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Gold/Mining/Energy : Allana Potash Discussions -- Ignore unavailable to you. Want to Upgrade?

To: Drex who wrote (740)	2/17/2012 11:16:29 AM
From: u2bob	Respond to of 826

My feeling about Fed is that we are still going after that property one way or another...we still seem to be blitzing them 24/7 with AAA advertising on their BB at Stockhouse plus we are cashed up and they are not...and why has the Samaria property not been scooped up yet when all other land on both sides of the border is spoken for...hmmmm...hope some real news comes out soon ... Bizarre junior mining feud confuses investors Peter Koven Feb 17, 2012 – 9:45 AM ET \| Last Updated: Feb 17, 2012 9:50 AM ET Bruce Cumming let the whole world know that he was leaving Ethiopian Potash Corp. Comments Email Twitter inShare It started with the above press release. Then the company, a junior miner called Ethiopian Potash Corp., responded with this one. It is highly irregular for an individual to issue his own press release through Canada Newswire when departing a company, as Bruce Cumming did this week. Most ominously, he said that he is involved with a separate firm (G&B Central African Resources Ltd.) that owns potash permits in Ethiopia and gave Ethiopian Potash an option to acquire an interest in them. That raises questions about title on the company’s assets. Ethiopian Potash referred to Mr. Cumming’s whole statement as a “non-material event,” but it has caused some obvious confusion for investors, who are left wondering about the miner’s relationship with G&B. A quick check of G&B’s website reveals nothing — the site promises that it will go live inSeptember 2008. It seems that deadline was missed. So what is really going on here? Dundee Capital Markets analyst Richard Kelertas is not sure, but he said that it is indicative of Ethiopian Potash’s “highly disordered internal state.” “The issuance of an unauthorized press release demonstrates a lack of control which we believe the company cannot afford at this stage in the game,” Mr. Kelertas wrote in a note. “Furthermore, we are concerned about the sketchy details available regarding the company’s association with G&B. The lack of clarity and information on G&B and its obligations in terms of potash permits to [Ethiopian Potash] adds another negative dimension to the [company's] project and further supports our negative stance on the company.” Mr. Kelertas maintained a sell rating on Ethiopian Potash shares. He recommends that investors move into Allana Potash Corp. instead, a rival potash play in Ethiopia that he believes has better prospects. Posted in: Mining, Trading Desk Tags: Allana Potash, Bruce Cumming, Ethiopia, Ethiopian Potash, Mining, Potash PETER KOVEN pkoven@nationalpost.com Gold miners' results all over the map Kinross should seek merger partner: Stifel Vale approves $2B clean air project in Sudbury Barrick's profit growth misses expectations First Uranium looks to sell its core assets

To: Drex who wrote (740)	2/19/2012 2:37:57 PM
From: u2bob	Respond to of 826

This will be the year of consolidation in the basin...If India can hold off buying potash for awhile so be it...demand will only be bigger later in the season...and planting season is coming soon...with Vale now in Ethiopia and all the land grab been picked up for agriculture ...one only has to wonder what is happening behind the scenes as we move towards March...this article from December has me sticking around for the pay day its been a long road and some serious players will be stepping up their game this year... Indian fertiliser makers looking to buy mines in Africa Submitted by admin4 on 11 December 2011 - 2:11pm India News By Rohit Vaid, IANS, New Delhi : Faced with increasing demand and rising cost of importing raw material, the Indian fertiliser industry is eying mineral assets in Africa. "Today there is a possibility of buying stakes in several mines, which are in initial stages of operations," A. Vellayan, chairman of the Fertiliser Association of India (FAI), told IANS. Some of the key mining areas the industry is eyeing in Africa are in Eritrea, Ethiopia, Congo and Ghana. Vellayan said the prices of fertilisers and the subsidies given by the government would also be reduced if fertiliser companies entered into joint ventures (JVs) with mining companies. "This will have significant impact on prices. Currently, there are Indian companies in South Africa, Tunisia and Morocco, and many of them are thinking of entering other African countries. But the government's support is required," Vellayan, group chairman of the Chennai-based Murugappa group, said. Fertiliser manufacturers have asked the government to create a $20 billion sovereign fund to buy overseas mineral assets. "Although there was talk of allocating $1 billion for a sovereign wealth fund for public sector companies, we have discussed with the government for a sovereign fund of about $20 billion for potash and phosphates," he said. "Either we can go and buy, or else the government pays the same amount ($20 billion) in subsidies," he said. India, which consumed 58 million tonnes of fertilisers in 2010-11, lacks key mineral ingredients for the manufacture of fertilisers such as potash and phosphatic rock and has to depend on imports. The country imports 100 percent of potash and 90 percent of di-ammonium phosphate (DAP). In 2010-11, the country imported 7.41 million tonnes of DAP and 4.5 million tonnes of potash. The rising input cost has led to a rise in prices of DAP -- which doubled from Rs.9,350 a tonne in April 2010 to Rs.18,500 a tonne at present. The federal government has given Rs.90,000 crore fertiliser subsidy to the farmers to protect them from fluctuating international prices, including budgetary provision of Rs.33,500 crore for phosphatic and potash-based fertilisers for 2011-12. Industry watchers say ownership of mineral reserves can bring long-term relief and security to the sector which is reeling under high import costs due to the depreciation of the rupee. Also recently, major foreign producers such as the Russian firm Uralkali, which is part of a larger international cartel, denied discounts on potash to Indian companies. "In the long term, we need assured supplies, as we cannot depend any longer on one or two suppliers. We are a big country and a huge population to feed," said Satish Chander, director general of FAI. "It will be more economical than buying the minerals from a few suppliers," Chander added. Big names in the international mining industry like BHP-Billton, Rio Tinto and Vale are eying African assets to mine potash, which is currently controlled by five producers in the world, accounting 60 percent of the total output. twocircles.net