Welcome!

News Feed Item

Allana Potash Provides Project Update- Significant Progress Continues at Its Danakhil Project

-- Exclusive water extraction permit granted; sufficient for greater than 1 million tonnes per year of MOP production

TORONTO, ONTARIO -- (Marketwired) -- 06/23/14 -- Allana Potash Corp. (TSX: AAA) ("Allana" or the "Company") provides an update to investors regarding the development of its flagship Danakhil potash project in northeastern Ethiopia. Significant progress has been made so far this year in all areas of critical pre-construction project work such as technical optimization studies, bank debt financing and infrastructure development.

TECHNICAL & SOCIAL PROGRAM WORK

--  The Ministry of Water, Irrigation and Energy has granted Allana an
    exlcusive right to extract approximately 30,000,000 cubic metres of
    water per year which greatly exceeds the requirements for planned MOP
    production of 1 million tonnes per year which is estimated at 18,500,000
    cubic metres per year.
--  Optimization studies, including in-fill drilling, water field supply
    pre-construction development and additional solution mining work, are
    ongoing with ICL/AAA technical committee guidance.
--  Final review of potential EPCM contractors for project pre-construction
    studies is in progress.
--  After 18 months of dialogue and cooperation, the hamlets of Mororo and
    Alai Lai in the Afar region have been relocated and re-established under
    Allana's Relocation Assistance Plan approved by the Ethiopian Government
    and the IFC.
--  APA (Allana Potash Afar), in partnership with the Afar regional
    government, opened a dormant clinic in the village of Hamad Ela in May
    2014 to provide primary health care to the local Afar people. To date,
    219 patients have been treated at this new facility.

INFRASTRUCTURE BUILD

--  Construction at Tadjoura Port in Djibouti is proceeding and target
    completion is projected by the Djibouti Ports and Free Zones Authority
    (DPFZA) for Q1 2016. Allana expects to be granted construction access
    for the Tadjoura Potash Terminal facility starting from mid-2015.
--  Allana is completing the final elements of the commercial arrangement
    with the DPFZA, having clarified the physical and operations service
    interfaces between the DPFZA Tadjoura Port and Allana Tadjoura Potash
    Terminal facilities.
--  Construction of 120 km of upgraded highway in Djibouti is also
    proceeding with completion projected by the Djibouti Ministry of
    Transport and Infrastructure to be by early 2015.
--  Construction of 110 km of highway in Ethiopia near Allana's project site
    is expected to start with contracting by the Ethiopian Roads Authority
    in late 2014.
--  Tender is now out for the construction of the 216 km Asayita to Tadjoura
    railway project with contractor bids due to the Ethiopian Railway
    Authority in early August 2014.

DEBT FINANCING

--  Allana has worked with ICL to integrate project preparation activities
    with those of the lender group, and financing program activity is
    proceeding
--  Core lender group and major supply-country export credit agency lender
    are following their processes in cooperation with Allana and its
    advisors
--  Timeline for completion of all debt financing expected to be late fall,
    early winter of this year

Farhad Abasov, Allana's President & CEO stated: "All aspects of our project have been progressing extremely well since we signed our transformative strategic alliance agreement with ICL Ltd. (Israel Chemicals Ltd.) in February, 2014. Not only have we benefited from ICL's technical, operational, and engineering expertise, but ICL has been instrumental in assisting Allana Potash with our infrastructure and transportation logistics planning and implementation procedures. In addition, the take-or-pay contract signed with ICL for 80% of our eventual potash production has not only solidified the financial robustness of our project, it has also attracted interest from international commercial banks and large investment institutions, as well as some private equity entities. This has allowed us to consider more flexible forms of additional debt & equity and an overall less dilutive project finance structure."

NEXT STEPS

Allana will continue to advance all the critical aspects of the project that need attention for its successful completion. In addition to the technical, financing and infrastructure development programs in progress, comprehensive taxation, customs, and foreign currency exchange agreements with the Ethiopian government thorough various ministries are currently in advanced negotiation stages and are expected be complete before the end of the year. Securing full project financing as soon as possible remains Allana's top priority and senior management continues to working diligently towards this goal.

