17th Feb 2020 09:30
(Alliance News) - Emmerson PLC on Monday said it has initiated a socio-economic impact study for its Khemisset potash project in northern Morocco.
The potash development company said that the study is designed to act as tangible proof of the positive socio-economic impact of the project in the local region, making it an integral part in the negotiation process for government subsidies and tax concessions.
Emmerson expects the impact of the project to be significant due to the scale of the project, its expected profitability and the "relatively-high" levels of unemployment in the region.
Khemisset is expected to have a low capital cost to production which according to forecasts, will result in a post-tax net present value of over USD1.1 billion, Emmerson said.
"We are committed to the sustainable development of Khemisset in a manner which benefits all of our stakeholders, one aspect of which is through positive socio-economic development, especially at the local level. Providing detailed analysis of the expected positive impacts will be integral in our engagements with these stakeholders as we move into the final permitting processes for Khemisset, said Emmerson Chief Executive Hayden Locke.
"We have commenced the full environmental and social impact programme in preparation for permitting. Our feasibility study continues to progress well, and remains ahead of schedule," he added.
The feasibility study for the project is currently scheduled to be delivered in the first half of 2020.
Shares were untraded at 4.90 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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