Millennial Potash sees Gabon port, power projects boosting Banio operations
Last updated: 15:10 22 Apr 2025 EDT, First published: 08:50 22 Apr 2025 EDT
Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) said that two new infrastructure projects being developed in Gabon are expected to improve the operational prospects of its Banio potash project.
The company highlighted the completion of Phase 1 of the Mangali Port near Mayumba, a public-private partnership between the Gabonese government and the African Conservation Development Group.
The newly built 130-meter quay is designed to accommodate barges and landing craft with a three-meter draft and will be operated by Grande Mayumba Port Company under a 30-year service agreement.
Although Millennial is not directly involved in the port’s construction or operation, it expects to benefit from improved export logistics once development of the Banio potash project advances.
Gas turbines for the nearby Mayumba Power Station are expected to arrive in mid-April, the company added. The thermal plant is initially expected to generate 8.5 megawatts of electricity, with plans to expand capacity to 50 MW.
Millennial said the power station's proximity to its project site is likely to reduce operational risk by providing a stable energy supply for future mining and processing activities.
Farhad Abasov, chair of Millennial Potash, called the two infrastructure projects “transformative” for the country.
"The port will facilitate efficient shipping, and the power plant will provide a dependable energy supply—both critical to the success of our proposed solution mining and conventional processing methods," Abasov said in a statement.
Shares of Millennial Potash gained 4.6% on Tuesday on the news.
