Potash players see gains; Allana Potash, Western P Potash players see gains; Allana Potash, Western Potash climb
4:11 pm by Deborah Bacal
Corp. ()(OTCQX:ALLRF) is up another 12.5 per cent on Monday, after gaining more than 19 per cent at the end of last week, when it said it received environmental approvals from the Ethiopian government for its Danakil potash project.
Shares of Allana were lately up 12.5 per cent, or 7 cents, at 63 cents. Its stock has moved up over 43 per cent since Wednesday, May 22, the day the company made its announcement, and is up 34 per cent since the start of the year.
The approval of the Environmental, Social, and Health Impact Assessment is an important milestone for getting the project's mining license, the company said in its statement last Wednesday.
"This approval marks the culmination of numerous environmental and social studies, extensive stakeholder cooperation and reflects the strong commitment Allana has to Ethiopia and the Ministry has to foreign investment," president and chief executive Farhad Abasov said in the release.
Allana said that the ministry is in the midst of reviewing its application for the mining license for the project, with meetings earlier this month suggesting "significant progress has been made" in the evaluation of the company's feasibility study. The company, which is backed by strategic investors International Finance Corp and Liberty Metals and Mining, is hopeful that the mining license will be granted in the next few months.
Western Potash (), which is developing its Milestone potash property in Saskatchewan, also gained on Monday by 25 per cent, rising to 75 cents, and stretching year-to-date gains to more than 78 per cent.
https://www.proactiveinvestors.com/companies/news/44304/potash-players-see-gains-allana-potash-western-potash-climb-44304.html