Emmerson advances on environmental approval for Khemisset project following key enhancements
London, UK
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April 09, 2024 07:54 AM Eastern Daylight Time
Emmerson PLC (AIM:EML) chief executive Graham Clarke discusses the company's current status concerning the Environmental Approval Permit application for its Khemisset potash project in Morocco with Proactive's Stephen Gunnion.
Clarke told Proactive a ministerial committee referred the application back to the regional authority, the CRUI, for re-examination, with a request for Emmerson to resubmit documentation with enhancements. This revised documentation, which includes the benefits of the Khemisset Multi-mineral Process (KMP) is set to be submitted soon, with confidence in obtaining approval.
Key enhancements in the revised Environmental Impact Assessment relate to a new process that allows a 60% reduction in water consumption, significant in drought-affected Morocco. The KMP process also reduces the risk of water contamination and facilitates the monetization of waste streams into new fertilizer products, reducing runoff risks.
Clarke said a $2.175 million equity placement with strategic investors reflects their confidence in the Khemisset Project and the management team. The investment underlines their belief in the project's economics, particularly with the introduction of the KMP.
The involvement of GSM, which now includes the right to appoint a board member, is viewed positively, and expected to bring additional expertise and reinforce their commitment to the project.
A retail offer on the REX platform was aimed at giving existing shareholders the same opportunity as strategic investors at the given share price. The offer was well oversubscribed, indicating strong shareholder support and optimism for the project's future upon approval.
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