Millennial Potash Reports Port Construction at Mayumba Scheduled to Begin Q3 2023; Significantly De-Risks the Banio Potash Project
Vancouver, 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 info@millennialpotashcorp.com.
"Farhad Abasov"
Chair of the Board of Directors
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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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