Emmerson PLC has released its 2023 financial results, highlighting the progress made in the development of the Khemisset potash project in Morocco. The company's primary focus has been on obtaining environmental approval, with the submission of an updated Environmental and Social Impact Assessment (ESIA) incorporating latest optimizations in April 2024. The company raised US$2.5 million in a fundraise in April 2024 to continue progressing work at Khemisset while awaiting ESIA approval.

The CEO, Graham Clarke, emphasized the significance of the Scoping Study into a new processing route called the Khemisset Multi-mineral Process, which reduces the project's environmental impact and transforms its economics. The company is currently awaiting the outcome of the latest review of the ESIA, following the upholding of the Company's referral, and will provide an update as soon as there is news.

The Chairman highlighted the extended period of time spent on securing ESIA approval and the development of the innovative Khemisset Multi-mineral Process. The submission of the latest version of the ESIA in April 2024 marks a critical step in the approval process, which has involved considerable additional work and iterations. The company has incorporated the highest possible standards of Environmental, Social, and Governance (ESG) into its design and culture, addressing concerns regarding water and climate change in Morocco.

Emmerson is focused on advancing the Khemisset project into a low-cost, high-margin supplier of potash, with the potential to deliver long-term investment and financial contributions to Morocco. The project has a large JORC Resource Estimate and is expected to consolidate Morocco's position as the most important fertilizer producer in Africa. The Feasibility Study and updated financial estimates indicate the project's potential to be among the lowest capital cost development stage potash projects in the world, with a net present value of US$2.2 billion and an internal rate of return of approximately 40%.

The company remains committed to bringing in significant international investment over the life of the mine and is well-positioned to benefit from the increasing demand for potash driven by the world's rapidly growing population.