An international arbitration tribunal has rejected Morocco’s request to split key parts of Emmerson PLC’s investment dispute into separate proceedings, allowing the British mining company’s $1.215 billion claim to continue under a single arbitration process.
The decision is procedural and does not address the merits of the case or determine whether Morocco is liable. This keeps the arbitration on its current timetable.
The case stems from Emmerson’s proposed Khemisset potash project in northern Morocco.
The London-listed company claims Moroccan authorities breached protections under the United Kingdom-Morocco Bilateral Investment Treaty after the project was denied an environmental permit in 2023, preventing the mine from moving forward.
Emmerson initiated arbitration proceedings before the International Centre for Settlement of Investment Disputes (ICSID), a World Bank-affiliated body that handles investment disputes between states and foreign investors, in 2025.
The company alleges Morocco unlawfully expropriated its investment and failed to provide fair and equitable treatment, among other treaty violations. Morocco contests those claims.
The arbitration has progressed over recent months. Earlier this year, the tribunal was fully constituted and adopted a procedural timetable.
In March, Emmerson submitted its memorial, setting out its legal arguments, evidence and damages claim.
The company is seeking approximately $1.215 billion in compensation, including interest and net of local taxes.
Emmerson said independent experts calculated the claim by estimating the future income the project was expected to generate.
The claim is lower than the more than $2 billion figure the company had previously referenced publicly.
In announcing the latest ruling, Emmerson said the tribunal’s decision means the arbitration will continue without being divided into separate jurisdictional and merits stages. The company said it expects this approach to avoid additional procedural delays.
The dispute centers on the Khemisset project, which Emmerson has described as one of the world’s largest undeveloped potash deposits. Potash is a key raw material used in fertilizer production.
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