http://rtn.asia/d-r/14442/essel-group-middle-east-acquires-potash-mines-in-eritrea
Essel Group Middle East acquires Potash Mines in Eritrea
Deepti Rajan
2015-08-140
ESSEL GROUP, MERGERS AND ACQUISITIONS
Essel Group Middle East (EGME) has acquired the Bada Potash
Exploration License, located in Danakil Depression, Eritrea via its
subsidiary Interu Mining and Trading.
Earlier this year, EGME had also acquired oil reserves in the
sub-Saharan region.
Essel Group is the promoter of Zee Entertainment, and is headed by
Subhash Chandra Goel. The group’s primary business has traditionally
been in broadcasting and media, but the recently, the company has
diversified into various areas like real estate, manufacturing and
energy.
Interu Mining and Trading, DMCChas been granted the exploration
license by the govt. of Eritrea. Earlier this year the license was
issued to NGEx Resources Inc of Canada. This license area is 150
kilometres southeast of the capital city of Asmara. “We have broadened
our mining portfolio with the acquisition of key assets in Eritrea.
These mines are rich in potash and sylvite deposits,” commented Gagan
Goel, MD .
All of the initial steps have been completed, and, the first phase of
drilling is set to begin in October, 2015. ”We plan on boring
approximately 5 trenches in the initial phase, we have set our targets
to be achieved by mid-2016,” added Goel.
The Bada license is situated within the northern portion of an
evaporite basin extending southward into Ethiopia, with large
Crescent, Musleypotash, along with sylvite deposits. In the Eritrean
part of the basin, The Neighboring Licenses Mines Ltd. have announced
the discovery of shallow potash mineralization near the village of
Colluli in Eritrea.Reports indicate shallow potash-bearing horizons up
to 19.7 metres thick averaging 20% to 25% KCl
The Danikil Depression is believed to have potential for
potash-bearing beds on the Bada license. However, only very limited
historical exploration work has been done in the license area to date.
Initial reconnaissance at Bada by EGME found extensive shallow
alluvium cover, young volcanic rocks or recent marine evaporites, with
potential for potash-bearing rocks under much of the license area.
The initial phase of drilling will confirm the evaporite sequence, and
then, to drill-test the shallower portions of the basin for potash
mineralization.
Gagan concluded stating, “The Bada license area offers several
significant advantages; along with being a rich source of the mineral
itself, its proximity to mass transit points is favorable as well.”
Read more at
http://rtn.asia/d-r/14442/essel-group-middle-east-acquires-potash-mines-in-eritrea#hWKp3FAmz0z4VmxQ.99
Received on Sat Aug 15 2015 - 17:06:18 EDT