Millennial Potash Corp has initiated a definitive feasibility study for its Banio potash project in Gabon, marking a pivotal shift from exploration to development. Chairman Farhad Abasov noted that the project has been under active development for two and a half years, during which the resource base expanded by 40% to reach 350 million tonnes of measured and indicated potash. The study, led by Ausenco Engineering, will assess detailed mine planning, process flowsheet optimization and capital cost estimates, positioning Banio for a potential production decision by mid-2025.

Since acquiring the Banio project in early 2022, Millennial Potash has completed more than 25,000 metres of drilling across six distinct zones, confirming multiple high-grade layers with an average potash grade of 24% K2O. Concurrently, the company has secured preliminary environmental approvals and negotiated port access on the Atlantic coast, ensuring a streamlined export route. These efforts have reduced projected infrastructure capital requirements by 15%, according to internal engineering reviews.

SCP Equity Research initiated coverage of Millennial Potash with a Buy rating, highlighting Banio as one of the few large-scale greenfield potash projects in West Africa. SCP’s report forecasts annual production of 1 million tonnes of muriate of potash over a 25-year mine life, generating average annual EBITDA of $120 million. Analysts pointed to growing global fertilizer demand and constrained supply outside of major producers as key drivers for Banio’s long-term revenue potential.