Emmerson PLC (LON:EML) has announced the findings of a socio-economic study which confirms that the Khemisset potash project in Morocco will provide significant benefits at local, regional and national levels.
The study, authored by economics professor Sallem Koubida, estimates the mine project will lift local GDP per capita by around 40%.
It will create 2,385 direct and indirect jobs during construction, the study estimates, while the operational mine will create 1,500 jobs – comprising 760 direct employees – with the company aiming to fill 90% of roles with people from the Khemisset area and surrounding communities.
The study detailed that some US$2.5bn will be invested over the life of the project with the company’s procurement strategy set to be biased towards local, regional and in-country providers in order to maximise the benefits to Morocco.
Tax contributions resulting from the project will equate to an estimated 176% of tax revenues currently generated locally with the corresponding regional and national metrics marked at 5.1% and 1% respectively.
“We are delighted with the outputs of the study which demonstrate that the local, regional and national benefits that the project will bring are significant,” Graham Clarke, Emmerson chief executive said in a statement.
“Our company values are summarised by the phrase ‘doing the right things in the right way’ so it is an important part of the company’s approach that the development of the Khemisset project has a positive impact on the local area and has a national significance which we have now demonstrated will be the case.”