Kitco News – Michael McCrae
Editor’s Note: We are proud to unveil our new mining page, an entire space dedicated to up-to-the-minute news, with exclusive industry interviews and all the relevant information you need, rounded in up in one spot. Who is merging? Who is Buying? Who is Digging? We got you covered!
Emmerson said today it upgraded its JORC-compliant mineral resource estimate for its Khemisset Potash Project in Northern Morocco and increased the total resources by 72% to 537 million tonnes of potash with an average grade of 9.24% K2O.
The company plans to complete a feasibility study in the second half of 2020.
According to a scoping study on the project, the company said a mine would have a 20-year minimum life and deliver average annual EBITDA of $236 million. The post-tax net present value is $1.14 billion.
Hayden Locke, CEO of Emmerson, is seeking financing.
“The significant proportion of the mineral resource estimate within the higher confidence indicated resource category will support our ongoing discussions with various potential debt financing institutions which included an indicative proposal for up to $230 million of project finance debt from a major European commercial bank,” said Locke.
For Kitco News
