A Potential Winning Combination

ROBERT WINSLOW, Wellington West Capital Markets (09/30/2009)
"We contend Allana’s proposed potash project in Ethiopia’s Danakil Depression stands to be a low capital and low operating cost project that is quicker to market than most other proposed greenfield potash projects. Further, if the current MOU with a Chinese partner (“ChinaCo”) becomes a definite agreement, we suggest the proposed project will be significantly de-risked from financing, political and technical perspectives. Allana is working toward a late 2010 feasibility study and a production decision that could see first potash shipped by as early as Q1/2013 for the nearly US$800 million project."

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