Emmerson PLC has released its Q2 2024 update, highlighting significant progress in various aspects of its Khemisset Potash Project. The company has submitted an updated Environmental & Social Impact Assessment (ESIA) for review, incorporating optimizations from the Khemisset Multi-mineral Process (KMP). The ESIA is currently under review by the Commission Régionale Unifiée de l'Investissement (CRUI). Additionally, initial crop trials have been completed, demonstrating the effectiveness of KMP products as sources of phosphate, with further trials planned to confirm the benefits of additional contained micro-nutrients magnesium and iron.
The company has also signed a Memorandum of Understanding (MOU) for offtake of KMP products and submitted a patent application for KMP in Morocco and the UK. Furthermore, an equity placing in April 2024 raised US$2.5 million, with significant participation from the company's largest shareholders.
Emmerson's Chief Executive, Graham Clarke, expressed optimism about the progress, stating, "The overall environmental credentials of the Project are now even more robust, and, together with the compelling economics of the KMP update, should mean that we can obtain the necessary approvals and move forward with the Project swiftly."
The company has made significant strides in environmental approval, completing updates to the ESIA and resubmitting it for review. The company remains confident in obtaining approval, given the considerable improvements to the environmental footprint of the Project.
In terms of crop trials, positive results were obtained, confirming the effectiveness of the new KMP fertiliser products as sources of phosphate. The company plans to conduct further trials to assess the additional benefits of the KMP products and their slow-release properties on various crops and soil types.
Emmerson has also secured a non-binding MOU with Hexagon Group AG for offtake of the new fertiliser products resulting from KMP, further confirming the marketability of these multi-nutrient fertilisers. Additionally, the company has submitted patent applications in the UK and Morocco, providing important commercial protections over the intellectual property relating to the KMP innovation.
The equity placing in April 2024 raised US$2.5 million in gross proceeds, with significant participation from the company's largest shareholders, demonstrating confidence in the company's initiatives and projects.