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

Millennial Potash aims for 2029 production at Banio potash project in Gabon as the Canadian developer advances a definitive feasibility study. The company expects to complete the DFS by the end of the year, paving the way for a final investment decision in early 2027. Millennial is exploring solution mining and considering larger operations beyond the 800,000 tonnes per year initially projected.

The U.S. International Development Finance Corporation (DFC) has contributed $3 million to the feasibility work, with potential financing for construction. Millennial is also conducting environmental and social impact studies, which are expected to conclude in the first quarter of 2027. The project aims to diversify potash supply by offering an alternative source for Africa, the United States, and other major agricultural markets, reducing reliance on Russia, Belarus, and Canada.

Gabon's Atlantic coast location offers geographic and political advantages, with no constraints on shipping or trade. The company is in discussions with potential offtakers, including a large Brazilian potash consumer, a U.S. agricultural company, African groups, and buyers in Asia, with announcements likely following the DFS completion.