RE: RNS15 Oct 2024 14:28
EML's lack of clarity in the majority of RNS, has again, led to wide speculation on what the RNS means. We have to say something, it's an opinion Board. I take a more simplistic view. I highlighted yesterday, there are only 3 possible outcomes. I will not repeat them. From the RNS, paraphrase, 'we have been led to believe that the recommendation is unfavourable'. It is obvious, to me at least, that the present body, who have 'not recommended', have the full authority to award or refuse EIA. This is EML's way of saying 'we have been informed, unofficially, that the EIA has been refused'. It is now in the process of finding out why. It is the supply of water you effing morons. If it is something else, then the whole BOD, PDMR's, should resign immediately, and let II's appoint a new Mngmnt team to ascertain facts, and a way forward.
My hope is that the refusal, allows for alternative water supply to site, at some future time. It is certain that the 'communication' is not an award with conditions on water supply. This would have been a better outcome, giving empirical values of minimum water requirement from 'other' sources. I think we could have expected a RNS today giving us the facts. The BOD have had 24 hrs minimum, to at least get the facts from the Committee, on the most important decision in the Cos history.
What I will repeat, is the absolute catastrophe, of BOD and 'advisers' (lol), of not addressing the water supply to site problem, 3 years ago, when the Kingdom was already in the throws of a drought, and GW was the buzz word of the last 50 years. Yes, GW was being seriously talked about in the '70s. Conoco ( formerly Continental Oil, and later T/O by Phillips Petroleum) scientists, issued an internal memo saying that rising Global temps could be directly linked to Fossil Fuel burning. Conoco immediately 'buried' the memo, and started a campaign, with other Big Oil, saying 'no substantive evidence of FF and GW relationship. Still doing it today,.
I hope that no PI's are in the position of being 'in too deep', with the prospect of life changing money lost.