PROJECT

Projects

Summary of Proposed Investment

Project Number

29979

Company Name

Allana Potash Corp

Date SPI Disclosed

Mar 25, 2011

Country

Ethiopia

Industry

Metals and Mining

Projected Board Date

Apr 26, 2011

Status

Completed

Sector

Miscellaneous and Industrial Ores (Including Magnesite, Fluorite, Sulfur, Soda Ash, Clays, Gypsum, Lime, Peat, Boron, Diatomite, Feldspar, etc.)

Department

Gbl Infrastructure & Natural Resources

Environmental Category

B - Limited

Previous Events

Approved : Apr 28, 2011
Signed : May 5, 2011
Invested : May 10, 2011

Project Description

Allana Potash Corp (“the Company”, or “Allana”) is exploring for potash on three contiguous licenses located in the Danakil Depression (“the Project”). The Danakil Depression is a desert area in north-east Ethiopia, close to the border with Eritrea. The potash mineralization in the Danakil Depression is well known and was mined intermittently from the early 1900s. The Project area covers part of the previously defined Musley potash deposit that was discovered between 1958 and 1967. The Musley deposit was at that time reported to contain a resource of 171.27 million tonnes grading 32.48 % KCl. Project area covers part of the Musley deposit and has a historic inferred potash resource of 105.2 million tonnes with a composite grade of 20.8 %. The resource potential of the entire Danakil Depression is significant and is believed to be in the order of a billion tonnes.

Allana has sought strategic investors to help develop the Project. The Company recently announced strategic partnerships with two major investment houses. The Company is also seeking IFC’s engagement as a strategic partner to provide additional financing for the Project and help develop the Project in line with industry best practice in environmental and social sustainability.

Sponsor / Cost / Location

Development Impact