11 May 2011 19:01 [Source: ICIS news]
TORONTO (ICIS)--Canadian potash firm Allana has secured the International Finance Corp (IFC) as an investor to help develop a potash project in ?xml:namespace>
Allana said the IFC agreed to invest Canadian dollar (C$)10.0m ($10.4m, €7.2m) in Allana, which will use the proceeds to fund a drilling and feasibility study at its potash property in Ethiopia’s northeastern Danakhil Depression.
According to information on the IFC's website, Allana’s project has a “historic inferred potash resource” of about 105m tonnes.
The estimated resource potential of the entire Danakhil Depression is forecast to be about 1bn tonnes, the IFC said.
As part of the World Bank, the IFC helps finance private sector projects in developing countries.
($1 = C$0.96)
($1 = €0.69)
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