Emmerson PLC (AIM:EML) said cash holdings are sufficient to carry out basic engineering works at its Khemisset potash project in Morocco for at least a year while it waits for environmental approval.
An environmental permit is the next step to move the project into the development phase but timings have become uncertain following the disastrous recent earthquake in the country.
Interim losses were US$1.6 million (US$1.5 million) and largely reflect the costs of work ongoing at Khemisset. Cash holdings currently are around US$3.5 million, Emmerson added.
“For the balance of the year, the company's focus will remain on obtaining the environmental approval for the project, putting in place a new funding agreement with its strategic investors, and finalising optimisation work ahead of a Bankable Feasibility Study,” said the statement.