Emmerson PLC Result of Annual General Meeting

RNS Number : 9893T

Emmerson PLC

26 June 2024

 

Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining

26 June 2024

Emmerson PLC ("Emmerson" or the "Company")

 

Result of Annual General Meeting

 

Emmerson PLC ("Emmerson" or the "Company"), the Moroccan-focused potash development company, is pleased to announce that at the Company's Annual General Meeting held earlier today, all of the resolutions proposed were duly passed.

 

**ENDS**

 

For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:

 

Emmerson PLC Graham Clarke / Jim Wynn / Charles Vaughan	[phone]
Liberum Capital Limited (Nominated Advisor and Joint Broker) Scott Mathieson / Matthew Hogg	[phone]
Shard Capital LLP (Joint Broker) Damon Heath / Isabella Pierre	[phone]
BlytheRay (Financial PR and IR) Tim Blythe / Megan Ray / Said Izagaren	[phone]

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 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. Updated financial estimates published in February 2024 indicated a net present value of US$2.2 billion, with an internal rate of return of approximately 40%.

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END

 

 

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