Emmerson PLC (AIM:EML) said talks are continuing with the Moroccan authorities about its environmental permit for the Khemisset (KMP) fertiliser project and it hopes to have an outcome by the end of the year.
Graham Clarke, chief executive, added: "We understand that the approval process is reaching its conclusion, and we are hopeful to be able to announce the outcome, which we are confident will be favourable, within this quarter.”
Clarke added that talks have been focused on making sure that the technical issues previously raised are well addressed by the optimisations adopted for the project, mainly from the KMP.
"Water is a precious resource in Morocco, particularly in the context of droughts that have affected the country over the recent years, and the benefits of the KMP, together with previous improvements including the use of recycled water and the switch to dry stack tailings, underline the company's commitment to delivering a project with robust environmental and social credentials,” Clarke added.
Emmerson added that chief financial officer Jim Wynn has also stepped down with a successor to be appointed once the environmental decision comes through.
In the half year to June 2024, Emmerson posted a loss of US$1.6 million with cash reserves currently US$1.7 million.