(Alliance News) - Emmerson PLC on Monday said a government committee in Morocco has upheld a referral of approval for the Khemisset potash project, which is fully owned by Emmerson.
Emmerson shares were up 6.8% to 2.67 pence each on Monday morning in London. They remain down 43% over the past 12 months.
Chief Executive Officer Graham Clarke said the project, whose referral of approval was upheld by the Commission Ministerielle de Pilotage, or ministerial steering committee, "will provide significant value and benefit to the Khemisset region, the Kingdom of Morocco and to the company itself."
Further, the committee invited Emmerson to update the project's environmental impact assessment and re-submit it to the Commission Regionale Unifiee d'Investissement, or unified regional investment commission. The CRUI in July had referred approval to the Commission Ministerielle de Pilotage after the CRUI was "unable to approve the application" following a recent evaluation meeting.
CEO Clarke said: "We are very pleased that the committee has upheld our referral in this matter. We now look forward to re-engaging with the CRUI to facilitate the approval of the environmental impact assessment for the project."
By Tom Budszus, Alliance News slot editor
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Emmerson (EML)