Millennial Potash targets 2029 production as US-backed Gabon project advances

Mining10-05

Millennial Potash is targeting a 2029 production start at its Banio potash project in southwest Gabon as the emerging Canadian developer advances a definitive feasibility study and positions the asset...

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The company would then seek to convert its exploration licence into a mining permit. \nDiversifying potash supply \nThe project’s development comes as potash supply security has returned to the geopolitical spotlight. \nGlobal production and exports are heavily concentrated among Canada, Russia and Belarus, while major agricultural economies including Brazil and the US remain dependent on imports. \n\nTrump’s Belarus potash plan may have limited bite\n\nFor Millennial, that concentration creates an opening for a producer on Africa’s Atlantic coast capable of shipping into several major markets. \n“A lot of potash users are kind of tired of being dependent on basically three countries — Russia, Belarus, even Canada,” Abasov said, while stressing that Canada remains a reliable supplier. \nGabon, he said, could offer buyers another option without some of the geographic and geopolitical constraints affecting established suppliers. \n“There is no geographical constraint. There’s no political constraint. There’s no war going on,” Abasov said. “A lot of countries would love to get potash from a country like Gabon.” \nHe said the company’s aim is not to displace Canadian production in the US market. \n“I don’t want to replace Canadian potash,” Abasov said. “Actually, I want to replace Russian potash.” \nThe diversification argument has become particularly relevant as Washington takes a more active role in financing overseas mineral projects. \nAbasov said US government involvement in the mining sector has accelerated across administrations, with Washington increasingly treating access to strategic minerals as an economic and national-security priority. \nThe trend has created financing opportunities for projects that might otherwise struggle to attract enough conventional private capital. \nMillennial’s strategy has been to tap development finance institutions alongside private investors. The company has also attracted investment from Blackstone and Toronto-based Polar, as well as several family offices, Abasov said. \nExpanding toward the coast \nMillennial has also launched its third phase of drilling at Banio, with three holes planned. \nThe program is testing an area nearly four kilometres west of previous drilling, potentially extending the deposit closer to the Atlantic coast and the infrastructure needed to export its product. \nRecent drilling has encountered potash layers beyond those identified in previous holes, potentially indicating greater mineralized thickness than previously estimated, Abasov said. \n“We’ve intersected cycles of potash layers that we haven’t seen in previous holes,” he said. “That means that probably there’s a lot more potash than 80 metres of thickness that we have reported previously.” \nMillennial may deepen the hole as a result. The drilling is expected to feed into an updated mineral resource estimate for the DFS. \nInfrastructure remains one of the biggest pieces of the development puzzle. \nMillennial is working with the Gabonese government and infrastructure developers on plans for a deepwater port and power supply. The company is also considering extending a natural gas pipeline from an offshore platform to the project, where gas could supply a dedicated power plant. \n“If we can get to financial close by the middle of 2027, then we can break ground by the end of the year,” Abasov said, putting first production in 2029. \nAfrica first \nBanio could also provide Africa with a locally produced source of a fertilizer ingredient whose global supply is heavily concentrated outside the continent. \nAbasov said Africa would be Millennial’s primary market, while the company is also holding discussions with potential buyers in Brazil, the US and Asia. \n“We want to basically dominate the African market for obvious reasons,” he said. \nAfrica consumes roughly 2 million tonnes of potash annually, according to Abasov, potentially giving Banio enough demand nearby to absorb a significant portion of its output. \nMillennial has not yet signed any offtake agreements. Instead, it is looking for agreements with counterparties willing to provide financial support for development rather than simply purchasing future production. \n“We don’t want to sign just regular offtake,” Abasov said. “We want to sign offtakes with parties that can actually contribute to the project financially.” \nThe company is in discussions with a large Brazilian potash consumer, a US agricultural company, African groups and buyers in Asia, he said. Potential offtake announcements are likely after completion of the DFS, when Millennial has greater certainty around production volumes. \nDevelopment finance advantage \nFor Abasov, access to development finance is one reason the company has been willing to develop a project in Africa. \nMillennial’s management team previously developed potash projects in Saskatchewan and Ethiopia. Its Potash One venture was acquired by Germany’s K+S, which subsequently developed the Saskatchewan operation, while its Ethiopian project attracted the International Finance Corporation before eventually being sold to Israel Chemicals. \nThe experience shaped the company’s approach to Banio. \n“In Africa, if I find the right project — meaning that the deposit has tremendous upside potential, it has access to water, it has access to ports, it has access to power, and [is] in a good jurisdiction — then I can get what they call development financing institutions to come in and actually fund us,” Abasov said. \nDFC’s involvement followed roughly 14 months of due diligence spanning the Biden and Trump administrations, he added. \nInvestor interest in African mining has also changed, according to Abasov, with large family offices increasingly willing to back projects on the continent. \nMillennial’s largest shareholder is a Singapore-based family office with roots in Canada’s agricultural sector, while family offices from Hong Kong, the US and Gulf region have also invested. \nWith the DFS, environmental studies, drilling and infrastructure planning all moving ahead simultaneously, Millennial is aiming to reach financial close by mid-2027. \nIf it succeeds, Banio could enter production two years later — giving global fertilizer buyers another Atlantic Basin source at a time when governments and agricultural companies are paying increasingly close attention to the origins of their potash.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.52.0","shortVersion":"4.52.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2673831450","isCrawlerRequest":true}