REG - Emmerson PLC - ESIA Update

EmmersonAnnouncement

14/10/2024 07:00

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RNS Number : 9684H  Emmerson PLC  14 October 2024

 

 

14 October 2024

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

 

ESIA Update

 

Emmerson, the Moroccan-focused potash development company, wishes to provide
an update regarding the approval of its updated Environmental and Social
Impact Assessment ("ESIA") for the Khemisset Potash Project ("Khemisset").

 

As previously announced, Emmerson had been invited to submit the updated
version of its ESIA application supported by the new benefits of Khemisset
Multi-Mineral Process ("KMP") to the Centre Régional d'Investissement of the
region Rabat-Salé-Kénitra ("CRI") for review by the Commission Régionale
Unifiée de l'Investissement ("CRUI").

 

Emmerson has been made aware that the CRUI has made an unfavourable
recommendation regarding the approval.

 

Emmerson has not received formal notification of a decision and is seeking
clarification regarding both a decision and the unfavourable recommendation.
Emmerson is reviewing the available regulatory and legal options with respect
to an appeal and assessing its next actions.

 

The Company will provide further updates in due course.

 

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 / Charles Vaughan

 Panmure Liberum 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. Updated financial estimates published in February
2024 indicated a net present value of US$2.2 billion, with an internal rate of
return of approximately 40%.

 

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