Emmerson (EML) told investors on Tuesday that it has commenced the Feasibility Study for its 100% owned Khemisset potash project in Northern Morocco.
After a rigorous tendering process, it appointed the globally-recognised engineering firm Golder Associates to undertake the Feasibility Study.
Golder Associates previously completed the Scoping Study, which found the project to have sector leading capital costs and EBITDA margins, and a post-tax NPV10 of US$1.14 billion.
Emmerson is targeting release of the results from the study to the market in the first half of 2020.
Shares in Emmerson have risen over 43% in the 2 weeks leading up to the announcement
Hayden Locke, CEO of Emmerson, said: "This process has been able to be accelerated thanks to the significant historical work completed on the Project.”
He added: "In selecting Feasibility Study engineers, we conducted an extremely thorough and detailed tender process and were pleased with the level of interest from global engineering firms to work with Emmerson on the Khemisset Potash Project.”
“The level of submissions the Company received was exceptional and Emmerson is delighted with the appointment of Golder, an outstanding, global, independent engineering firm with deep experience in the delivery of feasibility studies for complex mining projects.”
The company has £2.3 million of cash remaining as at the end of March 2019 and told investors it has sufficient funds to complete the work streams required for the Feasibility Study.
Investors will be awaiting results from the metallurgical test work programme, as well as Mineral Resource Estimate updates following resource drilling.
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