ICL, Israel-based agriculture, processed food and engineered materials markets oriented firm, has finalized its USD 137 million acquisition of Canadian explorer Allana Potash, according to Mining Weekly.

The acquisition completed on Monday, June 22, 2015 after the approval of Allana’s security holders and Ontario’s Supreme Court of Justice of ICL’s offer for 83.78% of Allana’s outstanding shares that did not already won. In 2014, ICL acquired 16.22% of Allana for USD 25 million.

Allana held a concession to mine potash at the Danakil mine in Ethiopia’s Afar National Regional State. The project was estimated to yield one million tons of muriate potash (MOP) per year for 25 years, according to a feasibility study conducted in February 2013 by Allana.

According to ICL, acquiring Allana would enable it to expedite the development of Danakil mining project. It would now begin a process to gauge the technical and operational feasibility of the project along side logistics, infrastructure and production needs.

Source: miningweekly.com