Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
China Communications Construction Company and Qinghai Salt Lake Industry Group Company committed to provide full project funding at no dilution to shareholders. ChemChina ( China BlueStar Changsha Design and Research Institute) would provide technical expertise...Investment approval had to take place on 27th of March 2015 09:30 LT (UTC+8) ; Allana published ICL deal on 26th of March ET (UTC-5) less than two hrs before investment approved in China. Allana (FA) didn't want to take project further, later stating it would create huge dilution. CCCC and QSLIG will need a few days for a bid. Min price expected 0,64 CAD.
This sounds like BS......
"... China BlueStar Changsha Design and Research Institute will provide experts and experience....but still big play even for them...."
This is from The Blue star web site:
It does not look like an outfit capable of providing any experience in potash mine building.
(they commissioned, however a MOP prcoessing plant with 100,000t/y capacity once)
Home > Press Center > Bluestar News
Bluestar News
Search:
??
20122011
BSI Launches New Skin Adhesives, Transdermal Patches and Wea… 2015-03-25
Bluestar Silicones announces U.S. Distributors for Moldmakin… 2015-03-25
ChemChina and Camfin Signed Share Purchase Agreement with re… 2015-03-23
Beijing Bluestar Cleaning Shines at CIAACE 2015 2015-03-18
Bluestar Silicones Launches New Skin Adhesives for Wound Car… 2015-03-04
Curtain Drops on the 25th Bluestar International Summer Camp 2015-03-03
Hangzhou Water Treatment Secures Contract to Build Demonstra… 2015-03-03
Toray’s Ultra-low-Pressure Membrane Reaps Acclamation at AQU… 2015-03-03
China National BlueStar (Group) Co., Ltd Celebrates its 30th… 2015-03-03
Bluestar Silicone International Extends its Strategic Cooper… 2015-03-03
China’s First Metallocene Polyethylene Project Launched Succ… 2015-03-03
Beijing Bluestar Cleaning Company sets new Records for China… 2015-03-03
Bluestar Director Jonathan Clancy Attends the Launch of “80 … 2015-03-03
Shanghai Bluestar Cleaning Company Completes its First Overs… 2015-03-03
New Engineering Plastic Product of Nantong Xingchen Enters O… 2015-03-03
Total 473 Current 1 / 32 Home Previous Next End Jump to
Media Inquiry
Fax:010-61958888
Print
Site Map
Contact Us
Wshaw, I guess you were right.
EOM
This is my last post here, exiting today.
Enjoy your loud laughter. It is healthy...
I am afraid that the exit door will be really small when the news finally comes....
I only wish that you are right, but it is my opinion that ICL is the only dancing partner here and it will take its time to decide and do anything substantial, like investment and starting building the mine.
3 months ago I said that there is no action for 6 month minimum....
It is coming to hatch.
EOM
PS: it might have been a little bit optimistic prediction.
What really scares me is Allana's negative working capital.
ICL has us over the barrel.
Anybody expecting any action in near future will be disappointed:
(ICL February 11, 2015 transcript of 2014 Q4 analyst call, excerpt)
Joseph Wolf:
Right and just as a follow-up. With the China investment, it seems to be a long process, but you noticed
that you have a lot of people going over there already. Can you talk about how you feel about that?
What you need to do with the government and what you’re allowed to do, not allowed to do, while that’s
being approved, so that where you’ll be when the JV finally closes and just the timing on how that works
and then related to that, an update on the Ethiopian investment? If I recall, you were making a decision
about further investments in Ethiopia. You mentioned it briefly during the presentation, but I’m not sure
that we’ve heard any final answer to further investments in Ethiopia.
Stefan Borgas:
Okay. Let me start with the last one. We haven’t made any announcement on whether we will go the
next step in Ethiopia or not. We’re still contemplating that. The discussions are ongoing and there’s still
technical things to be sorted out. With respect to the closing in China, there are three major streams of
approvals that have to happen. The first one is the approval by the stock exchange regulators for us to
be able to invest into the Yunnan Yuntianhua, the mother company, our 15% share. This is probably
going to be the fastest approval. We expect this to take about six months and then after this, we could do
this investment anytime we want within a six-month window or we have to ask for an extension of that
approval I think, which we can also do.
The second track is the regular joint vent
Anybody still thinks that ICL will let Allana project to Chineese?
"...This is a buying opp..I have been adding all week...."
So buy, buy, and buy big...
