"Bloomberg": Israel Chemicals is close to an agreement with Canada's Allana Potash on joint potash mining in Ethiopia.
"Bloomberg" reports that Israel Chemicals Ltd. (TASE: ICL) is close to an agreement with Canada's Allana Potash Corporation (TSX: AAA) on joint potash mining in Ethiopia.
An agreement with Allana would provide Israel Chemicals with addition revenue sources, just as the company is dealing with the repercussions of the Sheshinkski II Committee, which will probably result in a rise in royalties and taxes that Israel Chemicals pays the government.
"Israel Chemicals has recently announced its new strategy and cited an intention to develop potash capacity beyond its current mines,” Israel Chemicals told "Bloomberg" in response. “Israel Chemicals is discussing many opportunities and projects around the world.”
Allana is a small company, and an agreement with Israel Chemicals would give it the help of a large experienced partner in the global potash market.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2014
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