Appointment of Chief Financial Officer

RNS Number : 2027C

Emmerson PLC

21 February 2022

 

Emmerson Plc / Ticker: EML / Index: AIM / Sector: Mining

21 February 2022

Emmerson Plc ("Emmerson" or the "Company")

Appointment of Chief Financial Officer

Emmerson, which is developing the world class Khemisset Potash Project in Morocco, is pleased to announce the appointment of Mr Jim Wynn as Chief Financial Officer ("CFO"), effective immediately.  Mr Wynn is an experienced finance professional and chartered accountant with significant corporate experience, particularly in the resource sector.  He has held senior management positions for a number of resource companies, including, most recently as CFO of Moxico Resources plc, and previously as CFO of Rainbow Rare Earths Ltd and finance director of Avocet Mining Plc, where he set up a partnership with Moroccan mining group Managem SA over the Tri-K project in Guinea.  He also serves on the board of exploration company GreenRoc Mining Plc. Prior to this, Mr Wynn was employed by Anglo American plc where he worked within the finance, business development, and strategy departments of Anglo Industrial Minerals.

Graham Clarke, CEO, commented: "We are delighted to welcome Jim to the Emmerson team, working alongside our colleagues in Morocco and in the UK to promote our growing business in Morocco and internationally.  This is a pivotal time in our development as we begin to advance Khemisset into the construction phase, and in so doing, establishing the first commercial potash mine on the African continent, working in partnership with the Moroccan government and relevant authorities to promote the Kingdom as an international fertiliser hub.

"Following the recent appointment of Barr Engineering and Reminex S.A. to manage the Basic Engineering work, we are set to progress towards full EPCM commencement later this year.  A key part of the project development will be putting in place debt financing, in which Jim will play a pivotal role, and which we expect to conclude in Q2/Q3 2022."

Jim Wynn commented: "I am very excited to be back working in Morocco, which I know from experience to be an excellent jurisdiction for mining, and the Khemisset project is a world-class asset with enormous potential."

Mr Wynn will not be joining the Board at this time.  He does not currently hold any ordinary shares in the Company. 

**ENDS**

For further information, please visit  www.emmersonplc.com , follow us on Twitter (@emmerson_plc), or contact:

Emmerson Plc Graham Clarke	[phone]
Shore Capital (Nominated Adviser and Joint Broker) Toby Gibbs / John More (Corporate Advisory)	[phone]
Liberum Capital Limited (Joint Broker)	[phone]
Scott Mathieson / Lydia Zychowska
Shard Capital (Joint Broker) Damon Heath / Isabella Pierre	[phone]
St Brides Partners (Financial PR/IR) Susie Geliher / Charlotte Page	[phone]

Notes to Editors

Emmerson is focused on advancing the Khemisset project ("Khemisset" or the "Project") in Morocco into a low cost, high margin supplier of potash, and the first primary producer on the African continent.  With an initial 19-year life of mine, the development of Khemisset is expected to deliver long-term investment and financial contributions to Morocco including the creation of permanent employment, taxation and a plethora of ancillary benefits.  As a UK-Moroccan partnership, the Company is committed to bringing in significant international investment over the life of the mine, as outlined by a transformative strategic investment of US$46.75 million received from a major Singaporean fund and has a defined strategy and exceptional team of industry experts to deliver this large, and strategic national asset.

Morocco is widely recognised as one of the leading phosphate producers globally, ranking third in the world in terms of tonnes produced annually, and the development of this mine is set to consolidate its position as the most important fertiliser producer in Africa. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential, and is perfectly located to support the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. This unique positioning means the Project will receive a premium netback price compared to existing potash producers. The need to feed the world's rapidly increasing population is driving demand for potash and Khemisset is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated the Project has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. This delivered outstanding economics, including a post-tax NPV10 of approximately US$1.4 billion using industry expert Argus' price forecasts, and the spot price for granular MOP fertiliser has since risen, further enhancing the valuations.

 

END

 

 

BOAUROURUVUUUAR