31st Dec 2021 11:18
(Alliance News) - Emmerson PLC said on Friday it has major targets to hit in 2022, including the finalising of a finance facility and a environmental & social impact assessment permit, but expects the year ahead to be "transformational".
The Isle of Man-based potash development company said it had made "major strides" towards achieving its target of first production at its Khemisset project in Morocco.
In February, the company received a mining license for Khemisset from the Moroccan Ministry of Energy, Mines & the Environment, providing the exclusive right to develop and mine the potash deposit.
The company added it had made a strategic financing deal of up to USD46.8 million in November. Emmerson said that the upfront cash injection enabled it to advance the next stage of the project's development.
In December, the project moved into the pre-construction phase of development with the award of the primary basic engineering contract to Barr Engineering for the mineral processing facility.
An environmental & social impact assessment submission is awaiting final approval and the company said it has completed various submissions to government agencies including the water authority, the Regional Department of Environment, and the Regional Centre of Investment.
Emmerson said it looks forward to 2022 with confidence as it begins to fast-track the Khemisset project. It says it needs to hit major targets but nonetheless expects 2022 to be "transformational" for the company.
Shares in Emmerson were down 3.5% at 7.05 pence on Friday in London.
By Heather Rydings; [email protected]
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