Event Details for: Continuation Diamond (Bearish)
Rate this Event:
Tells Me: The price has broken downward out of a consolidation period, suggesting a continuation of the prior downtrend. The Continuation Diamond (Bearish) begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks downward out of the diamonds boundary lines, it marks the resumption of the prior downtrend. More...
Event Date:
Feb 13, 2014
Opportunity Type:
Long-Term Bearish
Close Price:
$0.45
Target Price Range:
$0.04 - $0.12
Price Period:
Daily
Volume:
2,563,251
Pattern Duration:
314 days
Inbound Trend Duration:
247 days
What is farhad flapping his gums about?
Yara will not do anything there for several years and it is also looking for an investor with money:
Yara is not comfortable to do it themselves.
Expect at least 6 months of nothing..
Meanwhile Allana will be insolvent again.
Yara study confirms potash mining potential in Ethiopia
Feb 13, 2015
Oslo, 13 February 2015: A feasibility study, carried out on behalf of Yara International confirms significant potential to extract potash in the Danakil depression in northeastern Ethiopia.
The independent study identified an annual production of 600,000 metric tons sulfate of potash (SOP) over 23 years from reserves (Kainite, Carnallite and Sylvinite) at Yara's Danakil concession. The company, which aims to begin mining activities in 3Q, 2018, is now seeking equity partners to develop the project.
The reserves will be mined using solution mining technology. The brine produced at the mining sites will be evaporated utilizing high solar radiation. The harvested salts will be processed and re-crystalized to SOP. Both standard and compacted SOP will be produced.
The product will be trucked 790km to Tadjoura, Djibouti, where the project includes a product storage and handling terminal at the new port currently under construction by the Djibouti Port Authority.
Capital expenditure of the project is estimated at USD 740 million, while operating expenditure is expected to amount to USD 167/metric ton FOB Djibouti.
The combination of a unique geological structure and an extreme climate in the Danakil depression required adjustments in the production process. Yara developed new technologies to fully utilize the local advantages.
Yara's Danakil mining project has received the backing of the Ethiopian government, which has committed to providing electric power by building a 130km long power line. The government will also construct a new lowland transportation road to support mining operations. Sustainable water availability has been confirmed through a water exploration campaign, while an environmental and social impact assessment study confirms that the future activities comply with Ethiopian environmental legislation and international guidelines and standards.
For further information, please contact:
Anders Lerstad, Investor Relations
Telephone: (+47) 24 15 72 95
Cellular: (+47) 93 42 69 54
E-mail: anders.lerstad@yara.co
Semera station might be potentially the re-loading point for Allana (and Yara)
Road from Dallol to Semera is pretty flat 400km, so it can be done in 5 hours or so.
the mountains to cross to Tajoura would be on railroad, cutting the transportation by more than half.
Mekele looks close to Allana camp on the map, but it is across mountains, so it is a non starter. Road is treacherous even after the recent upgrade.
At any rate, this is all of no consequence to Allana at present.
IN COMPARISON TO THIS TA I THINK SO:
(we may see low 20's but not 4 cents, unless Farhad royally loots the company)
Allana Potash Corp
AAA:TSX 0.31 CAD, 12:45
Follow InstrumentEvent LookupEvent LookupPlan a StopPlan a StopAdd AlertAdd Alert
Industry: Metals and Mining
Competitors: none Add Competitor
Event Details for: Continuation Diamond (Bearish)
Rate this Event:
Tells Me: The price has broken downward out of a consolidation period, suggesting a continuation of the prior downtrend. The Continuation Diamond (Bearish) begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks downward out of the diamonds boundary lines, it marks the resumption of the prior downtrend. More...
Event Date: Feb 13, 2014
Opportunity Type: Long-Term Bearish
Close Price: $0.45
Target Price Range: $0.04 - $0.12
Price Period: Daily
Volume: 2,563,251
Pattern Duration: 314 days
Inbound Trend Duration: 247 days
1mth | 3mth | 6mth | 1yr | 2yr | 5yr
Share
yeah, it is weird...
also AAA SP is firming up recently.
not to dispute this info, I saw that myself, but the news about the conference disappeared from the website.
Strange.
I sympathise with you, it must be hard.
But there is an easy cure: just stop reading my posts.
EOM
Yara is not comfortable to do it themselves.
Expect at least 6 months of nothing..
