REG - Emmerson PLC - Notice of AGM and Posting of Annual Report

EmmersonAnnouncement

13/06/2022 07:00

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RNS Number : 5576O  Emmerson PLC  13 June 2022

 

 

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/
(http://www.emmersonplc.com/investors/corporate-documents/)

 

**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

 Jim Wynn

 Charles Vaughan

 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. 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'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.

 

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