The Moroccan-focused potash development company, Emmerson announced on November 10 that it has secured a strategic investment of up to USD46.75 million from a group of investors in order to support the development of the Khemisset Potash Project.
Among the investors, Global Sustainable Minerals Pte Ltd (GSM), which is a Singapore domiciled investment vehicle backed by a significant south-east Asian investor.
“The Project will be important for Morocco and will bring substantial social and economic benefits to the region of Khemisset,” said Emmerson’s CEO, Graham Clarke on the press release, who is expecting to invest well over USD500 million for the Project’s initial 19-year life of mine as well as creating over 2,000 direct and indirect jobs, and establishing a long-term beneficial partnership with Morocco.
The Khemisset Project aims to benefit from the expected high growth in demand for NPK fertilizers in Africa in order to have easy access for the export ports to European, Brazilian, and US markets.
The Feasibility Study confirmed both the technical and economic viability of the sale of 1 million tonnes per annum (Mtpa) of salt byproduct produced from the Khemisset Project with, representing on average, a total of approximately 4.5Mtpa of salt by-product over the life of the mine.
As a result, the project aims to reach significant increases in the tonnages of salt, which could be sold into the US de-icing salt market.
“Morocco is a global leader in fertilizer that is playing a growing role in the development of African agriculture,” said GSM’s director, Mark Zhou, adding, “We believe this strategic location with developed infrastructure within close proximity makes the asset all the more valuable as Africa’s importance for food production, and global food security continues to grow in the coming decades,” according to the press release.
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