REG - Emmerson PLC - Committee Upholds Environmental Approval Referral

EmmersonAnnouncement

11/03/2024 07:00

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RNS Number : 2522G  Emmerson PLC  11 March 2024

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

 

11 March 2024

 

Emmerson PLC ("Emmerson" or the "Company")

 

Ministerial Committee Upholds Referral of Environmental Approval

 

Emmerson, the Moroccan-focused potash development company, is pleased to
provide an update on the environmental approval of its 100% owned Khemisset
Potash Project ("Khemisset" or the "Project").

 

The Company has been notified that the Commission Ministérielle de Pilotage
("Ministerial Committee" or the "Committee"), to whom the Company referred the
decision of the Commission Régionale Unifiée d'Investissement ("CRUI")
regarding the Project's environmental approval in July 2023, has upheld the
Company's referral and has asked that the matter be returned to the CRUI for
reconsideration.

 

The Committee has also invited the Company to update the Project's
Environmental Impact Assessment ("EIA") and re-submit it to the CRUI,
providing an opportunity for the Company to make any changes or enhancements
to the submission.

 

Chief Executive Graham Clarke said:

"We are very pleased that the Committee has upheld our referral in this
matter. We now look forward to re-engaging with the CRUI to facilitate the
approval of the EIA for the Project. The Company maintains its conviction that
the Project is world class and will provide significant value and benefit to
the Khemisset region, the Kingdom of Morocco and to the Company itself.

 

"We will of course provide updates in this matter as soon as we are able."

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of
the UK Market Abuse Regulation and the Directors of the Company are
responsible for the release of this announcement.

 

 

**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) 207 138 3204

 Graham Clarke / Jim Wynn / Charles Vaughan

 Liberum Capital Limited (Nominated Advisor and Joint Broker)  +44 (0)20 3100 2000

 Scott Mathieson / Matthew Hogg

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

 Damon Heath / Isabella Pierre

 BlytheRay (Financial PR and IR)                               +44 (0) 207 138 3204

 Tim Blythe / Megan Ray / Said Izagaren

 

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 delivered outstanding economics, including a
post-tax NPV(8) of approximately US$1.4 billion using industry expert Argus'
price forecasts.

 

 

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