- The U.S. International Development Finance Corporation (DFC) Head of Investments Conor Coleman announced today that DFC will provide project development funding for the Banio Potash Mine in Mayumba, Gabon.
- This announcement was commemorated with a ceremonial signing of the project development agreement, witnessed by Gabonese President Brice Oligui.
- Coleman was joined by Millennial Potash CEO Jason Wilkinson and Chairman Farhad Abasov.
DFC’s project development funding will support Millennial Potash to complete a definitive feasibility study for the Banio Potash Project in Gabon, Africa’s first potash mine. Development of this mine would bolster supply of a critical fertilizer input and strengthen food security in Africa. Potassium, derived from potash, is one of the three essential nutrients required in fertilizers to support healthy crop growth. This investment paves the way for Gabon to produce its own potash, reducing dependence on imports.
“DFC is proud to partner with Millennial Potash on this transformative project to support the development of the first potash mine on the African continent. Increasing local potash production will ensure that farmers have dependable access to essential fertilizers, which are critical for increasing agricultural productivity. This milestone investment will position Gabon to become the sole potash-exporting country in Africa, strengthening its role in the global agricultural supply chain and driving long-term economic growth both locally and throughout Africa,” said DFC Head of Investments and Chief of Staff Conor Coleman.
Author: Bryan Groenendaal
