2merkato

Pamela Hueston has been named as director of the Ethiopian Potash Corporation effective. The appointment of Hueston will be effective immediately.

Hueston is currently serving as the Director of Finance with Premier African Minerals Limited, a company working in mineral exploration and development in the West and Southern parts of Africa.

She also worked for Deloitte in a range of international positions as a Senior Manager in Forensic Accounting previously. Pamela graduated with an MBA from the University of Cape Town and is a Chartered Accountant in Canada.

The House of People's Representatives July 5, 2011 yesterday approved 118 billion birr budget for the 2011/2012 fiscal year. The budget approved yesterday is greater by 30 billion birr than the budget for the 2010/11 fiscal year.

Prime Minister Meles Zenawi said that the budget was prepared based the country's interest and capacity.

The House of Peoples' Representatives yesterday authorised the National Payment System bill drafted by the Budgetary and Financial Affairs Standing Committee.

The bill was endorsed taking into consideration the significance of legal framework supporting the payment system in the country.

Paron Trading signed an agreement with the Industrial Parks Development Corporation (IPDC) to enter Bahir Dar Industrial Park.

Paron Trading is a local company which is in the sector of agro processing. It will invest Birr 500 million in the park on the 2 hectares of developed land it received from the Corporation. It is also expected to create employment opportunities for 1000 individuals.

Bahir Dar Industrial Park is situated on 75 hectares of land in Bahir Dar city which is 560 km from Addis Ababa. It became operational in 2020.

Source (including image): IPDC

An independent preliminary economic assessment of Allana Potash gave the assent an after-tax net present value of 1.85 billion US dollars and a 36.8% internal rate of return.

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.