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Emmerson (EML.L) has successfully raised 6 million pounds by issuing 200 million shares to expand a Potash project in Morocco, says Reuters.
Emmerson had to close its Potash mine in Morocco after prices increased and supply was limited.
«The project’s advantages, it said, include shallow, cheap-to-exploit resources and a location in Morocco, where demand for potash is expected to climb, and access to Europe and other major markets is straightforward», says the same source.
«From a transport perspective, we have an unassailable competitive advantage», CEO Hayden Locke told Reuters.
The project is in the «late stages of development» says the company which has already spent $20 million on it.
Expected to start producing four years from now, the company predicts prices and demand to rise in the future.
«Global food security goals cannot be achieved without the significant use of fertilizers», said Locke.
For the record, Emmerson’s shares were suspended in October after it became 100 percent owner of the Khemisset Potash Project in Morocco.
Potash is some of various mined and manufactured salts that contain potassium in water-soluble form.
