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Emmerson PLC is listed on the Main Market of the London Stock Exchange with the ticker LON: EML. The Company is developing the Khemisset potash project in Northern Morocco, which a recent scoping study confirmed to have the potential to be a low capital cost, high margin potash mine in a country which was recently sited in the Mining Journal’s risk report as the number one jurisdiction for mining investment in Africa.

Potash is a fertiliser used to increase crop yields and improve the quality of plants. It plays a central role in helping feed the world’s growing population. Highlights of the aforementioned Scoping Study include:

  • Post Tax NPV of US$795m and IRR of 29.8% over 20 year mine life
  • Using forecast prices from Independent Market Consultant Argus Media, NPV increases to US$1.14bn over 20 year mine life
  • Bottom quartile projected all-in-sustaining delivered cost to all Emmerson’s target markets including Brazil, NW Europe, Morocco, South Africa
  • Top quartile projected cash margins according to analysis conducted by Argus FMB
    • Average, steady state post-tax cash margins of 50% at current potash prices
    • Average, steady state, EBITDA margins of nearly 64% at current potash prices


Graham Clarke (CEO)
26 years at Cleveland Potash, latterly as CEO. Ex Senior management at Sirius Minerals

Jim Wynn (CFO)
ExCFO of Moxico Resources plc, ex CFO of Rainbow Rare Earths Ltd, ex FD Avocet Mining Plc

Hayden Locke (DIR)
Mining executive with ~15 years’ experience in mining, private equity and investment banking

Edward McDermott (Non-Exec Director)
Former investment banker with 15 years’ experience in the management and financing of small companies

Dr Robert Wrixon (Exec Director)
18 years’ commercial experience in mining including five years with Xstrata

Mark Connelly (Chairman)
30 years’ experience in the financing and development of mining projects

Peer Group

  • Highfield Resources (ASX: HFR): Potash exploration & development in Spain
  • Kore Potash PLC (LON:KP2): Potash exploration & development in Republic of Congo

Major Shareholders


  • Dr Christopher Wrixon – 7.06%
  • Hayden Locke – 0.24%
  • Mark Connelly – 0.07%
  • Edward Mcdermott – 0.06%


  • Jarvis Investment Management – 23.67%
  • Bring On Retirement Ltd – 6.06%
  • A.N. Technology Beheer BV – 5.10%

Macro Indicators

Financial Times (June 2022): Ukraine war sparks rush for potash as global food fears grow
For the best part of a decade the potash market struggled with overcapacity and low prices. But as sanctions throttle supplies of the fertiliser from Russia and Belarus, which account for almost 40 per cent of global stocks, buyers are scrambling for cargoes and warnings are growing of a global food crisis…shares in Aim-listed Emmerson, which owns the Khemisset project in Morocco, have jumped 30 per cent this year.”

Media coverage

Midas Share Tips (Apr 2022) “Emmerson can grow your portfolio with potash that’s NOT from Russia
“Emmerson should prove to be an attractive option. The company is still developing its mine, but the potash is there in abundance and several important steps have been taken on the road towards commercial production. Engineers are in place, a financial strategy has been drawn up and chief executive Graham Clarke has secured up to $46million of support from a Singapore-based investment group. “

Broker Coverage

Shard Capital (March 2019)

“EML’s recent scoping study at Khemisset demonstrated a robust project with outstandingeconomics – sector leading capital intensity and bottom quartile AISC to Brazil. The combination of favourable location, excellent infrastructure and shallow mineralisation pushes Khemisset to the front of the queue in terms of upcoming projects in the potashspace. EML’s management has considerable potash experience and the track record to push Khemisset through feasibility and financing at a time of record MOP demand.”

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