Millennial Potash targets 2029 start in Gabon as key $3 million U.S. backing strengthens Banio project

Millennial Potash is targeting first production in 2029 at its Banio project in southwest Gabon, Chief Executive Farhad Abasov told Mining.com in an interview published October 5.

The Canadian developer expects to finish a definitive feasibility study by the end of 2026. That would allow a final investment decision in early 2027 and financial close by mid-year.

The study is examining solution mining. Abasov said it may consider an operation larger than the 800,000 tonnes a year outlined in the preliminary economic assessment, citing interest from potential offtakers and funders.

The U.S. International Development Finance Corporation has put $3 million into the feasibility work. Abasov said the agency also wants to help fund construction.

Millennial Potash has signed no offtake deals yet. It is in talks with a large Brazilian potash consumer, a U.S. agricultural company and buyers in Africa and Asia, and wants partners that contribute financially.

Africa, which uses roughly 2 million tonnes of potash a year according to Abasov, would be the primary market.

Environmental and social impact studies are due in the first quarter of 2027. Plans for a deepwater port and power supply are still being worked out with Gabon’s government.

New supply projects are drawing attention as buyers look beyond Canada, Russia and Belarus. Analysts already expect U.S. potash prices to come under pressure in 2027.

Source: Mining.com