By Farhad Abasov, Chairman, Millennial Potash Corp.
Central Africa’s Atlantic coast is no longer a speculative dot on the global fertilizer map. It’s emerging as a strategically significant supply corridor at a moment when potash has been added to the U.S. Critical Minerals List and fertilizer security is being treated as economic infrastructure. Millennial Potash’s Banio Project in Gabon sits at the centre of that shift, and a major expansion of our NI 43-101 Mineral Resource Estimate in late 2025 marks a defining step in its development.
A larger, stronger resource base
Banio’s newest resource update reflects two years of drilling that confirmed the thickness and continuity of evaporite cycles across the North Target.
Updated resource highlights
- Measured & Indicated: 2.45 billion tonnes at 15.6 per cent KCl (up ~275 per cent)
- Inferred: 3.56 billion tonnes at 15.6 per cent KCl (up ~210 per cent)
- Represents only a portion of the project area
- Thick, laterally consistent carnallite-halite sequences suitable for solution mining
Recent results published in World Fertilizer underscored this momentum. Drillhole BA-004 intersected 101.45 metres of cumulative high-grade carnallitite averaging 16.8 per cent KCl, reinforcing the scale of high-quality mineralization and the project’s potential to keep expanding its already large resource base.
Low-cost path to production
The preliminary economic assessment completed by Micon International and Agapito Associates outlined the foundation:
- 800,000 t/y granular MOP via solution mining
- After-tax NPV (10 per cent): USD $1.07B
- IRR: 32.6 per cent
- Initial CAPEX: USD $480 million
- OPEX: USD $61/t, placing Banio on the lowest end of the global cost curve
- Shipping cost to Brazil: ≤ $22/t thanks to direct Atlantic access
Solution mining, proven in Canada and Germany, lowers surface impact and enables scalable cavern development. Banio’s location on a coastal lagoon—unusual in this industry—means no reliance on long rail hauls or inland transport. As Argus Media reported, “we don’t need roads, and we definitely don’t need rail to bring product to port”, an advantage that materially differentiates Banio from inland African projects and most global competitors.
A project aligned with global fertilizer needs
Potash’s new critical-mineral status in the U.S. reflects what farmers have understood for decades: fertilizer supply decides yield, price stability, and food security. In late 2025, Devex published my op-ed explaining the shift: as sanctions tightened supply from Russia and Belarus and inventories in China and India fell, fertilizer became a transmitter of geopolitical tension into household food costs.
That structural vulnerability is pushing development lenders to prioritize fertilizer minerals the way they once prioritized energy independence. Banio is part of that new calculus.
DFC’s strategic support
The U.S. International Development Finance Corporation (DFC) approved up to $3 million to fund Banio’s Feasibility Study—non-dilutive, interest-free, and repayable only if construction financing is secured. It’s the first DFC-backed early-stage potash project, and it places Banio within a select group of globally strategic mineral developments.
In its November 2025 coverage, the Financial Times highlighted that the DFC is backing only a handful of mining projects worldwide, including rare earth projects in Brazil and Aclara’s ionic clay development. Banio’s inclusion in that list signals long-term U.S. interest in diversifying fertilizer supply outside traditional regions and strengthening Atlantic-facing production.
Infrastructure that changes the equation
Southern Gabon is undergoing a tangible buildout:
- Phase 1 of the new Mayumba port is complete, with Phase 2 advancing toward deep-water capability.
- A 21 MW gas-fired power plant, expandable to 50 MW, began phased commissioning in 2025.
- A natural gas pipeline and logistics corridors now link directly into the project area.
These upgrades, supported by Gabon’s government and private operators, give Banio something most new potash jurisdictions lack: infrastructure that exists on the ground, not only in development plans.
Looking ahead
Through 2026, Millennial Potash will advance its updated resource, complete processing and marketing studies, and move toward a full feasibility study. Banio’s coastal access, low operating cost profile, and strategic alignment with U.S. and African food-security priorities position it as one of the most consequential new potash developments in the world.
The result? A project that not only strengthens fertilizer supply but helps redraw the global map of where that supply comes from. In a tight, politically exposed potash market, that shift matters.
Farhad Abasov is the chairman of Millennial Potash, advancing the Banio Potash Project in Gabon. He is a veteran mining executive who has built and sold multiple resource companies including potash and lithium firms.
