Emmerson Seeks $1.215 Billion From Morocco With Just $443,000 in Cash
Emmerson is seeking $1.215 billion from Morocco in a dispute over the Khémisset potash mine. Accounts published Monday show that, as of June 30, the British company had just $443,000 in cash.
Emmerson had $443,000 in cash on June 30, 2026, down from $650,000 six months earlier. The group also reported net liabilities of $1.101 million, according to its half-year results published on September 28.
On Bladi.net : A company claims $1.215 billion from Morocco
In the first six months of the year, the company recorded a loss of $1.783 million. Its legal costs reached $2.341 million, compared with just over $1 million in the same period of 2025.
These amounts are directly linked to the arbitration brought against Morocco. Emmerson is seeking $1.215 billion, including interest and after deductions for local taxes, following the rejection in 2024 of the environmental permit for its potash project in Khémisset.
The company considers the refusal an expropriation and alleges several breaches of the bilateral investment treaty between Morocco and the United Kingdom. In March, it filed its memorial setting out its arguments, evidence and calculation of the compensation sought.
$11 million to fund the proceedings
The arbitration costs are covered by a separate agreement with a specialist funder. The facility can provide up to $11 million and can be used for court costs as well as some of Emmerson’s operating needs.
In the first half of the year, the funder paid $1.635 million in expenses. If Emmerson loses the case, the advances will not have to be repaid. If it wins or reaches a settlement with Morocco, the funder will receive a fee calculated based on the amounts committed, the length of the proceedings and the compensation awarded.
Since the accounts were closed, Emmerson’s cash balance had risen to $891,000 as of September 9. Its board believes that amount, together with the litigation funding facility, will cover expected expenses for at least twelve months.
The arbitration is now set to enter its most demanding phase. Morocco will file its defence memorial in January 2027, Emmerson will respond in October, and Rabat will submit its reply in January 2028. The hearing on the tribunal’s jurisdiction and the merits of the case is scheduled for July 17–26, 2028.
