Mise à jour du 4e trimestre
8 Janvier 2024
Emmerson PLC ("Emmerson" ou la "Société")
Mise à jour T4 2023
Emmerson, which is developing the world class Khemisset Potash Project in Morocco ("Khemisset" or the "Project"), is pleased to provide an update on activities during Q4 2023.
Avantages
· Emmerson is still awaiting the session of the Commission Ministérielle de Pilotage (''Ministerial Committee'' or the ''Committee'') to obtain environmental approval
· Bank mandates extended for a further 12 months with a syndicate of international and Moroccan banks, demonstrating the ongoing support for the Khemisset Project
· Important process optimisation work on the Project under final review with a potential for significant environmental and economic upside
· Other technical work reduced to a minimum
Approbation environnementale
The next step with regards to obtaining approval for the Environmental & Social Impact Assessment (''ESIA'') for the Khemisset Project remains a meeting of the Ministerial Committee, chaired by the Moroccan Head of Government. This Committee was unable to meet during the second half of 2023. The Company understands that this was a result of a number of matters taking priority at governmental level, not least the co-ordination of relief efforts related to the earthquake in September 2023.
The Company continues to lobby to ensure this meeting takes place as soon as possible, and that its application will be considered favourably, while at all times respecting due protocols and procedures.
The Company has repeatedly been assured that the meeting will take place soon, and that no further significant issues remain. However, the timing of the meeting and its outcomes are not within the Company's control. Any substantive updates on the approval process will be reported without delay.
Bank Mandates
In December 2023, the Company announced the extension of the appointment of a syndicate of leading international and Moroccan banks as initial mandated lead arrangers ("MLAs") to co-ordinate and fund dual-tranche debt financing facilities for the development of the Project for a further 12 months until 31 December 2024.
The debt facility under discussion amounts to US$310 million, including an ECA-covered tranche of US$230 million supported by UK Export Finance, and a dual currency (US$ and Moroccan Dirham) commercial tranche of US$80 million.
The extension of the mandates demonstrates the ongoing support for the Khemisset Project by the syndicate.
Other Workstreams
The basic engineering workstreams for the Khemisset Project are now at the stage where only the final documents are expected. No further exploration or engineering work in respect of the basic design is being undertaken pending the ESIA approval.
Separately, the Company has continued to examine process design and optimisations with a specific focus on improving the Project's environmental footprint, which also offer considerable economic upside. Details of these enhancements are being finalised and will be announced in due course.
Graham Clarke, directeur général dit: "The final quarter of 2023 has been frustrating in that we continue to await the session of the Ministerial Committee, which is the next step towards the approval of our environmental permit. Discussions with various parties and advisors have continued to be positive, offering understanding for our frustration while explaining that governmental attention has been focused on various other matters. We believe the matter will be dealt with soon, based on feedback, but we are unable to provide any confirmed dates as the matter is in the hands of the government.
"The extension of the bank mandates was a positive development, and a reminder of the fact that we continue to enjoy the support of international and Moroccan banks, the UK government (both through UK Export Finance and the work of the British Embassy in Rabat), and our largest shareholder Global Sustainable Minerals Pte Ltd.
"While we have been continuing with our lobbying activities, we have limited our technical activities appropriately in order to preserve the Company's cash for as long as possible, although some important work has been undertaken to examine opportunities for further optimising and enhancing the project economically and more importantly, environmentally.
"Once we have the ESIA approval, we will be in a position to move forward quickly with fundraising and technical work. We will of course provide updates as soon as we are able in all these matters.
"In the meantime, I am grateful to our shareholders for their continued support, particularly in the context of unforgiving market conditions."
**PREND FIN**
Pour plus d'informations, s'il vous plaît visitez www.emmersonplc.com, suivez-nous sur Twitter (@emmerson_plc), ou contactez :
Emmerson SA Graham Clarke/Jim Wynn/Charles Vaughan
| + 44 (0) 207 138 3204 |
Liberum Capital Limited (conseiller désigné et co- Broker) Scott Mathieson/Matthew Hogg/Kane Collings
| + 44 (0) 20 3100 2000 |
Shard Capital (Conjoint Broker) Damon Heath / Isabelle Pierre
| + 44 (0) 20 7186 9927
|
BlytheRay (RP financières et IR) Tim Blythe / Megan Ray / Saïd Izagaren
| + 44 (0) 207 138 3204 |
Notes aux rédacteurs
Emmerson se concentre sur l'avancement du projet Khemisset (« Khemisset » ou le « Projet ») au Maroc pour en faire un fournisseur de potasse à faible coût et à marge élevée, et le premier producteur primaire du continent africain. Avec une durée de vie initiale de 19 ans, le développement de Khemisset devrait apporter des investissements et des contributions financières à long terme au Maroc, notamment la création d'emplois permanents, la fiscalité et une pléthore d'avantages accessoires. En tant que partenariat entre le Royaume-Uni et le Maroc, la société s'engage à attirer des investissements internationaux importants pendant la durée de vie de la mine.
Le Maroc est largement reconnu comme l’un des principaux producteurs de phosphate au monde, se classant au troisième rang mondial en termes de tonnes produites annuellement, et le développement de cette mine devrait consolider sa position de plus important producteur d’engrais en Afrique. Le projet a une grande estimation de ressources JORC (2012) de 537 Mt à 9.24 % K2O, avec un potentiel d'exploration important, et est parfaitement situé pour soutenir la croissance attendue de la consommation d'engrais en Afrique tout en étant également situé aux portes des marchés européens. La nécessité de nourrir une population mondiale en croissance rapide stimule la demande de potasse et Khemisset est bien placé pour bénéficier des opportunités que cela présente. L'étude de faisabilité publiée en juin 2020 a indiqué que le projet a le potentiel de figurer parmi les projets de potasse au stade de développement aux coûts d'investissement les plus bas au monde et également, en raison de son emplacement, l'un des projets à marge la plus élevée. Cela a donné lieu à des résultats économiques exceptionnels, notamment une VAN après impôts8 d'environ 1.4 milliard de dollars américains en utilisant les prévisions de prix de l'expert industriel Argus.
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