Yara study confirms potash mining potential in Ethiopia
Feb 13, 2015
Oslo, 13 February 2015: A feasibility study, carried out on behalf of Yara International confirms significant potential to extract potash in the Danakil depression in northeastern Ethiopia.
The independent study identified an annual production of 600,000 metric tons sulfate of potash (SOP) over 23 years from reserves (Kainite, Carnallite and Sylvinite) at Yara's Danakil concession. The company, which aims to begin mining activities in 3Q, 2018, is now seeking equity partners to develop the project.
The reserves will be mined using solution mining technology. The brine produced at the mining sites will be evaporated utilizing high solar radiation. The harvested salts will be processed and re-crystalized to SOP. Both standard and compacted SOP will be produced.
The product will be trucked 790km to Tadjoura, Djibouti, where the project includes a product storage and handling terminal at the new port currently under construction by the Djibouti Port Authority.
Capital expenditure of the project is estimated at USD 740 million, while operating expenditure is expected to amount to USD 167/metric ton FOB Djibouti.
The combination of a unique geological structure and an extreme climate in the Danakil depression required adjustments in the production process. Yara developed new technologies to fully utilize the local advantages.
Yara's Danakil mining project has received the backing of the Ethiopian government, which has committed to providing electric power by building a 130km long power line. The government will also construct a new lowland transportation road to support mining operations. Sustainable water availability has been confirmed through a water exploration campaign, while an environmental and social impact assessment study confirms that the future activities comply with Ethiopian environmental legislation and international guidelines and standards.
For further information, please contact:
Anders Lerstad, Investor Relations
Telephone: (+47) 24 15 72 95
Cellular: (+47) 93 42 69 54
E-mail: anders.lerstad@yara.co
From ICL's Q4 and Year end Results:
(emphasis by me)
"...Strategic Alliance with Allana Potash:
ICL entered into a strategic alliance with Allana Potash to develop Ethiopia’s Danakhil potash deposit as part of its strategic effort to develop potash resources outside of Israel. The agreement includes a minority holding and an offtake agreement for shipment to ICL markets in Asia and Africa. Based on feasibility tests conducted by Allana, it is expected that up to one million tonnes of potash can be mined annually within a period of less than five years from commencement of the project...."
(prepare for more that year of nothing)
If you want to read it for yourself here is the link:
http://www.icl-group.com/newsevents-pressreleases/Article/5188d0ad-dfea-4df0-8ddf-e3c210ad4da9.aspx
I know I am wasting my time here, but for the last time.
He is pretty close on the water requirement.
However that will be no problem. The recharge rate is at a minimum nearly double that and there is enough there for 10 years with zero recharge.
I this based on BFS by any chance?
They cold draw between 35.2M m3 to 55.2M m3 yearly for eternity and not affect the aquifer size of 180M m3 per these numbers.
Is this based on BFS by any chance?
It seems they have plenty of water to pump 24/7/365 on MOP and SOP. It will just take more wells and maybe upping their allocation a little since they are presently allocated 30M m3 a year.
This is based on the Ministry licence right?
Aquifer recharge rate of 35.2
–55.2M m³ per year
•
Total current aquifer size of 180M m³ of
water
So, is any info you quoted/mentioned based on the stress test?
That is a rhetorical question. 500m3/hr test does not prove anything above.
It is just smoke and mirror to pull wool over investors' eyes. (if it was actually done)
..and again, what was the so called stress test all about?
Was it to prove something?
I forgot, can you refresh my memory?
It somehow appears to me that explaining these things to you would a bit futile....
But hey I'll try anyway:
Stress test was allegedly supposed to prove to the lenders that the aquifer can handle the water extraction needed for 1MT/y of MOP
(so far so good?)
Allana was pumping 500m3/hr (5 wells 100m3 each)for 2-3 months to prove it
(still good?)
But 1Mt/y of solution mining of MOP needs 18.5mm3/year of water, that translates to 2,150m3 an hour on 24/7 basis. In reality Allana will have to pump more like 2x as much because the operation will not go 24/7 and 365 days a year
(still good?)
So they will need about 4 times more water that the stress test proved to be available
Is it clear now?
