DireTube News - ICL completes Allana Potash acquisition
Israel-based agriculture, processed food and engineered materials markets orientated firm ICL has completed its C$137-million acquisition of Canadian explorer Allana Potash. The closing on Monday followed approval by Allana's security holders and Ontario's Supreme Court of Justice of ICL's offer for 83.78% of Allana's outstanding shares that it did not already own. In 2014, ICL acquired 16.22% of Allana for C$25-million.
Allana held a concession to mine potash at the Danakhil mine, in Ethiopia's Afar National Regional State, as well as the knowledge that had been accumulated in recent years. The project was estimated to yield up to one-million tonnes of muriate of potash (MOP) a year for 25 years, based on a feasibility study conducted by Allana and completed in February 2013. It is our preference that if you wish to share this article with others you should please use the following link:
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