Today: October 17, 2017, 5:58 am
  
Business

Essel Group ME Appoints Colonnade as Bada Potash Drilling Contractor

PR-Inside.com: 2017-10-05 10:42:01

Essel Group ME Appoints Colonnade as Bada Potash Drilling Contractor

Essel Group ME
Kriti Ladsaria,
+971 42793955
or
Finsbury
Dorothy Burwell / Charles O’Brien
+44 (0)20 7251 3801

Essel Group ME Limited (“EGME”) is pleased to announce that it has appointed Colonnade Mining Group (Eritrea) Limited (“Colonnade”) as drilling contractor for its Bada potash project, located in the northern Danakil region of Eritrea, East Africa (“Bada”).

EGME’s subsidiary, Interu Mining, has signed a contract with Colonnade under which the latter will carry out a core sample drilling programme at Bada, marking a significant step in the project’s development.

The drilling programme will comprise of five bore holes, each 200 metres deep with a vertical incline or 75 degree angle. Core samples will be sent to an external laboratory for analysis to examine the occurrence of evaporate strata beneath the overburden layer. This will build on previous testing, providing EGME with a better understanding of Bada’s geology and potash-bearing potential.

Colonnade will supply the drill and necessary equipment, with mobilization of the equipment already underway. Colonnade has instructions to commence drilling by the 3rd week of October, for an expected period of 30 days.

EGME is seeking further opportunities to invest in forward international integration in the potash industry, particularly in Turkey and India, due to the commodity’s strong long-term fundamentals.

Punkaj Gupta, Joint Managing Director and Group CEO, Essel Group ME, commented:

“I am very pleased to be partnering with Colonnade, a leading drilling contractor in the region, at this exciting time for Bada. The core sample drilling programme marks a key milestone for the project, and will provide us with enhanced data to help fully understand the asset’s geology and potential.

“I am extremely excited about Bada’s prospects and its scope to possess significant potash resources and reserves. Its favourable geographical location and proximity to both transport infrastructure and key end users make this project even more promising. I look forward to providing further updates once the drilling programme and core sample analysis have been completed.”

-ENDS-

About Essel Group ME

EGME operates subsidiary businesses in the natural resources, nuclear energy, financial services, industrial supply and logistics, education and media sectors. Its natural resources portfolio includes oil and gas, potash and iron ore assets. EGME pursues growth through the acquisition of underdeveloped assets at competitive valuations. Currently, its anchor assets are located across Africa, where there is significant potential and a competitive cost environment.

EGME is a part of Essel Group, the Indian multinational conglomerate operating in a broad spectrum of industries including media, packaging, infrastructure and technology. Building on Essel Group’s 90 year history of developing and promoting businesses, EGME is leading the expansion of the Group’s presence in Europe, the Middle East and Africa.

For further information, please visit www.esselgroupme.com.

Press Information


Published by
Hossam Abdel-Kader
+43 1 9582319
e-mail
www.pr-inside.com/



# 532 Words
Related Articles
More From The Author
GLORY’s Sustainability Innovation Recognised in Oracle [..]
GLORY was recognised yesterday for its progressive approach to Environmental and Corporate Social Responsibility with an award [..]
Huhtamaki publishes Q3 2017 Interim Report on [..]
HUHTAMÄKI OYJ PRESS RELEASE 5.10.2017 AT 11:00   Huhtamaki publishes Q3 2017 Interim Report on October 26, 2017   Huhtamäki [..]
COO of Pilatus Bank discusses the operational [..]
LONDON, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Retail banks are facing challenges due to digital disruption, and the subsequent changes [..]
Digital Guardian Significantly Enhances its Global Partner [..]
Digital Guardian : Data protection has become one of the fastest growing segments in IT Security, fueled by the increasing [..]
Songa Offshore SE : September fleet update
Songa Equinox achieved an operating efficiency of 100% and an earnings efficiency of 99% for the month, working for Statoil [..]
 
More From Business
Winter is Coming So ‘Batten Down the [..]
As the warning from the wildly popular series, Game of Thrones says, “Winter is coming” and it is a good [..]
Buro Seating Introduces Mentor Chairs in Australia
Buro Seating, a leading wholesaler of quality ergonomic seating in Australia, is launching the Mentor chair this month. This [..]
World's Largest Electronics Marketplace Opens in Hong [..]
HONG KONG, Oct 13, 2017 - (ACN Newswire) - The 37th HKTDC Hong Kong Electronics Fair (Autumn Edition), organised by [..]
Harvard Risk Management Corporation Legal Shield Plans
Harvard Risk Management Corporation is the largest benefit broker for legal and identity theft plans in the US. We approach [..]
Bluelime achieves RIBA and ARB status
It is with great pride that we can confirm Bluelime Home Design has been awarded Chartered Practice status by the [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.