According to Reuters, shares in Emmerson have jumped more than 60% on their return to trade after the mining company raised approximately £6 million by issuing 200 million new shares.
Reuters reports that the shares were halted in October 2017 after the company became 100% owner of the Khemisset Potash Project, which is located in northern Morocco. Reportedly, the company had originally planned to raise just £4 million, but the issue was oversubscribed.
The project has a number of advantages, including shallow, cheap-to-exploit resources, as well as a strategic location in Morocco, where potash demand is reportedly expected to increase, and which offers access to both Europe and other markets.
According to Reuters, the project has already had approximately US$20 million invested in it, and is currently in the late stages of development. Reportedly, it could be producing in just four years time.
Read the article online at: https://www.worldfertilizer.com/potash/05062018/emmerson-raises-funds-for-potash-project-in-morocco/
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