Emmerson PLC (LSE:EML) provided an update on its arbitration case against the Government of the Kingdom of Morocco, confirming that the ICSID tribunal was fully constituted during the fourth quarter of 2025. This followed the appointment of tribunal president Laurent Lévy, after which an initial procedural hearing was held on 16 December 2025. As a result of that hearing, a timetable has been agreed requiring Emmerson to file its detailed Memorial by the end of the first quarter of 2026.
The arbitration has been brought by Emmerson’s subsidiaries, Khemisset UK Ltd and Potasse de Khemisset S.A., and seeks compensation for the alleged expropriation of the Khemisset potash project. The claims also relate to asserted breaches of protections under the UK–Morocco bilateral investment treaty. While the ultimate outcome of the proceedings remains uncertain, management views the case as a pivotal step in its efforts to recover value linked to its Moroccan investment.
From an outlook perspective, Emmerson continues to face significant financial challenges, including the absence of revenue, widening losses and ongoing negative free cash flow, alongside continued erosion of equity. These pressures are partly balanced by supportive technical indicators, with the share price trading above key longer-term moving averages and a positive MACD signal. Valuation support remains limited, however, given the company’s loss-making position and lack of dividend visibility.
More about Emmerson
Emmerson PLC is an AIM-listed mining company focused on the development of the Khemisset potash project in Morocco. Through its UK and Moroccan subsidiaries, the group is positioned within the fertiliser and wider mining sector, with Khemisset representing its core development asset.
Leave a Reply