Emmerson Plc, Isle of Man, on Sept. 26 reported it had reached an agreement with Global Sustainable Minerals Pte Ltd. (GSM), a Singapore-based company, and Gold Quay Capital Pte Ltd. (GQC), to extend the commitment period for the previously announced $40.0 million convertible loan note subscription to Sept. 30, 2023.
Emmerson secured the strategic investment with the two parties last November to help fund the development of its Khemisset Potash Project in northern Morocco (GM Nov. 12, 2021).
In addition, the company announced it has entered into a subscription agreement with GSM whereby GSM will make an immediate equity investment of $6.0 million at a price of 6.0 UK pence per new ordinary share of nil par value in the capital of Emmerson.
The potash developer said it is now funded to complete basic engineering work, remaining permitting, and project financing processes through to a construction decision, for Khemisset. It expects to make the construction decision and realize the finalization of project financing in second-half 2023.
Emmerson expects to invest some $500 million in the potash project, which is planned to produce 800,000 mt/y and have a 19-year mine life.