Farhad still repeats this:
But quick calculation indicates that 1Mt/y of MOP requires over 2,000m3/hr of water 24/7/365
18.5M m3 / 8600 hr = 2,151 m3/hr
AQUIFER STRESS TEST (AST)
? Aquifer Stress Test to duplicate solution mining demands of 500m3 of water
usage per hour
? Fugro drilling completed 9 additional observation wells(OW) and 3 pumping
wells(PW)
? Five PWs operate at 100 m3/hr each over 30-50 days to reproduce
operating conditions
? Pumping tests initiated on Nov. 17th and finished Dec. 28th (42 days)
? Maximum drawdown of -11.4m and immediate recovery to -4m in all wells,
with full recovery expected before end of January.
? Aquifer demonstrates very positive recharge potential which should be
adequate to support the operation and initial chemistry indicates suitability
for solution mining
Ok. It depends on the point of view.
Farhad prepared a nice parachute for himself and the members of the senior management.
Hefty bonus on change of ownership, plus 10M payable to a numbered co (well, he claims to Credit Swiss)
The only thing remaining is the actual sale to ICL, because there is nobody else who would be interested.
The price at which he sells Allana to ICL is immaterial to him. Sooner the better.
IMHO
Just a little bit more for you education (LOL)
Number 2 process may potentially apply here, but you can envision the complexity of the process. CAPEX will be enormous for 1Mt/y hughe energy requirements. Hence not feasible. (PS: you can laugh your sorry behind of as you please))
Mannheim Process
The most common method of producing potassium sulfate is the Mannheim process, which is the reaction of potassium chloride with sulfuric acid at high temperatures. The raw materials are poured into the center of a muffle furnace heated to above 600ºC. Potassium sulfate is produced, along with hydrochloric acid, in a two-step reaction via potassium bisulfate. This method for creating SOP accounts for 50% to 60% of global supply. The Mannheim process is also the most expensive of the processing techniques due to the high input costs associated with purchasing MOP and sulfuric acid.
Potassium Chloride and Sulfate Salts
Potassium chloride can be reacted with various sulfate salts to form a double salt that can be decomposed to yield potassium sulfate. The most common raw material employed for this purpose is sodium sulfate. Sodium sulfate, either in the form of mirabilite (also known as Glauber's Salt) or sulfate brine, is treated with brine saturated with MOP to produce glaserite. The glaserite is separated and treated with fresh MOP brine, decomposing into potassium sulfate and sodium chloride. These methods of production are the second greatest source of global supply at 25% to 30%.
Naturally Occurring Brines
Some operations produce SOP from the salt mixtures harvested from natural brines. Three companies produce potassium sulfate in such a way on a large scale: GSL Minerals (Great Salt Lake, Utah), SQM (Salar de Atacama, northern Chile) and Luobupo Potash (Lop Nur, northwest China). This method requires brines with high sulfate levels such as those found within these salt lakes. The sulfate is typically present in the harvest salts in the form of the double salt kainite, which is converted to schoenite by leaching with sulfate brine. The leach process is hampered by high sodium chloride content in the harvest salts and the halite is first removed by flotation. After thickening, the schoenite is decomposed by simply adding hot water, whereupon the magnesium sulfate enters solution leaving SOP crystals. This process is currently the lowest cost method to make SOP. As lakes with sufficient brine mineral levels are rare, this method only accounts for 15% to 20% of global supply.
Ochoa Process
IC Potash Corp.'s Ochoa process will convert polyhalite into SOP using unit operations common to the industrial minerals industry. Processing polyhalite to produce SOP involves the following steps: crushing and washing, calcination, leaching, crystallization, and granulation.
I don't have to, it has been done.
Process Method World Capacity Process Inputs Products
Mannheim 60% MOP Sulfuric Acid Energy
SOP
HCI
MOP & Kieserite 25% MOP Kieserite Energy
SOP
Magnesium Chloride
Salt Lakes 15% Lake Brines Energy
SOP
Magnesium Chloride
NaCl
Ochoa (R&D) Polyhalite Water Energy
SOP
I don't buy this SOP hype. I think it is Farhad's "smoke and mirror" move.
Sop is commercially produced by Manaheim process. That is not feasible at Allana site.
All other methods are only R&D which may or may not lead to commercial process.
I do not see how the PEA can possibly increase the share price here.
IMHO
"...I wonder who's potash they would use?..."
They will be using the potash from Danakil depression. That is for sure.
