The Khemisset Potash Project

Development of a Low Capital Cost, High Margin Potash Mine

Khemisset Project

Emmerson’s primary focus is developing the Khemisset Potash Project located in Northern Morocco.

The project has a large JORC Resource Estimate (2019) of 537Mt @ 9.24% K2O and significant exploration potential with an accelerated development pathway. The Feasibility Study completed by Golder Associates has confirmed the findings from the Scoping Study, which showed that Khemisset has the potential to be a world class, low capital cost, high margin potash mine, which is a very rare asset in the industry.

The study demonstrated robust economics for Khemisset with a post-tax NPV8 of US$1.4 billion and IRR of 38.5% to produce approximately 810,000 tonnes of K60 MOP per annum during steady state operations over the initial 19 year mine life. Importantly, Khemisset has demonstrated an incredibly low pre-production capital cost of US$387 million, less than half of its global peer average capital intensity.

Khemisset is ideally located to benefit from the expected high growth in demand for NPK fertilisers on the African Continent. Its location, close to a number of potential export ports, on the doorstep of European, Brazilian and US markets, means that the project will receive a premium netback price relative to many of its peers. The need to feed the world’s rapidly increasing population is driving demand for potash and Emmerson is well placed to take full advantage of the opportunities this presents.

Feasibility Study Details

Khemisset Fast Facts


with estimated historical spend of US$20million; 136 drill holes for c. 85,000m and PFS (1974)


Located in one of the fastest growing potash consuming countries in the world (88% CAGR 2015-2017)

JORC Resource

Significant JORC Resource of 537Mt @ 9.24% K2O and strong exploration potential

Shallow deposit

Relatively shallow deposit commencing from only 450m below surface

Basin strike

Basin strike extends over 60km by 20km

K60 Product

(saleable grade for standard MOP for agricultural use) aiming for an initial 19 year mine life

Low Capex

US$387 million - Bottom quartile capital intensity per tonne of product produced – less than half of global peer average capital intensity

Robust Economics

Post-tax NPV10 US$1.4B; IRR of 38.5%; Cash Margins of 47.1%; EBITDA Margins of ~61%; Post-tax cashflow of US$184M per annum


The Khemisset Potash Project is located in Northern Morocco.

It is approximately 90km from the capital city, Rabat, and the planned bulk port of Kenitra Atlantique and 150km from the port of Mohammedia. It is close to the significant regional town of Khemisset and benefits from outstanding infrastructure including a network of toll roads, and electricity distribution grid and enjoys a supportive local government. Emmerson has identified pre-production capital cost savings of over US$1.2 billion relative to the average Canadian potash mine development, with cost savings of over 90% on key mine access and infrastructure.


JORC Resource

JORC Resource Classification Million Tonnes (potash seam) % K2O
Indicated Category 375.2 9.36
Inferred Category 161.8 8.96
Total (Indicated & Inferred) 536.9 9.24