EMMERSON PLC, whose primary focus is on developing the Khemisset Potash Project located in Northern Morocco, has secured a strategic investment of up to US$46.75 million from a group of investors to support the project. The main investor is Global Sustainable Minerals Pte Ltd, a Singapore domiciled investment vehicle backed by a significant South-East Asian investor. An immediate US$6.75m equity investment will allow Emmerson to move into the execution phase on project financing discussions for debt to support project development with the aim to close in the middle of 2022, as well as immediately commence basic design and engineering for the project to prepare to commence full construction during 2022. The US$40 million of convertible loan notes will allow Emmerson to further discussions with other providers of funding including project finance banks, sovereign wealth funds and royalty and streaming providers as the company seeks the optimal overall funding solution for the project. “A major investment, at a premium to our current valuation, and long-term strategic commitment by an investment group of this calibre, is a major endorsement of the Khemisset Project,” Graham Clarke, CEO of Emmerson, commented. “Our attention now moves quickly to the task at hand, which is to get the project into production as quickly as possible.”
SOUTH HARZ POTASH LTD that explores for and develops mineral properties in Germany has raised AU$5.3 million via a placement of new ordinary shares. The equity raising ensures the company is well-funded to complete the two-hole drilling program, targeted mineral resource estimate upgrade and scoping study finalization at its Ohmgebirge development in Germany. Drilling and assay of the two confirmatory drill-holes, expected to commence in the coming weeks, is targeted to allow South Harz to upgrade a substantial proportion of the current Ohmgebirge JORC (2012) Inferred Mineral Resource estimate (325 Mt at 13.1% K2O) to the Indicated category. Subject to concurrent and satisfactory advancement of all modifying factors, this is expected to allow the release of a comprehensive scoping study for Ohmgebirge, which is scheduled for completion by end 1Q22. The new funding also delivers South Harz the ability to rapidly transition into planned Feasibility Study work-streams on Ohmgebirge during 2Q22, through providing the flexibility to secure key consultants and book test-work programs in advance. Finally, the additional funds will allow the company to drive organizational capability and bolster general working capital, including the recruitment of further specialists in Germany to support the planned development of Ohmgebirge and the broader South Harz potash project.
CLEVELAND POTASH LTD, which is now a subsidiary of Israel Chemicals Ltd. (ICL), has been given green light by the North York Moors Park Authority Planning Committee to continue mining at its Boulby’s Cleveland Potash Mine in the UK for a further 25 years from 2023, when the current planning permission expires. Boulby Mine is a 200-hectare site located just south-east of the village of Boulby, on the north-east coast of the North York Moors in Loftus, North Yorkshire England. According to Andrew Fulton, Vice President and General Manager, the decision will enable Cleveland Potash to “exploit [its] position as the world’s first and only producer of polyhalite, the multi-nutrient organic fertilizer which is now helping to meet the world’s food needs across the UK and five continents.” He also added that the decision comes at a particularly important stage in our development plans. Having weathered the worst impacts of the pandemic — and remaining in operation throughout — we are now significantly enhancing production… The last few years have been very challenging with the transition from decades of potash production to becoming the world leader in developing the potential of polyhalite.”