Last checked at 12 Jul 2021 07:00
Emmerson Plc / Ticker: EML / Index: LSE / Sector: Mining
12 July 2021
Emmerson Plc ("Emmerson" or the "Company")
Appointment of Non-Executive Director & Board Changes
Emmerson Plc, the Moroccan focused potash development company, is pleased to announce the appointment of Mr. Rupert Joy as a Non-Executive Director, with immediate effect. The appointment of Mr. Joy, who is an experienced diplomat and former Ambassador & Head of the EU Delegation to Morocco, is designed to further strengthen the Company's national profile and networks as Emmerson advances towards the construction of Africa's first commercial potash mine in Morocco.
The Company also announces that Mr. Edward McDermott, a Non-Executive Director, will be stepping down from the Board, with effect from today.
In the course of a diplomatic career of more than 25 years, Rupert Joy has served at UK diplomatic missions in Yemen, Saudi Arabia, Morocco and Iraq, and as British Ambassador to Uzbekistan. He has over seven years' experience as a diplomat in Morocco, as Deputy Head of Mission at the British Embassy in Rabat from 2000-03 and as EU Ambassador and Head of the EU Delegation in Rabat from 2013-17. As EU Ambassador, he worked to build on Europe's multi-faceted strategic partnership with Morocco at a senior level in a wide range of areas, with a strong focus on sustainable development. Mr. Joy has worked as an independent consultant for the past four years, providing support to UK government departments and private clients on issues relating to regional stability, investment, security, and migration in North Africa. He speaks French and Arabic.
Graham Clarke, CEO of Emmerson, commented:
"Rupert has extensive experience in one of the most senior European diplomatic posts as EU Ambassador to Morocco and we believe this will be highly valuable as we advance our Khemisset Potash Project to become the first commercial potash mine in Africa. Our project is strategically located; not only is it in close proximity to both port and road infrastructure in a regional context, but Morocco is poised to become an integrated fertiliser production hub once Khemisset commences production. Rupert's appointment comes at an exciting time in our corporate and operational development in Morocco and I look forward to working with him as we continue to build commercial partnerships across Morocco and the wider global markets.
"I would also like to take this opportunity to thank Ed for the significant contribution he has made during his time as a non-executive director of Emmerson Plc. Ed has been with the Company since incorporation and played a vital role in the transaction that brought the Khemisset project to the Company. His industry knowledge and experience have been of real benefit to the Board and we wish him well in his future endeavours."
Rupert Joy commented:
"I am delighted to be joining the board of Emmerson as a Non-Executive Director at this exciting time in the Company's development. My experience of working in Morocco as a British and EU diplomat has given me huge admiration, and affection, for the kingdom. Morocco is one of the most dynamic countries in the region and has a key role to play in building Africa's food security. With its world-leading expertise in fertilisers and commitment to sustainable development, the kingdom is rapidly developing into an African leader in agriculture, as well as in water management and renewable energy. I look forward to supporting Emmerson in its ambition to build strong, mutually beneficial partnerships in Morocco."
Additional Information
The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.
Mr. Rupert Joy (aged 58) has held the following directorships or partnerships in the past five years.
Current Directorships/ Partnerships | Past Directorships/ Partnerships over the last five years |
Greentoft Farms Ltd | |
Carrick Farm LLP | |
**ENDS**
For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:
Emmerson Plc | Graham Clarke | +44 (0) 20 7236 1177 |
Shore Capital (Nominated Adviser and Joint Broker) | Toby Gibbs / John More (Corporate Advisory)
Jerry Keen (Corporate Broking) | +44 (0) 20 7408 4090 |
Shard Capital (Joint Broker) | Damon Heath / Isabella Pierre | +44 (0)20 7186 9927 |
St Brides Partners (Financial PR/IR) | Susie Geliher / Isabel de Salis | +44 (0)20 7236 1177 |
Notes to Editors
Emmerson's primary focus is on developing the Khemisset project ("Khemisset" or the "Project") located in Northern Morocco. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O and significant exploration potential with an accelerated development pathway targeting a low capex, high margin mine. Khemisset is perfectly located to capitalise on the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. This unique positioning means the Project will receive a premium netback price compared to existing potash producers. The need to feed the world's rapidly increasing population is driving demand for potash and Emmerson is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated Khemisset has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics including a post-tax NPV10 of approximately US$1.4 billion using industry expert, Argus', price forecasts.