Allana Potash said on Wednesday it has appointed Dr. Mark Stauffer, previously president of the Potash and Phosphate Institute of Canada, as chairman and is applying to move its listing to the Toronto main board.
Up 80% since the start of the year stock in Allana, advancing a project in Ethiopia was trading steady on Wednesday amid the market turmoil. The company has announced a string of discoveries at its 160 square km Dallol project in Ethopia in recent months.
Allana is worth some $255 million on the TSX Venture exchange and typical of mining juniors possesses a wildly fluctuating share price. While up 80% since the start of the year, it has lost just under 28% in the last three months to trade at $1.32.
Dr. Stauffer obtained his B.Sc. (Agriculture) and M.Sc. from the University of Guelph and obtained his Ph.D. in Agronomy from the Virginia Polytechnic Institute & State University. He currently serves on the board of Migao Corporation, a specialty fertilizer producer listed on the Toronto Stock Exchange.
“We are very pleased to welcome Mark to his new role as Chairman of Allana. The appointment of an independent Chairman comes at a time when Allana is applying to graduate to the Toronto Stock Exchange. Mark’s advice and guidance to Allana’s management in our interactions with various strategic partners, including large fertilizer companies, has been critical. The Company feels that the appointment is an important step to achieving a more independent operation, while it continues to move the project to the Feasibility Study and advance the Dallol Project towards production,” Allana CEO Farhad Abasov said in a statement.
Picture of naturally occurring hot springs on Allana’s potash property that can reach temperatures of 120 degrees Celcius on surface, courtesy of the company.
