Emmerson PLC (LON:EML) has highlighted “excellent progress” at its Khemisset potash project in Morocco at what it said is a “pivotal time” for the company.
The group noted that multiple work streams are currently in progress to further de-risk the project and provide confidence in its finance and due diligence processes, including geological work that will prepare for and finalise the scope of general site investigation as well as a further seismic survey and additional drilling to further prove out early mining blocks.
WATCH: Emmerson PLC's Khemisset project to deliver 'substantial socio-economic benefits' to Morocco
Meanwhile, the group said its permitting process in on track with main permits targeted to be in place in the first half of 2021, while it is also investigating options for staged development to reduce upfront capital costs and provide financing flexibility.
Emmerson also said engagement with potential strategic partners, debt providers and anchor investors is “proceeding well”, with multiple opportunities being investigated and due diligence processes now underway.
"This is now a pivotal time for Emmerson as we continue to make excellent progress with the delivery of the Khemisset project and move closer to construction. The team continue to add value and the ongoing workstreams shall enhance what is already a world-class project", Emmerson chief executive Graham Clarke said in a statement.
Shares in Emmerson jumped 6.9% to 4.5p in early deals on Tuesday.