Allana Resources (CVE:AAA) annouced that they have signed an MOU with a government owned company in China to jointly develop Allana’s potash project in Ethiopia. While not naming the Chinese company, the release says that the terms include a $4.5m investment to purchase just under 20% of Allana.
Farhad Abasov, Allana’s president and CEO is quoted as saying:
Our future partner is one of China’s largest government-owned exploration and development organizations with over 10,000 employees and dozens of projects throughout China and number of foreign countries, including Ethiopia.
