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Allana Potash Corp
Symbol C : AAA
Shares Issued 276,915,751
Close 2013-08-21 C$ 0.475
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Globe says competitive worries hit Allana, IC Potash

2013-08-22 07:53 ET - In the News

Also In the News (C-ICP) IC Potash Corp

The Globe and Mail reports in its Thursday edition junior potash companies, already suffering from tight financing conditions, will start to feel more pain following an industry shakeup that has increased competition. The Globe's Brenda Bouw writes dismantling of the world's largest potash oligopoly last month has already hit stock prices for potash companies, and is expected to lead to a drop in potash prices. Meanwhile, BHP decided this week to push ahead with its huge Jansen project in Saskatchewan. Some of the slightly lower-risk companies are said to include Allana Potash, which has a property in Ethiopia expected to begin construction next year, and IC Potash, which has global fertilizer giant Yara as a 20-per-cent investor. IC Potash shares are down 40 per cent since late July, and Allana shares have fallen about 18 per cent. Richard Kelertas, senior vice-president corporate development at Allana, says the shakeup in the industry will "cull the heard," but could mean a stronger market down the road. "This is a quasi-black swan event, it's not a killer event," Mr. Kelertas said of the industry changes. "I'm not saying it's all rosy. ... But we think it will turn out to be a white swan for us."

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