- Millennial Potash (TSXV:MLP) to begin construction in Mayumba near its Banio Potash Project in Gabon
- The port will be developed in several phases with the first phase beginning in Q3 2023
- The new port will assist in derisking the company’s Banio Potash Project
- Shares of Millennial Potash (V.MLP) are unchanged at C$0.39
Millennial Potash Corp. (V.MLP) is slated to begin construction of a port facility in Mayumba, Gabon, near its Banio Potash Project.
The company said in a press release the port will be developed in several phases, with the first phase slated to begin in Q3 of this year.
Farhad Abasov, chair of Millennial Potash, said in a news release the port will derisk the company’s Banio Potash project by providing it with easy access to potash markets across the Atlantic.
“Very few potash projects have easy access to ports, and this is a game-changer for Millennial Potash and further confirms our view that we are developing the right project, in the right place at the right time,” Abasov added.
The Grand Mayumba program is a joint venture enterprise between the Republic of Gabon and the African Conservation Development Group (AFCONDEV).
The purpose of the joint venture is for the sustainable development of Gabon, including the port at Mayumba.
Millennial Potash said an environmental impact assessment (EIA) study, which has been initiated by AFCONDEV for the construction of the port’s first phase, is ongoing.
The Mayumba port is expected to provide an important infrastructure link for the Millennial Potash project.
Shares of Millennial Potash (V.MLP) are unchanged at C$0.39.
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