Liberum has raised its target price for Emmerson plc by more than 50% following its latest update from the Khemisset potash project in Morocco.
Emmerson is developing the 100%-owned Khemisset, on which broker Liberum expects an updated feasibility study (FS) to be completed in late 2024 or early 2025.
Most recently, it published a scoping study on KMP (Khemisset Multi-mineral Process), a transformational new processing route that significantly reduces environmental impact while enhancing project economics.
According to Liberum, KMP does away with two key potential points of concern for the Moroccan authorities and local communities, thereby strengthening the case for the approval of Khemisset’s long-awaited environmental permit.
Buy with a target price of 17.8p, up from 11.8p, is now Liberum’s view.