Emmerson PLC Appointment of Chief Financial Officer (2027C)
21 Febrero 2022 - 1:00AM
UK Regulatory
TIDMEML
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 +44 (0) 20 7236
Graham Clarke 1177
Shore Capital (Nominated Adviser and Joint Broker) +44 (0)20 7408
Toby Gibbs / John More (Corporate Advisory) 4090
+44 (0)20 3100
Liberum Capital Limited (Joint Broker) 2000
Scott Mathieson / Lydia Zychowska
Shard Capital (Joint Broker) +44 (0)20 7186
Damon Heath / Isabella Pierre 9927
St Brides Partners (Financial PR/IR) +44 (0)20 7236
Susie Geliher / Charlotte Page 1177
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.
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