Emmerson raises $46.75 Mln for development of potash project in Morocco

Emmerson mining company announced this Wednesday it secured an investment of $46.75 million from a group of investors for the development of the Khemisset Potash Project in Morocco.

The primary investor is Global Sustainable Minerals Pte Ltd, based in Singapore and backed by a significant south-east Asian investor.

“A major investment, at a premium to our current valuation, and long-term strategic commitment by an investment group of this caliber, is a major endorsement of the Khemisset Project”, said Emmerson’s CEO Graham Clarke.

“We have already formed a strong partnership with the investors who share our vision of creating a new, independent, and highly profitable and environmentally sustainable potash company. We look forward to working closely with them to achieve our shared vision”, he added.

Emmerson is expected to invest over $500 million on the Khemisset project’s initial 19-year life of mine, creating over 2,000 direct and indirect jobs.

After its operation in 2023, this project is expected to boost Moroccan mineral exports by 8 pc and generate up to $63 million a year for the Moroccan government in taxes.

In February, Moroccan authorities awarded Emmerson a license to build a $400 million potash plant near the city of Khemisset, 94 km east of the capital Rabat. The company is expected to start building the potash mine, Africa’s largest, by the end of 2021.