{
  "id": 16749649,
  "title": "Millennial Potash eyes bigger Gabon mine with US backing",
  "url": "https://urgent.news/2026/10/27/millennial-potash-eyes-bigger-gabon-mine-with-us-backing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-27T12:12:55.000Z",
  "source": {
    "name": "Mining.com",
    "slug": "mining-com",
    "url": "https://www.mining.com/millennial-potash-eyes-bigger-gabon-mine-with-us-backing/"
  },
  "original_language": "en",
  "account": "Millennial Potash (TSX-V: MLP) is planning to commence construction on its Banio potash project in Gabon, potentially at a larger scale than initially projected, according to a Reuters report. The Canadian company aims to have the project operational by late 2027 or early 2028. With an estimated initial capital cost of $480 million, the project's production capacity has been expanded from the originally planned 800,000 tonnes to possibly 1 million or 1.2 million tonnes annually. CEO Farhad Abasov stated that the larger scale is being considered due to significant interest from potential buyers and financiers. The project could help diversify global potash supplies, which are currently concentrated in Canada, Russia, and Belarus. Major agricultural economies like Brazil and the US rely heavily on imports of potash, a key ingredient in fertilizers. Millennial Potash is working to secure financing from the US International Development Finance Corp. (DFC) and other parties, with the DFC already committing $3 million towards the project's feasibility study. The company expects to complete the DFS by the end of 2026 and convert its exploration license into a mining permit in the first quarter of 2027. Assuming construction begins as planned, initial production is expected to commence around 2029 or 2030, with the plant reaching its full production capacity within six months. Potential customers for Banio include groups in the US, Brazil, Asia, and Africa, although Abasov did not disclose specific details of off-take agreements. Africa has an annual potash consumption of approximately 2 million tonnes, providing Banio with a substantial regional market. The larger initial production capacity of the mine could enhance Banio's commercial attractiveness, but Millennial must evaluate whether the increased investment is justified before finalizing its development plans.",
  "summary": "The Canadian developer is targeting construction by late 2027 as buyer interest fuels plans for a larger potash mine in Gabon.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}