About ICL

ICL is a global manufacturer of products based on unique minerals that fulfill humanity's essential needs, primarily in three markets: agriculture, food and engineered materials. The agricultural products that ICL produce help to feed the world's growing population. The potash and phosphates that it mines and manufactures are used as ingredients in fertilizers and serve as an essential component in the pharmaceutical and food additives industries. The food additives that we produce enable people to have greater access to more varied and higher quality food; ICL's water treatment products supply clean water to millions of people as well as industry around the world; and other substances, based on bromine and phosphates help to create energy that is more efficient and environmentally friendly, prevent the spread of forest fires and allow the safe and widespread use of a variety of products and materials. ICL benefits from a broad presence throughout the world and proximity to large markets, including in developing regions. ICL operates within a strategic framework of sustainability that includes a commitment to the environment, support of communities in which ICL's manufacturing operations are located and where its employees live, and a commitment to all its employees, customers, suppliers and other stakeholders.

ICL is a public company whose shares are traded on the Tel Aviv Stock Exchange (TASE: ICL). The company employs around 12,000 people worldwide, and its sales in 2013 totaled $6.3 billion. For more information, visit the company's website at www.icl-group.com.

About Allana Potash Corp.

Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia. Allana has secured financial support from three significant strategic investors: ICL, one of the world's largest potash producers, IFC, a member of World Bank Group, and LMM, a member of Liberty Mutual Group. Allana has estimated measured Sylvinite mineral resources of 115.3 million tonnes of 27.8% KCl; indicated Sylvinite mineral resources of 212.1 million tonnes of 28.6% KCl, and an estimated inferred Sylvinite mineral resource of 90.8 million tonnes grading 27.8% KCl, In addition, the Project hosts measured Kainitite mineral resources of 552.3 million tonnes at 19.4% KCl, indicated Kainitite mineral resources of 598.2 million tonnes of 19.5% KCl and an estimated inferred Kainitite mineral resource of 481.8 million tonnes of 19.8% KCl; estimated measured Upper Carnallitite mineral resources of 121.5 million tonnes grading 17.5% KCl, estimated indicated Upper Carnallitite mineral resources of 289.8 million tonnes of 17.2% KCl and estimated inferred Upper Carnallitite mineral resources of 175.5 million tonnes of 16.5% KCl; estimated measured Lower Carnallitite mineral resources of 235.0 million tonnes of 9.7%KCl, estimated indicated Lower Carnallitite mineral resources of 322.2 million tonnes of 8.9% KCl and estimated inferred Lower Carnallitite mineral resources of 369.3 million tonnes grading 7.7% KCl. The foregoing mineral resource estimates are as at April 17, 2013. For more information with respect to the data verification procedures undertaken and the key assumptions, parameters and risks associated with the foregoing estimates, refer to Allana's Technical Report entitled "Resource Update for the Danakhil Potash Deposit, Danakhil Depression, Afar State, Ethiopia" dated effective April 17, 2013 filed under the Company's SEDAR profile at www.sedar.com on August 7, 2013.Allana has approximately 325.2 million common shares outstanding. Allana trades on the Toronto Stock Exchange under the symbol "AAA". For more information, please visit the Company's website at www.allanpotash.com.

Dr. Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is the Company's designated Qualified Person and has reviewed and approved the technical information presented in this release.

Forward-Looking Statement

Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Statements with respect to mineral resource estimates, production timelines adthe effect and timing of the fertilizer program and blending plant construction are forward-looking statements. Forward-looking statements are based on the opinions, assumptions estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Such risks include the uncertainty with respect to the development and financing of the project on the timeline set out or at all, finally the fact that the expected benefits of the strategic alliance may not materialize, the inherent capital markets consequences of an equity controlling position, regulatory risks and such other risks as discussed in the risk factors sections of our latest annual information form, our technical reports and other continuous disclosure documents filed from time to time at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.

Contacts:
Allana Potash Corp.
Richard A. Kelertas
Senior Vice President, Corporate Development
514 717 6256
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
SYS-CON Events announced today that IoT Global Network has been named “Media Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. The IoT Global Network is a platform where you can connect with industry experts and network across the IoT community to build the successful IoT business of the future.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addresse...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...