Millennial Potash seeks 480 million dollars for Banio mine
By the AFREEQUE newsroom, based on Financial Afrik
Canadian company Millennial Potash is seeking 274 billion CFA francs, or about 480 million dollars, to finance construction of its Banio potash project in southern Gabon. The site could produce up to 1.2 million tonnes a year, and work could begin in late 2027, according to Financial Afrik.
Canadian company Millennial Potash is seeking 480 million dollars, equivalent to about 274 billion CFA francs, to finance construction of its Banio potash mine in southern Gabon, according to Financial Afrik. The project aims for production of up to 1.2 million tonnes a year.
The company’s management is finalising financing agreements with international institutional investors, with support from the U.S. International Development Finance Corporation (DFC), the US development finance agency. Construction could begin at the end of 2027, subject to financial close.
Drilling campaigns put the deposit’s resources at more than 6 billion tonnes. Millennial Potash is also considering powering the mine with liquefied natural gas. Its proximity to the Atlantic coast could reduce shipping costs to Brazil and Asian markets, according to Financial Afrik.
The project is part of a series of mining and energy investments on the continent, including green hydrogen funding in Namibia and the Awaso mine project in Ghana, announced on 2 November: green hydrogen funding in Namibia and funding for the Awaso mine.
