Emmerson PLC (AIM:EML, OTC:EMSNF) is progressing well with work on its Khemisset potash project in Morocco.
The global potash market remains strong, with spot prices running at US$1,100 per tonne in Brazil, a key market.
Emmerson is in discussions with debt and equity financiers, and potential strategic partners.
The company says these discussions “continue to progress well”, in the context of the high potash price and the accepted strategic importance of new sources of potash, such as Khemisset.
Singapore-based cornerstone investors Global Sustainable Minerals Pte Ltd and Gold Quay Capital Pte Ltd, committed up to US$46.8mln in November 2021.
Project development work has continued in the quarter, including an update to the portal and decline location.
All key infrastructure locations have been established, following successful completion of geotechnical drilling and additional electrical resistance tomography surveys.