Last checked at 11 Sep 2023 11:38
Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining
11 September 2023
Emmerson PLC ("Emmerson" or the "Company")
Morocco Statement
Emmerson is shocked and saddened to hear the news of the earthquake that occurred in Morocco over the weekend. The Company expresses its deepest condolences and will support the Moroccan authorities in any way it can.
The Company's Khemisset Project and support offices are located some distance from the earthquake zone so are not directly impacted. All Emmerson employees are safe and unaffected by the tragic earthquake.
**ENDS**
For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:
Emmerson PLC Graham Clarke / Jim Wynn / Charles Vaughan
| +44 (0) 20 7236 1177 |
Liberum Capital Limited (Nominated Advisor and Joint Broker) Scott Mathieson / Kane Collings / Will King
| +44 (0)20 3100 2000 |
Shard Capital (Joint Broker) Damon Heath / Isabella Pierre
| +44 (0)20 7186 9927
|
BlytheRay (Financial PR and IR) Tim Blythe / Megan Ray / Said Izagaren
| +44 (0) 207 138 3204 |
Notes to Editors
Emmerson is focused on advancing the Khemisset project ("Khemisset" or the "Project") in Morocco into a low cost, high margin supplier of potash, and the first primary producer on the African continent. With an initial 19-year life of mine, the development of Khemisset is expected to deliver long-term investment and financial contributions to Morocco including the creation of permanent employment, taxation, and a plethora of ancillary benefits. As a UK-Moroccan partnership, the Company is committed to bringing in significant international investment over the life of the mine.
Morocco is widely recognised as one of the leading phosphate producers globally, ranking third in the world in terms of tonnes produced annually, and the development of this mine is set to consolidate its position as the most important fertiliser producer in Africa. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential, and is perfectly located to support the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. The need to feed the world's rapidly increasing population is driving demand for potash and Khemisset is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated the Project 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 2020 Feasibility Study delivered compelling economics, including a post-tax NPV8 of approximately US$1.4 billion.