Hi Pat: Just wondering if you could revisit Allana Potash and comment in the wake of its securing of financing, new strategic partnerships and imminent production? Thanks.
Allana Potash, $0.42, symbol AAA on Toronto (Shares outstanding: 294.0 million; Market cap: $123.5 million; www.allanapotash.com), is focused on developing its Danakhil potash project in Ethiopia. The deposit, which is located in the Danakhil Depression area, holds over 24 million tonnes of mineable potash.
Allana’s property has a history of potash exploration and mining. There was small-scale production there in the 1920s, and the property was extensively explored in the 1960s, when nearly 300 holes were drilled.
Operating in Ethiopia entails considerable political risk. As well, the region’s roads are poor, and power and water infrastructure is underdeveloped.
Still, Allana has completed a positive feasibility study on the project. This report envisions a mine on the site, as well as processing facilities and port and road improvements. In all, this project would cost $642 million U.S. to build.
The mine would produce one million tonnes of potash a year, with the potential to double that if exploration finds more reserves. Danakhil is about 600…
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