Graham Clarke, CEO of Emmerson commented: "I am delighted to present our first offtake MOUs to the market as we continue our process of advancing towards construction readiness at Khemisset. They are also non-exclusive, and Emmerson will continue to engage in ongoing offtake discussions with other wholesale customers, distributors, and global traders for the remaining production capacity from Khemisset. The MOUs envisage that all MOP and salt products sold will be delivered Free On Board (currently Casablanca), unless otherwise agreed by the parties. Importantly, the MOUs contemplate ‘take or pay’ provisions whereby the offtakers will market the product to end users and compensate the company for any quantities not taken by end users or otherwise sold by the offtakers. The prices for MOP (minimum of 60% K2O) and NaCl are expected to be derived from the market or as quoted in independent expert reports, such as Argus Research, averaged to form a monthly price in the month prior to bill of lading, and after deducting a marketing fee. The MOUs are non-binding and set out the key terms for subsequent formal bankable offtake agreements.
With keytrade AG for the sale of a minimum of 245 000 tpy of Muriate of Potash for a period of 10 years and with Hexagon Group AG for the sale of a minimum of 245 000 tpy of MOP and a minimum of 500 000 tpy of salt product, both for a period of 10 years.
Emmerson has announced the signing of non-binding Memoranda of Understanding relating to the offtake of potash and salt to be produced at its Khemisset Mine in Morocco, as follows:
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