Emmerson annual loss narrows slightly as eyes approval in Morocco

(Alliance News) - Emmerson PLC on Friday said it is waiting approval for an impact assessment as ...

Alliance News 24 May, 2024 | 11:30AM
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(Alliance News) - Emmerson PLC on Friday said it is waiting approval for an impact assessment as it reported a narrowed annual loss.

Emmerson is a resource development company, primarily focused on its wholly owned Khemisset potash project in northern Morocco.

The company said pretax loss narrowed 6.3% to USD3.0 million in 2023 from USD3.2 million in 2022. Notably, it reported a net foreign exchange gain of USD18,000 for 2023, compared to a loss of USD356,000 a year prior.

Looking ahead, Emmerson is focused on obtaining approval for its updated environmental & social impact assessment at Khemmisset, which it had submitted to Moroccan authorities last month.

Chief Executive Officer Graham Clarke said: "Upon receipt of this approval, we will move forwards with completing the remaining studies on the Khemisset multi-mineral process, such that it can then be incorporated into an updated bankable feasibility study, based on the original 2020 feasibility study, but including all optimisations and improvements, and revised estimates, completed in the intervening years including the workstreams completed under the basic engineering."

Emmerson shares rose 5.0% to 2.10 pence each on Friday afternoon in London.

By Tom Budszus, Alliance News slot editor

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Emmerson PLC 1.80 GBX -5.26 -

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