REG - Emmerson PLC - Appointment of Chief Financial Officer

EmmersonAnnouncement

21/02/2022 07:00

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RNS Number : 2027C  Emmerson PLC  21 February 2022

 

 

 

Emmerson Plc / Ticker: EML / Index: AIM / Sector: Mining

21 February 2022

Emmerson Plc ("Emmerson" or the "Company")

Appointment of Chief Financial Officer

 

Emmerson, which is developing the world class Khemisset Potash Project in
Morocco, is pleased to announce the appointment of Mr Jim Wynn as Chief
Financial Officer ("CFO"), effective immediately.  Mr Wynn is an experienced
finance professional and chartered accountant with significant corporate
experience, particularly in the resource sector.  He has held senior
management positions for a number of resource companies, including, most
recently as CFO of Moxico Resources plc, and previously as CFO of Rainbow Rare
Earths Ltd and finance director of Avocet Mining Plc, where he set up a
partnership with Moroccan mining group Managem SA over the Tri-K project in
Guinea.  He also serves on the board of exploration company GreenRoc Mining
Plc. Prior to this, Mr Wynn was employed by Anglo American plc where he worked
within the finance, business development, and strategy departments of Anglo
Industrial Minerals.

 

Graham Clarke, CEO, commented: "We are delighted to welcome Jim to the
Emmerson team, working alongside our colleagues in Morocco and in the UK to
promote our growing business in Morocco and internationally.  This is a
pivotal time in our development as we begin to advance Khemisset into the
construction phase, and in so doing, establishing the first commercial potash
mine on the African continent, working in partnership with the Moroccan
government and relevant authorities to promote the Kingdom as an international
fertiliser hub.

 

"Following the recent appointment of Barr Engineering and Reminex S.A. to
manage the Basic Engineering work, we are set to progress towards full EPCM
commencement later this year.  A key part of the project development will be
putting in place debt financing, in which Jim will play a pivotal role, and
which we expect to conclude in Q2/Q3 2022."

 

Jim Wynn commented: "I am very excited to be back working in Morocco, which I
know from experience to be an excellent jurisdiction for mining, and the
Khemisset project is a world-class asset with enormous potential."

 

Mr Wynn will not be joining the Board at this time.  He does not currently
hold any ordinary shares in the Company.

 

**ENDS**

 

 

For further information, please visit www.emmersonplc.com
(http://www.emmersonplc.com/) , follow us on Twitter (@emmerson_plc), or
contact:

 Emmerson Plc                                        +44 (0) 20 7236 1177

 Graham Clarke

 Shore Capital (Nominated Adviser and Joint Broker)  +44 (0)20 7408 4090

 Toby Gibbs / John More (Corporate Advisory)

 Liberum Capital Limited (Joint Broker)              +44 (0)20 3100 2000
 Scott Mathieson / Lydia Zychowska

 Shard Capital (Joint Broker)                        +44 (0)20 7186 9927

 Damon Heath / Isabella Pierre

 St Brides Partners (Financial PR/IR)                +44 (0)20 7236 1177

 Susie Geliher / Charlotte Page

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.
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 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 NPV10 of approximately
US$1.4 billion using industry expert Argus' price forecasts, and the spot
price for granular MOP fertiliser has since risen, further enhancing the
valuations.

 

 

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