Allana Potash Corp. says Danakhil potash project in Ethiopia to cost US$796M

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Allana Potash Corp. says Danakhil potash project in Ethiopia to cost US$796M

posted on Nov 23, 2011 01:48PM

TORONTO - Junior miner Allana Potash (TSX:AAA.TO - News) said Tuesday that its Danakhil potash project in Ethiopia will cost US$796 million to build, including all of the mine equipment, trucks, port and infrastructure.

The estimate includes $664 million for the mine, $38 million for a fleet of trucks to transport the potash and $93 million to build a port terminal in Djibouti.

The Toronto company said Tuesday its preliminary economic assessment was based on commercial operations that produce one million tonnes per year of potash over an initial estimated operating life of 30 years.

Total operating costs including production, transportation and port handling were estimated to be about $90 per tonne.

"The PEA's extremely positive results give Allana great confidence in advancing its feasibility study, which has been underway since August," Allana president and chief executive Farhad Abasov said in a statement.

"The PEA also allows Allana to move forward confidently with its project finance plans and ongoing talks with potential strategic partners."

Demand for potash, a key component in fertilizer, has risen as farmers around the world seek to improve crop yields.

Shares in Allana Potash were halted shortly before the market closed Tuesday pending news from the company.

The miner, which is developing potash projects in Ethiopia and Argentina, were up five cents at $1.17 in trading on the Toronto Stock Exchange before the halt.

http://ca.finance.yahoo.com/news/Allana-Potash-Corp-says-capress-3421343840.html?x=0

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