Emmerson PLC (AIM:EML) said it has completed most of the planned optimisation workstreams ahead of the start of development at the Khemisset potash project in Morocco and now is waiting for final environmental approval to move forward.
Bank mandates for project financing have been extended until the end of 2024 with the debt funding under discussion totalling US$310 million.
Delays have followed the major earthquake in Morocco in September which meant the Ministerial Committee overseeing the decision was unable to meet.
Graham Clarke, chief executive, said: "The final quarter of 2023 has been frustrating in that we continue to await the session of the [Morocco] Ministerial Committee, which is the next step towards the approval of our environmental permit.
“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.
"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."