Emmerson PLC has announced the extension of the appointment of a syndicate of international and Moroccan banks as initial mandated lead arrangers (MLAs) for the development of the Khemisset Potash Project in Morocco. The appointment has been extended for a further 12 months until December 31, 2024. The four MLAs include ING Bank, Banque Centrale Populaire, Bank of Africa (Groupe BMCE), and one additional international European Bank. ING Bank will act as the Export Credit Agency (ECA) Co-ordinator and Documentation Bank. The appointment was initially announced in February 2023 for a dual-tranche project financing facility of US$310 million.

The next step for the Khemisset project is obtaining environmental approval, which is pending a decision from the Ministerial Committee. The Committee has not been in session since July 2023 when the matter was referred to them. The company remains optimistic about receiving positive news and will provide an update once information is received.

Emmerson CEO Graham Clarke expressed gratitude for the continued support of the MLAs and their commitment to the project. He also mentioned the company's efforts to lobby for progress in obtaining environmental approval. Clarke looks forward to providing updates on this matter and others in due course.

Emmerson is focused on advancing the Khemisset project in Morocco to become a low-cost, high-margin supplier of potash and the first primary producer on the African continent. The project is expected to have a 19-year life span and contribute to Morocco's economy through employment, taxation, and other benefits. The company aims to attract significant international investment over the life of the mine.