OVER $90 MILLION RAISED
TW: To date, you've raised $90 million?
FA: Actually a little over $90 million.
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TW: It's my understanding that Allana will be the first potash producer in Africa.
FA: Yes, that's what we're aiming for, Tracy. We are one of the most advanced projects in Africa, not only in East Africa. Right now there's no potash production on the entire continent. We're hoping that if everything is on track, including our financing plans and of course construction after that, we will be able to become the first potash producer on the African continent.
TW: One of the hottest buzz terms online right now is food security. Can you tell me what other benchmarks we should look forward to seeing Allana achieve in this upcoming year?
FA: In the coming weeks and months, we will have achieved very important and significant milestones. We are presently working on a mining permit and we've been working very closely with the ministry of mines in Ethiopia, as well as with other ministries in the country. Allana is hoping to, within the next few weeks, be able to secure mining permit, which is obviously a very important milestone for us. In addition, in parallel to all these processes, we've been working on financing - not only the debt process, but also on equity. And we've been working very closely with our existing strategic shareholders, as well as potentially new strategic shareholders and investors. That process is going forward extremely well. We're very pleased with the pace and the progress. Again, despite all the turbulence in the potash sector, we're moving forward with the entire process. Also, I want to say that on the technical side, we've been working equally as hard. As we approach the preconstruction period, we have to make sure that we have the right people and select the right EPCM (Engineering, Procurement, Construction and Management) contractor. Basically, we have to have the right people to build this project and we have to have the right people to manage the project. So we've been working also on selecting the right person, the right candidate for the Chief Operating Officer position, and we've actually advanced our EPCM selection process. Very large, very well known engineering companies have already applied for that and we're going through the selection process. We are hoping that by the end of October we'll make the decision on what firm will be Allana's EPCM contractor.
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