I like how he does not even mention Allana:
ICL Launches "Potash for Growth" Program in Ethiopia
CW
ICL Launches "Potash for Growth" Program in Ethiopia
-- Program promotes balanced fertilization by Ethiopian farmers using
potassium fertilizers to maximize agricultural productivity and improve
economic benefits
-- Sponsored activities include the establishment of hundreds of potassium
fertilizer demonstration plots throughout Ethiopia and support of digital
soil fertility mapping project led by the Ministry of Agriculture and the
Ethiopian Agriculture Transformation Agency
TEL AVIV, Israel, Jan. 12, 2015 /CNW/ - ICL (NYSE and TASE: ICL), a global manufacturer of products based on minerals that fulfill essential needs of the world's growing population in the agriculture, processed food and engineered materials markets, today announced that it launched a Potash for Growth program in Ethiopia. The program is designed to unlock the potential of agriculture in Ethiopia by promoting balanced fertilization among Ethiopia's small and private farmers in order to increase their agricultural productivity and economic benefits from farming.
(Logo: http://photos.prnewswire.com/prnh/20150112/724096 )
(Photo: http://photos.prnewswire.com/prnh/20150112/724096-a )
While Ethiopia has experienced strong agricultural growth over the past several years, the country remains challenged to significantly increase its crop yields and food security. Low fertilizer use, soil erosion, coupled with other traditional practices, result in severe nutrient depletion, widespread decline of soil fertility and low crop yields. The Potash for Growth program launched by ICL, in collaboration with its Ethiopian partners, includes a range of activities to increase awareness by Ethiopian farmers of the benefits of potassium fertilizers.
The program's activities include:
Potash demonstration plots and outreach to farmers: During 2014, over 600 potash demonstration plots were developed on farms in the states of Tigray, Amhara, Oromiya and Southern regions to demonstrate that potassium fertilizers increase yields of major Ethiopian crops, such as teff, wheat, barley and sorghum. Several hundred additional plots will be established on farmers' fields and farmer training centers during 2015. Field days for farmers will also be organized at these demonstration plots.
Soil fertility mapping: Potash for Growth also supports a nation-wide soil fertility mapping program that is being conducted by the Ethiopian Agriculture Transformation Agency in collaboration with the country's Ministry of Agriculture and its regional partners. The mapping will enable Potash for Growth to recommend the most appropriate fertilizer applications at the district and PA (Peasant Association or Kebele) levels.
Research and validation: In collaboration with Ethiopia's national universities, ICL's Potash for Growth program supports research by graduate students in the areas of potassium in soil and plants in Ethiopia in order to increase knowledge of balanced fertilization on various crops and to assist in developing specialists in plant nutrition.
ICL launched a similar Potash for Life project in India last year, creating nearly 600 demonstration sites in nine Indian states to demonstrate the benefits of balanced fertilizer use. After only one farming season, the three-year project has already achieved major progress in providing farmers with science-based evidence of the benefits of using potash fertilizers in Indian agriculture, as well as the profitability of using potash, which has been tested on more than 20 various crops.
Commenting on the Potash for Growth program, Stefan Borgas, President & CEO of ICL, said, "We are honored to play a role in Ethiopia's rapidly growing agricultural sector by contributing our broad expertise in helping farmers to optimize their agricultural output, as well as our financial support, to enable Ethiopian government agencies to boost the country's agricultural productivity. We believe that the Potash for Growth program will yield substantial benefits for the Ethiopian farming community, and, in the long-run, for food security in Ethiopia. By partnering with Ethiopia's Ministry of Agriculture, Regional Bureaus of Agriculture and the ATA, we hope to demonstrate the vital role of balanced fertilization in creating sustainable food production in Ethiopia."
About ICL
ICL is a global manufacturer of products based on specialty minerals that fulfil humanity's essential needs primarily in three markets: agriculture, food and engineered materials. The agricultural products that ICL produces help to feed the world's growing population. The potash and phosphates that it mines and manufactures are used as ingredients in fertilizers and serve as an essential component in the pharmaceutical and food additives industries. The food additives that ICL produces enable people to have greater access to more varied and higher quality food. ICL's water treatment products supply clean water to millions of people, as well as to industry around the world. Other substances, based on bromine and phosphates help to create energy that is more efficient and environmentally friendly, prevent the spread of forest fires and allow the safe and widespread use of a variety of products and materials.
ICL benefits from a broad presence throughout the world and proximity to large markets, including in emerging regions. ICL operates within a strategic framework of sustainability that includes a commitment to the environment, support of communities in which ICL's manufacturing operations are located and where its employees live, and a commitment to all its employees, customers, suppliers and other stakeholders.
