Millennial Potash Provides Gas-to-Power Plant Update at Its Banio Potash Project
Millennial Potash Provides Gas-to-Power Plant
Update at Its Banio Potash Project
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2024) -
Millennial Potash Corp. (TSXV:
MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company")
is pleased to provide
an update on infrastructure developments near its flagship Banio Potash Project in Gabon.
Perenco Oil
and Gas Gabon reported Feb. 1
that it has entered into a Memorandum of Understanding ("MOU") with
the Government of Gabon to commence the first phase (20Mw) of a Gas-to-Power Project in Mayumba,
Gabon. Construction on the Mayumba Gas-to-Power Project is expected to commence in Q2, 2024 and
completion is planned for 2025.
Farhad Abasov, Millennial's Chair, commented, "Millennial is pleased to see this very important
infrastructure development for the Mayumba area of Gabon.
The new Mayumba gas powered plant could
potentially provide adequate power for any Millennial potash processing plant that was planned for
Mayumba, potentially further de-risking our Banio Potash Project.
It is encouraging that Perenco has
included mining companies as potential users of the power generation."
Perenco will invest $50M to collect, process and export its offshore gas via a gas pipeline for the power
plant.
The 20Mw power station will be operated by Gabon Power Corp and
will feed into the Gabon
south network doubling the available power in the region.
The power is expected to electrify 90,000
homes in Mayumba and other cities including Tchibanga, Bongolo, Mouila, and Lambarene.
Perenco
also commented that additional industries such as the Tchibanga marble operation, mining
developments and a harbour/port stand to benefit from this new power generation supply.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or
email at
.
MILLENNIAL POTASH CORP.
"Farhad Abasov"
Chair of the Board of Directors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When
used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or
"planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-
looking statements or information. These forward-looking statements or information may relate to future
prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources,
regulatory or government requirements or approvals including approvals of title and mining rights or
licenses and environmental (including land or water use), local community or indigenous community
approvals, the reliability of third party information, continued access to mineral properties or
infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact
upon the Company or its properties or the commercial exploitation of those properties, currency risks
including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for
potash or potash related products, changes in exploration costs and government royalties, export
policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's
current plans, expectations and intentions with respect to development of its business and of the Banio
Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the
impact of current financial and other market conditions on its ability to secure further financing or funding
of the Banio Potash Project. Such statements represent the Company's current views with respect to
future events and are necessarily based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to significant business, economic,
competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both
known and unknown, could cause results, performance or achievements to be materially different from
the results, performance or achievements that are or may be expressed or implied by such forward-
looking statements. The Company does not intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements and information other than as required by
applicable laws, rules and regulations.
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https://www.newsfilecorp.com/release/196900