Millennial Potash Reports Port Construction at Mayumba Scheduled to Begin Q3 2023; Significantly De-Risks the Banio Potash Project
Millennial Potash Reports Port Construction at
Mayumba Scheduled to Begin Q3 2023;
Significantly De-Risks the Banio Potash
Project
Vancouver, British Columbia--(Newsfile Corp. - June 21, 2023) -
Millennial Potash Corp. (TSXV:
MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company")
is pleased to provide
an update on the planned construction of a port facility to service the mining, forestry, agriculture, oil and
gas and fishing industries that is under development in the Mayumba area close to its Banio Potash
Project in southern Gabon.
The port is proposed to be developed in multiple phases with construction of
Phase 1 scheduled to commence in Q3, 2023.
Farhad Abasov, Millennial's Chair, commented, "Millennial is pleased to report that the EIA
(Environmental Impact Assessment) for the new port at Mayumba is underway with construction planned
to begin later this year. Development of a new port at Mayumba will significantly de-risk our Banio
Potash Project potentially providing it with simple easy access to potash markets throughout the Atlantic
and beyond.
Very few potash projects have easy access to ports, and this is a game-changer for
Millennial Potash and further confirms our view that we are developing the right project, in the right place
at the right time. We look forward to the commencement of construction work of the new port during
2023."
The Grande Mayumba Programme, which provides for construction of the port, is 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
port at Mayumba. An Environmental Impact Assessment (EIA) study initiated by AFCONDEV for the
construction of Phase 1 of the new port at Mayumba is ongoing, signalling a significant step towards the
commencement of construction work. The port aims to support sustainable development of the
Mayumba area by creating industry and jobs in the region area and by providing export logistics for
industries throughout the south of the country. Through the Grande Mayumba Programme and other
initiatives, the Government of Gabon strongly supports development in the region.
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 Grande Mayumba Programme port construction envisions several phases of development,
commencing with Phase 1, which will included a 130m quay supporting vessels with a draft of 3m and
will accommodate barges and Landing Craft.
Phase 2 involves quay expansion to +300m providing
support for ocean going barges with loading of Ocean-Going Vessels carried out at a mooring point
located in deep water offshore. Subsequent phases for the port are yet to be fully defined, though
planning is underway to include a mineral terminal, storage area and a 4,000 tph stacker reclaimer and
conveyor system for loading Ocean Going Vessels.
The EIA for Phase 1 and Phase 2 of the new port is being conducted in accordance with international
best practices and involves a thorough assessment of the potential environmental, social, and economic
impacts of the project. The assessment is being carried out by a team of experts from TEREA.net with
extensive African experience in environmental impact assessments, and has involved consultation with
local communities, stakeholders, and government officials.
The new port at Mayumba is expected to provide a vital infrastructure link for the Millennial Potash
project, allowing for the efficient export of bulk potash from the region. The construction of the port is also
expected to bring additional and significant economic benefits to the region, including the creation of
jobs, increased economic activity, and improved access to international markets.
Millennial Potash is committed to sustainable development and has taken a number of steps to ensure
that the Banio Potash Project is developed in an environmentally and socially responsible manner.
These steps include the preparation of environmental management plans, community development
programs, and stakeholder engagement initiatives.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/170534