150 Billion Dollars of Potash Found In Eritrea
150 Billion Dollars Worth of Potash Found in Eritrea
June 20, 2011 (ASMARA) – An independent feasibility study conducted in Eritrea's Colluli mine revealed a ground value of $150 billion USD worth of potash.
Colluli mine is licenced for exploration and development by South Boulder Mines. The Australian-based mining company first secured an exploration and development deal with the Government of Eritrea in June of 2009.
The company has indicated it will begin potash production in the Colluli mine by mid-2016 and expects to have very low mining costs, due to its open pit aspect.
Reports show around 1.5 billion tonnes of potash is to be found within Eritrea. When production begins, it will make Eritrea among the world's leading potash exporters and will play noticeable role towards enhancing the economy for decades to come.
Globally, the demand for potash has sharply been increasing. In 2010, 62.3 million tonnes of potash was sold and this figure is estimated to increase to 75.1 million tonnes by 2014.
What is Potash and what is it used for?
Potash is a powdery salt mineral that is rich in potassium. As a result of its high levels of plant nutrients, it is mostly used among the farming industry as a popular agricultural fertilizer. Moreover, the potassium in potash protects crops against pests and diseases and helps plants absorb more nutrients.
|Drilling Tests for Potash - Photo: South Boulder Mines|
|South Boulder Mines Drilling Equipment|
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