9th Feb 2021 10:55
(Alliance News) - Shares in Emmerson PLC climbed on Tuesday after it said it has been granted a mining licence by the Moroccan government for its wholly-owned Khemisset potash project.
The stock was trading 16% higher at 8.00 pence each on Tuesday morning in London.
The Moroccan-focused potash development company said the licence granted by the Moroccan Ministry of Energy, Mines a& the Environment provides the company with the exclusive right to develop and mine the potash deposit in the Khemisset basin, ahead of the anticipated initiation of construction by the end of 2021.
Emmerson said the grant of a mining licence follows a successful application process including the submission of a JORC-compliant, mineral resource estimate and the confirmed technical and economic viability of the project, which was satisfied by the feasibility study which showed Khemisset has an initial mine life of 19 years.
"This is another major milestone in the development of what is to become the first large scale potash mine in Africa. We are grateful to the ministry that provided considerable support, greatly assisting us throughout the application process. We continue to make strong progress with our financing discussions, including engagement with several potential equity funding partners," said Chief Executive Graham Clarke.
By Ife Taiwo; [email protected]
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