Last checked at 14 Oct 2020 07:00
Emmerson Plc / Ticker: EML / Index: LSE / Sector: Mining
14 October 2020
Emmerson Plc ("Emmerson" or the "Company")
Appointment of Shard Capital Corporate Finance as Debt Adviser
Emmerson Plc, the Moroccan focused potash development company, is pleased to announce the appointment of Shard Capital Corporate Finance to lead the structuring and arranging of project finance debt for its world class Khemisset Potash Project (the 'Project') in Morocco. The Project benefits from an industry-leading cost profile in terms of both capital costs and bottom quartile all-in delivered cost to customer, which together yield outstanding economic metrics including average annual life of mine EBITDA of US$236 million and a post-tax NPV of US$1.4 billion based on the Feasibility Study released on 1 June 2020.
Adrian Sender, Partner at Shard Capital Corporate Finance commented, "We are pleased to be working with Emmerson's team to ensure that they have the best capital structure in place and have already had some very positive engagements with lead banks and ECAs for both covered and conventional financing tranches. As a high margin, low CAPEX project strategically located close to The Port of Casablanca, Emmerson's K60 MOP production is scheduled to come at a time of forecasted increasing medium-term demand for fertiliser."
Graham Clarke, CEO of Emmerson, commented: "Having already worked with Shard Capital Corporate Finance, we are confident that its team will help us to find the most suitable financing structure to support the continued development of Khemmiset. We remain confident in the value of the Project and look forward to updating the market on further developments."
ENDS
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.