Millennial Potash Provides Update on Port and Power Plant Construction at Its Banio Potash Project
Millennial Potash Provides Update on Port and
Power Plant Construction at Its Banio Potash
Project
West Vancouver, British Columbia--(Newsfile Corp. - November 13, 2024) -
Millennial Potash Corp.
(TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company")
is pleased to
provide an update of the infrastructure build-up recently observed
by MLP management at the
Company's Banio Potash Project in Gabon.
Progress has been made both at the Mengali Port
construction site, located just north of the town of Mayumba, and the new thermal electricity plant,
situated south of Mayumba.
The port facility and the power generation station represent critical
infrastructure enhancements for the region and are integral to the success of the Company's Banio
Potash Project.
Farhad Abasov, Millennial's Chair, commented "Millennial is very pleased to report substantial
progress
on both the Mengali Port and the new thermal power plant at our Banio Potash Project near Mayumba.
These infrastructure developments are crucial
for advancing the project and enhancing the economic
viability of our proposed solution mining and conventional processing methods for potash production.
The construction of the port and power plant, along with the associated infrastructure, will significantly
mitigate risks related to future mining, processing, and shipping operations. Millennial remains
committed to supporting the Gabonese government's efforts to develop infrastructure in southern Gabon
and will keep shareholders informed on the progress of these projects."
Port Facility
The Mengali Port is a key component of the Grande Mayumba Programme, a joint venture enterprise
between the Republic of Gabon and the African Conservation Development Group (see
https://afcondev.com/grande-mayumba
) for sustainable development of southern Gabon, including the
Mengali Port at Mayumba (see MLP press release dated June 21, 2023).
Currently, Covec Gabon, an
international construction firm, is undertaking earthworks for the port. The development will proceed in
phases, starting with Phase 1, which includes a 130m quay designed for vessels with a 3m draft,
accommodating barges and landing craft. Phase 2 will expand the quay to over 300m, supporting
ocean-going barges and facilitating the loading of large vessels at a deep-water mooring point. Future
phases will involve constructing a mineral terminal, storage area, and a 4,000 tph stacker reclaimer with
a conveyor system for loading large ocean-going vessels. OGVs.
The Mengali Port aims to support sustainable development of the Mayumba area by creating industry
and jobs in the region and by providing export logistics for industries throughout the south of the country.
The Government of Gabon's strategic plan aims to support opportunities in the region, including the
development of a deep-water port, industrial development, mining, sustainable agriculture, and eco-
tourism.
The Mengali Port at Mayumba is expected to provide a vital infrastructure link for Millennial
Potash's Banio Potash Project, allowing for the efficient export of bulk potash to overseas markets.
Power Generation Station
Construction has commenced on a thermal
power generation station located south of Mayumba, near
the airport.
Current work includes foundation construction within the facility compound. The power station,
which will be relocated from Franceville, is scheduled to arrive by barge at Mengali Port later this year
and is expected to be installed and operational by mid-2025. The power station is a public-private
partnership (PPP) venture between the Gabonese government, Perenco Oil & Gas Gabon ("POGG"),
and Gabon Power Company (see MLP press release date July 5, 2023).
The thermal power plant will have an initial installed capacity of 8.5MW and can be expanded up to
50MW.
A transformer station will be established in Mayumba featuring a 20kV distribution line, and a
transmission line will be constructed to the town of Tchibanga approximately 70km east of Mayumba as
part of the government's initiative to provide electricity to southern communities. The construction of the
first phase of the Mayumba thermal power plant, with a capacity of 8.5 megawatts, is expected to be
completed in July 2025.
Initial work at the plant began in July 2024 with the development of roads and
various networks (VRD), as well as the plant's related infrastructure.
The power plant project is under the
direction of contractor Nuez et Fils and it is estimated that the total investment will be approximately 75
billion CFA (approx. $125M USD).
The new power plant at Mayumba represents a major infrastructure advancement for the region and this
new reliable power source is expected to stimulate regional development.
The Company is granting a total of 1,350,000 incentive stock options exercisable for a period of five (5)
years at an exercise price of $0.30 per share.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or
email at
.
MILLENNIAL POTASH CORP.
"Farhad Abasov"
Chair of the Board of Directors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When
used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or
"planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-
looking statements or information. These forward-looking statements or information may relate to future
prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources,
regulatory or government requirements or approvals including approvals of title and mining rights or
licenses and environmental (including land or water use), local community or indigenous community
approvals, the reliability of third party information, continued access to mineral properties or
infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact
upon the Company or its properties or the commercial exploitation of those properties, currency risks
including the exchange rate of USD$ 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/229655