Millennial Potash Chairman Farhad Abasov joined Steve Darling from Proactive to discuss the company’s support for the U.S. Geological Survey’s decision to add potash to the 2025 List of Critical Minerals, recognizing its strategic importance to global food security and supply chain resilience.

Abasov said the inclusion underscores growing international efforts to diversify supply and reduce reliance on dominant producers such as Canada, Russia, and Belarus. Potash is a vital agricultural input used in fertilizer production, essential for maintaining crop yields and global food supply stability.

Millennial also highlighted a recent Financial Times report referencing the U.S. International Development Finance Corporation’s (DFC) commitment of US$3 million in project development funding for Millennial’s Banio Potash Project in Gabon. The funding is aimed at supporting feasibility studies and de-risking the project, with the potential to unlock additional U.S. financing in the future.

The DFC, a U.S. government agency that supports private-sector initiatives in developing regions, has invested approximately US$13 billion across 300 projects in 26 Sub-Saharan African countries.

Located on Gabon’s Atlantic coast, the Banio Project offers direct shipping access to key markets in the United States, Brazil, and Africa. A Preliminary Economic Assessment released in April 2024 outlined an after-tax NPV (10%) of US$1.07 billion and an internal rate of return (IRR) of 32.6%, based on operating costs of US$61 per ton of granular potash.

Abasov added that a revised mineral resource estimate is currently in progress, following recent drilling that revealed potash-rich horizons up to 100 meters thick, further underscoring the project’s large-scale potential.

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