Last checked at 13 Jun 2022 07:00
Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining
13 June 2022
Emmerson PLC ("Emmerson" or the "Company")
Notice of AGM and Posting of Annual Report
Emmerson PLC, the Moroccan focused potash development company, announces that its Annual General Meeting ("AGM") will be held at 11.00am BST on 7 July 2022 at 55 Athol Street, Douglas Isle of Man, IM1 1LA.
The Notice of AGM and a Form of Proxy, together with a copy of the 2021 Annual Report and Accounts, have been sent today to shareholders.
These documents are available to view on the Company's website: www.emmersonplc.com/investors/corporate-documents/
**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 |
Shore Capital (Nominated Adviser and Joint Broker) Toby Gibbs / John More (Corporate Advisory)
| +44 (0)20 7408 4090
|
Liberum Capital Limited (Joint Broker) Scott Mathieson / Lydia Zychowska
| +44 (0)20 3100 2000 |
Shard Capital (Joint Broker) Damon Heath / Isabella Pierre
| +44 (0)20 7186 9927
|
St Brides Partners (Financial PR/IR) Susie Geliher / Charlotte Page
| +44 (0)20 7236 1177
|
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, as outlined by a transformative strategic investment of US$46.75 million received from a major Singaporean fund and has a defined strategy and exceptional team of industry experts to deliver this large, and strategic national asset.
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 delivered outstanding economics, including a post-tax NPV8 of approximately US$1.4 billion using industry expert Argus's price forecasts in 2020. The spot price for granular MOP fertiliser has since risen nearly three-fold, highlighting the significant upside to this valuation.