Allana Potash announces $800m capex for Ethiopian mine
A preliminary economic assessment for the Danakhil potash project in Ethiopia pegs the capital costs at $797 million.
Canadian potash junior Allana Potash announced the figure yesterday while also outlining plans to raise the capital during a conference call to investors.
CEO Farhad Abasov said during the call that nearly all the debt funding would come from development agencies such as the International Finance Corp (IFC), the African Development Bank and export-import banks from the US, Canada and Europe.
The remaining $300 million would come from the sale of equity stock.