ICL is a public company whose shares are traded on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). 45% of ICL's Shares are held by Israel Corporation Ltd, 13.9% by PotashCorp and the remainder by the public. The company employs approximately 12,000 people worldwide, and its sales in 2013 totaled US$6.3 billion. For more information, visit the company's website at http://www.icl-group.com
Forward Looking Statement
This press release contains forward-looking assessments and judgments regarding macro-economic conditions and the Group's markets, and there is no certainty as to whether, when and/or at what rate these projections will materialize. Management's projections are likely to change in light of market fluctuations, especially in ICL's manufacturing locations and target markets. In addition, ICL is likely to be affected by changes in the demand and price environment for its products as well as the cost of shipping and energy, whether caused by actions of governments, manufacturers or consumers. ICL can also be affected by changes in the capital markets, including fluctuations in currency exchange rates, credit availability, interest rates, etc.
SOURCE ICL
/CONTACT:
PRESS CONTACT: Fleisher Communications and Public Relations, Amiram Fleisher, +972-3-6241241, amiram@fleisher-pr.com
Copyright CNW Group 2015
(END) Dow Jones Newswires
January 12, 2015 02:30 ET (07:30 GMT)
There is even more damaging comment Stefan Borgas made in November 2014 on the ICL conference call.
Basically saying that ICL will not be interested if the total capital cost of the project is not below 1000/t
(I presume that he was talking about the construction cost and the purchase cost. ICL will go it along if they decide to play)
He even went so far and said the world does not need another potash mine (unless they -ICL- can create a local market for potash)
.. and they will need about 6 months to decide.
Farhad's talk about other interested parties is nothing but smoke and mirror...
Prepare for 6 months of nothing
It looks like a big storm is coming:
UPDATE 1-Baltic sea freight index falls to lowest level since 1986Font size: A | A | A
12:40 PM ET 1/29/15 | Reuters
UPDATE 1-Baltic sea freight index falls to lowest level since 1986
(Adds comment, detail, background)
LONDON, Jan 29 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three decades as rates for all the four vessel types continued to flounder.
The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, was down 34 points, or 5.11 percent, at 632 points, the lowest since August 1986. The index is also seen by investors as an indicator of global industrial activity.
Brokers said the dry bulk market was expected remain in the doldrums due to weak commodity demand at present especially from top global importer China.
"Dry bulk remains under pressure across all segments on the back of very thin spot demand," Omar Nokta of Clarkson Capital Markets, said.
Weak demand for commodities, such as iron ore, has put pressure on smaller, higher-cost producers and this has taken its toll on the dry freight market.
"We believe that despite softer prices/margins, low cost Australian producers will continue to meet targeted production with negative implications for dry bulk tonne-mile demand," Wells Fargo Securities analyst Michael Webber said, referring to producers such as Rio Tinto and BHP Billiton.
Tonne miles are a key indicator of shipping demand, measuring the volume of the transported cargo multiplied by the distance of the voyage.
The capesize index shed 60 points, or about 7.64 percent, to 725 points.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $364 to $6,992.
The panamax index was down 70 points or 11.29 percent at 550 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $555 to $4,392. Both are at its lowest levels since June 27, 2014.
The supramax index was down 19 points at 599 points, while the handysize index slipped 8 points to 348 points. (Reporting by Jonathan Saul in London and Vijaykumar Vedala and Kevin Jose in Bengaluru, editing by William Hardy and Jane Merriman)
Mandate Letter definition:
Written authorization and/or command by a person, group, or organization (the 'mandator') to another (the 'mandatary') to take a certain course of action. Normally revocable until executed, a mandate is automatically terminated on the bankruptcy, incapacitation, removal from office, or death of the mandator. A check, for example, is a mandate issued by a customer of a bank, to pay it as instructed, from acustomer's account balance
When Farhad starts talking about the SPC (special Purpose Company) it always reminds me about these types of machinations:
Ethiopian Potash Corp. (CVE:FED) is tanking after the stock opened with a massive premium as IIROC lifted the trading halt.
Trading of FED, formerly Panorama Resources Ltd., was halted since October 2010. The company underwent drastic changes resulting from a reverse takeover and amalgamation between EPC and Panorama Resources. Panorama's stock will be delisted from the exchange altogether.
No other major changes were announced. FED rolled down 8% on Monday and remains at 2.7 times the pre-merger level. Trading activity decreased significantly on the second day of trading, but still beats the average.
