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Pin to quick picksEmmerson Share News (EML)

Share Price Information for Emmerson (EML)

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Share Price: 5.60
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Emmerson's Khemisset Project To Give 40% Injection To Local Economy

Wed, 26th Aug 2020 14:37

(Alliance News) - Emmerson PLC on Wednesday said a report on its Khemisset potash project in Morocco may create over 2,300 jobs and boost the local economy by roughly USD180 million per year.

The project, located in the city of Khemisset, is the first potash project in Africa. A socio-economic report found the project will boost the local economy's gross domestic product per capita by 40%, about USD180 million per year.

Emmerson added that 2,385 jobs will be created, directly or indirectly.

"When operational, the mine will directly employ over 760 people whilst a total of 1,500 roles will be created by the effect of the employment multiplier," Emmerson added.

"The company has a policy to source, where skills are available, 90% of all employees from the local area including the city of Khemisset and its surrounding communes."

Total investment is tipped to be USD2.5 billion during the asset's life of mine, which is projected to be 19 years, though Emmerson added this timeframe may be extended based on the resources already in place.

Shares in the company were 5.4% higher at 4.69 pence each in London on Wednesday afternoon.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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