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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Emmerson Plc | LSE:EML | London | Ordinary Share | IM00BDHDTX83 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -1.90% | 2.06 | 2.00 | 2.20 | 2.10 | 2.075 | 2.10 | 936,687 | 16:35:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 0 | -2.99M | -0.0026 | -8.08 | 23.92M |
TIDMEML
RNS Number : 7901P
Emmerson PLC
14 February 2023
Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining
14 February 2023
Emmerson PLC ("Emmerson" or the "Company") appoints Mandated Lead Arrangers
for Khemisset Mine Project Financing
Emmerson, the Moroccan focused potash development company, is pleased to announce the appointment of a syndicate of leading international and Moroccan banks as initial mandated lead arrangers ("MLAs") to co-ordinate and fund dual-tranche debt financing facilities for the development of the Company's Khemisset Potash Project in Morocco (the "Project").
The four MLAs selected are ING Bank , Banque Centrale Populaire, Bank of Africa (Groupe BMCE) and one further international European Bank. ING Bank is mandated to act as Export Credit Agency ("ECA") Co-ordinator and Documentation Bank. Based on current discussions, the US$310 million dual-tranche project financing will be split between an ECA covered tranche led by UK Export Finance ("UKEF") of US$230 million and a dual currency (US$ and Moroccan Dirham) commercial tranche of US$80 million.
Graham Clarke, CEO of Emmerson commented: "We are delighted to have received strong demand for the project financing from both lenders and ECAs, and our selection of MLAs with significant international and domestic expertise in natural resources project financing reflects the quality of the Khemisset Project, Morocco as an investment jurisdiction, and market recognition of the critical importance of potash in the context of international food security. The appointment of the MLAs represents an important milestone in the Company's progress towards establishing Africa's first commercial potash mine for nearly 50 years."
Sender International Ltd and Colosseum Development (Morocco) are advising Emmerson on the debt financing of the Project, working alongside Tamesis Partners LLP as the Company's financial adviser for the financing of the Project. The Company has also appointed Pillsbury Winthrop Shaw Pittman LLP as legal counsel in respect of the debt financing.
**ENDS**
For further information, please visit www.emmersonplc.com , follow us on Twitter (@emmerson_plc), or contact:
Emmerson PLC +44 (0) 20 7236 Graham Clarke / Jim Wynn / Charles Vaughan 1177 Liberum Capital Limited ( Nominated Adviser and Joint Broker) +44 (0)20 3100 Scott Mathieson / W illiam King 2000 Shard Capital Partners (Joint Broker) +44 (0)20 7186 Damon Heath / Isabella Pierre 9927 St Brides Partners (Financial PR/IR) +44 (0)20 7236 Susie Geliher / Isabelle Morris 1177
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 second 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' price forecasts, and the spot price for granular MOP fertiliser has since risen, further enhancing the valuations.
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February 14, 2023 02:00 ET (07:00 GMT)
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