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Covid-19 having "limited impact" on Khemisset potash project

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World Fertilizer,

Emmerson plc has said that due to the current stage of project development, the Covid-19 outbreak and related global mitigation actions are so far having a limited impact on the Khemisset potash project in Morocco.

Progress on finalising the feasibility study with the independent consultants is continuing, with only minor, if any, delays to the delivery timetable expected.

As a precautionary measure, staff in Morocco are predominantly working from home, with a skeleton workforce in place in the office or at site when necessary.

All non-essential activity, including travel, has been ceased or reduced to protect the company's employees and assets, and conserve capital.

Hayden Locke, CEO of Emmerson, commented: "While the current market situation is unprecedented, we have already taken steps to ensure that the safety of our employees and assets is ensured, and that our strong cash position is preserved should the volatility and uncertainty continue in the future.

"We are fortunate in terms of our ongoing work programmes, the majority of which are now focused on desktop reviews and report writing, which can continue regardless of working location. At this stage, the feasibility study is well progressed, and we continue to expect to be able to meet the timelines we have previously provided to the market, subject to the continuing availability of our independent engineers.

"The environmental and social impact assessment (ESIA) is underway, and we will continue to move this key item forward to ensure our aggressive permitting lines will still be achieved, assuming some stability and normality return in the latter part of the year. If the disruptions continue past that point, a mitigation strategy is already in place.

"Despite the volatility in the market, we continue to engage with the various interested strategic financing partners, moving forward with initial technical reviews, to ensure that our financing strategy is progressing. We remain confident of the value of the Khemisset Project, and look forward to updating the market on further developments."

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