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Emmerson PLC announced that its Annual General Meeting was held on May 31, 2023. At this meeting, all resolutions proposed were duly passed.
| Date | 31 May 2023 |
| Time | 12:01:39 |
| Category | AGMs and other meetings |
| ID | 1911B |
Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining
31 May 2023
Emmerson PLC ("Emmerson" or the "Company")
Result of Annual General Meeting
Emmerson, 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:
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Emmerson PLC Graham Clarke / Jim Wynn / Charles Vaughan
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+44 (0) 20 7236 1177 |
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Liberum Capital Limited (Nominated Advisor and Joint Broker) Scott Mathieson / Kane Collings / Will King
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+44 (0)20 3100 2000 |
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Shard Capital (Joint Broker) Damon Heath / Isabella Pierre
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+44 (0)20 7186 9927
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St Brides Partners (Financial PR/IR) Susie Geliher / Charlotte Page
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+44 (0)20 7236 1177
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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 only 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 NPV8 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.