Emmerson PLC, a British company producing fertilizers, announced today securing $6 million in investment funds to develop the in Khemisset, a town 100 kilometers east of Rabat.
To secure the funding for the fertilizer plant, Emmerson reached a deal with Global Sustainable Minerals Pte Ltd, a private equity firm, and Gold Quay Capital Pte Ltd, an investment holding company.
Emmerson is set to direct the funds primarily towards completing basic engineering work, the company said in a statement Commenting on the news of receiving the new funds, Emmerson’s Chief Executive, Graham Clarke said: “I am very pleased with the progress that the Emmerson team has made at Khemisset in recent months, working with our Moroccan partners.”
The executive further added that the investment from the company’s investors “demonstrates their continued commitment to the Khemisset project and their confidence in Morocco,” adding that “Emmerson is funded for all anticipated technical and working capital requirements.”
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Noting the potential of the Khemisset project, the executive explained that is “a world-class potash project with huge potential” and he “looks forward to working with a range of Moroccan partners to take it to the next stage.”
While the company has already secured substantial funding to develop the project, the Emmerson executive said that his company aims to raise more investments to fully develop the project.
“In view of the strong interest we have received from banks and other investors keen to invest in this exciting Moroccan venture, we expect to pull together the full financing package for the construction phase rapidly, once the remaining environmental approvals have been received,” he explained.
Emmerson first announced plans to launch the potash factory back in 2019.
SOURCE Morocco news
