Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) Chairman Farhad Abasov talked with Proactive's Stephen Gunnion about the US International Development Finance Corporation's commitment of up to US$3 million in development funding for the Banio Potash Project in Gabon.
Abasov explained that the funding is structured as non-dilutive, interest-free support, representing a major milestone that reduces geopolitical and financial risks. “This is just a small part of their overall financing approach,” he said, noting that the DFC could also assist with future construction funding.
He outlined how Africa's demand for potash has risen significantly, with no domestic production to date, creating an opportunity to position Banio as the first African potash producer. The project's coastal location, supported by the Gabonese government and the DFC, is expected to result in one of the lowest cost structures globally.
Recent drilling, including the BA-004 hole, will inform an updated resource estimate to be released later this year. Abasov noted that current resources cover less than 5% of the property, and the revised estimate could expand the resource base considerably. The feasibility study and environmental baseline work are expected to proceed in parallel, aiming for a mining permit application within the next year.
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