Allana Potash is expecting to acquire equity capital from new strategic investors for its project in Ethiopia, in the New Year.

The company expects that the positive preliminary economic assessment completed last month will result in developments in the coming year.  

The PEA stated that a one million ton per annum mine at the Dankil project will cost 796 million US dollars to build. The capital cost figure makes the projects the lowest cost and possibly the highest return potash project in the world according to Farhad Abasov CEO of Allana.

The stay on new mining licenses put into effect in Ethiopia last month is only temporary said Sinkenesh Ejigu Minister of Mines. Ethiopia had issued more than a 100 mining licenses before the suspension last month.

There were an estimated 200 applications for new licenses waiting to be processed when Ethiopia enacted the suspension to gain time to sort out issues with the mining sector.

The Ethiopian Electric Power Corporation is requiring all factories in Ethiopia to install devices that guarantee efficient use of power.

The efficiency devices are expected to adjust the difference between real power and apparent power in the use of electricity to a ratio of one.

The Metal and Engineering Corporation will produce the devices known as power factor correctors. The efficiency devices will be made available to all factories eventually on a one year interest free credit arrangement according to Miskir Negash Head of Public relations EEPCo.

Officials from Ethiopia and Kenya are working out the details for a power supply agreement. Ethiopia expects to supply Kenya with an initial 400 MW of electricity by the end of 2015.

Alemayehu Tegenu, Water and Energy Minister, is leading the Ethiopian delegation in discussions with Kenyan officials led by Kiraitu Murungi, Kenyan Energy Minister.