Ethiopian_Potash_logo.jpgPrior to the takeover, Panorama had little business activities and held on to its single property at Ketchum Lake in northwestern British Columbia. The business retained considerably small losses ($167k for nine months ended June 30, 2010), as well as little working capital ($282k reported for June, 2010).
Shareholders of both the private Ethiopian Potash and the public Panorama approved this amalgamation in a meeting held on January 28, 2011. Following the approval from the exchange and the regulators, the new entity became a subject to receive $11 million worth of subscription receipts, convertible into units of common shares and warrants at 50 cents per piece.
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 in September 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.
Sino-Forest analyst departing Dundee
Republish Reprint
Peter Koven | March 29, 2012 1:55 PM ET
More from Peter Koven | @peterkoven
The company logo of Sino-Forest is displayed at the entrance of its office in Hong Kong.
Xavier Ng/ReutersThe company logo of Sino-Forest is displayed at the entrance of its office in Hong Kong.
Twitter Google+ LinkedIn Email Typo? More
The man who famously called Muddy Waters Research a “pile of crap” is leaving Dundee Capital Markets.
Richard Kelertas was one of the only people on Bay Street who dared to come to the defence of Sino-Forest Corp. last summer, after Muddy Waters founder Carson Block accused it of fraud. Mr. Kelertas made headlines with his spirited attack on the short-selling firm (particularly the “pile of crap” comment) but he suspended coverage of the stock a couple of weeks later.
Sino-Forest shares were eventually cease-traded by the Ontario Securities Commission, which accused company insiders of committing acts that they “know or reasonably ought to know perpetuate a fraud.”
According to Ron Stewart, head of research at Dundee, Mr. Kelertas is departing as part of an initiative by the firm to “realign our research strategy.”
Many of the companies he covered will be picked up by analyst Carolyn Dennis. That includes a firm called Ethiopian Potash Corp., whose recent actions have baffled Mr. Kelertas and just about everyone else following it.
If I recall well, Allana was renting a private plane from Ethiopian potash for some time 2010 to 2012 period.
Does this sound familiar?
Ethiopian Potash on the brink of collapse
Republish Reprint
Peter Koven | April 3, 2012 9:45 AM ET
More from Peter Koven | @peterkoven
David Stobbe/Reuters files
Twitter Google+ LinkedIn Email Typo? More
The recent newsflow out of Ethiopian Potash Corp. is simply bewildering (see here and here for examples). It has been clear to investors that the company is in a chaotic state.
Apparently, it is in dire financial straits as well. Mackie Research Capital analyst Jaret Anderson noted that Ethiopian’s cash position was down to $588,888 as of March 23, compared to $1.69-million at the end of December. The company burned about $2.4-million of cash in its latest fiscal quarter, according to the financial statements.
“Should [Ethiopian Potash] not alter its current level of exploration and corporate spending, the company could find itself unable to meet its financial obligations,” Mr. Anderson wrote in a note. “A liquidity event is a very real possibility and could result in equity shareholders having their investment in the company wiped out.”
Ethiopian received a $600,000 loan at the end of February, and said it is in talks for a private placement with an unnamed strategic investor. If a deal is executed, Mr. Anderson wrote that it could be a big positive catalyst for shareholders.
But for now, he maintained a sell rating on the stock and cut his price target to 20¢ a share (down from 25¢) because of the company’s deteriorating cash balance.
“We continue to see large amounts of financing and project risk associated with [Ethiopian Potash’s] Danakil project and recommend investors switch into other names in the greenfield potash space offer lower-risk projects,” he wrote.
George Roach is the sleaziest guy I have ever heard of.
Just check what happened to Ethiopian potash.
There are some people here who actually invested in this disaster.
He is worse than Stan Bharti.
Stay away from him.
EOM
Sulfate of potash (SOP) is the most commonly used non-chloride potash fertilizer in the world, with an annual worldwide demand of 6 million short tons per year. It can be sold as a powder for use in compound fertilizers (containing nitrogen, phosphate, potassium, and sulfate), as a granular product (for direct application), or as a soluble product (for use in fertigation). SOP is priced at a premium to muriate of potash (MOP), and is utilized for sensitive, high-value crops including many fruits, vegetables, tobacco and tree crops, such as nuts.
(source :IC Potash Corp.)
Farhad allegedly suggested on the AGM that Allana can potentially produce 2-3Mt of SOP.
That would be 50% of the current market....
oh what ever!!!!