- Millennial Potash (TSXV:MLP) released an update on additional infrastructure build-up in the Mayumba region near its Banio Potash Project
- The company signed a memorandum of understanding with Gabon’s government and two other companies to develop of a 21MW power plant to be powered by natural gas, and install a gas collection network and treatment facility, with a 32-kilometre gas pipeline to the town of Mayumba
- The new power plant is expected to be a significant infrastructure development for the region and would replace diesel generator supplied power
- Millennial Potash Corp stock (TSXV:MLP) opened trading at $0.40 per share
Millennial Potash (TSXV:MLP) released an update on additional infrastructure build-up in the Mayumba region near its Banio Potash Project.
The Gabonese government, Perenco Oil & Gas Gabon (POGG) and Gabon Power Co. signed a memorandum of understanding to develop of a 21MW power plant to be powered by natural gas, and the installation of a gas collection network and treatment facility, with a 32-kilometre gas pipeline to the town of Mayumba. The power plant is designed to meet electricity needs in rural areas as well as future domestic and industrial electricity needs of the Mayumba region.
The new power plant is expected to be a significant infrastructure development for the region and would replace diesel-generator supplied power. An ample supply of lower emission natural gas from offshore development and a dependable inexpensive power source will help drive development in the region.
The company’s Banio Potash Project could benefit significantly in the future from this development should a potash processing plant situated at Mayumba be a viable alternative for a potential operation.
Millennial’s chairman, Farhad Abasov, said in a news release that combined with the commitment of the Gabonese government through its Grande Mayumba partnership for port construction, this power plant and associated infrastructure would significantly derisk a potential future mining, processing and shipping operation.
“The new planned infrastructure will provide reliable energy supply, create job opportunities, and promote economic growth in the Mayumba area. We support the Gabon government and its infrastructure efforts in the region and will update our shareholders as these initiatives advance. All these infrastructure programs will considerably enhance Millennial’s ability to explore and develop its flagship potash project in the area,” Abasov said.
Millennial Potash Corp. is focused on the exploration and development of potash deposits. The company’s flagship asset is the Banio Potash Project along the coast of Gabon, West Africa, which has the potential to have all the right characteristics to become a significant producer of potash.
Millennial Potash Corp. opened trading at $0.40 per share.
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