a Cash payback period of under 3 years. If a budget had been done for a Coast pipeline, it would have been less expensive than now ( presumably). And, of course, allowing EML to sell surplus potable water to whoever. KMP would have bettered those forecasts Some on here may remember when 'water' became the problem, I suggested either a Desal plant at Coast, or at site, and pipeline the water, or even, as a last resort, Bowser the water to site. Bowsers with 6000 gallon capacity can be used, and since the mine already has license for HGV movements, this should present no problem. It can still do that now.
The only solution that appears to be on the cards now is a deal with OCP. Either as a JV, or T/O. But if I were OCP CEO, I would just sit and wait for the 'firesale'. One coming to your area soon. Guarantee, if the latter happens, Graham would be on OCP Board.
What is certain, from RNS to date, that the only 'solution' to water supply was the use of 'grey water', if indeed that was a Reminex idea. What is certain, is that 'drought in Morocco' was not discussed and meaningful solutions put forward. . In a reply to Ideas, the following day I posted this;
'Your comments re; the 'ownership' of Reminex, only reinforces any argument that subterfuge is at play here. Obviously, The King and senior members of the Court, will have been well aware of the drought conditions, and the effects of a prolonged drought in 20122. . When 'water supply solutions was the first item on Reminex agenda fro their 'Basic Engineering' contract, it is unbelievable that alternatives to Dam water supply, were not even mentioned. Reminex must have known that relying solely on 'waste water recycling' would be insufficient, ( which wasn't mentioned in their final report), especially with the fact that OCP already had Coastal Desal plants working. !!!'
This is probably a key debating point for the prosecution of this case.