Millennial Potash Secures $3M from DFC for Banio Project in Gabon

Mining company Millennial Potash has secured up to $3 million in project development funding from the U.S. International Development Finance Corporation (DFC) for its Banio Potash Project in Gabon.

The investment will support a feasibility study for the Banio project. The study is expected to begin in the coming months and will guide the project’s transition from exploration to development. The funding will be disbursed in stages based on completed milestones. No interest or security is attached to the funds and repayment will only be triggered upon project financing or investment.

“By boosting domestic potash production, we are ensuring farmers have steady access to vital fertilizers, crucial for increasing crop yields and fostering sustainable agriculture. This significant investment will position Gabon as an emerging exporter within the continent, enhancing its position in the global agricultural supply chain and fueling long-term economic growth across Africa,” stated Conor Coleman, Head of Investments, DFC.

Millennial Potash has begun early feasibility work at Banio, including LiDAR mapping, bathymetry surveys, geotechnical tests and core analysis. The project aims to boost domestic potash production in Gabon, supporting African food security and regional fertilizer supply.

“The DFC strategic investment comes in at the right time for Millennial as we are close to finishing the second stage of our drill program and are in the process of transitioning from an exploration stage to development,” stated Farhad Abasov, Chairman, Millennial Potash.