Millennial Potash Has Acquired The Rich African Potash Mine And Its Leadership Team Has A Strong History Of Success In The Industry
WEST VANCOUVER, May 11, 2023 - Potash, an alkaline potassium compound, is a vital fertilizer component and plays a crucial role in the global food supply chain. However, the Russian-Ukraine war has disrupted the supply chain. Canada, Russia, and Belarus account for 70% of worldwide potash production, and Canada, the world's largest producer of potash, has been unable to fill the gap left by the conflict, leading to a global potash shortage and rising prices. With no end in sight for the war, dependable potash suppliers are in high demand. But hope may lie elsewhere - a company called Millennial Potash (OTCMKTS:MLPNF) has recently acquired the Banio Potash Project in Gabon. The Gabon coastline is rich in potash deposits, presenting a possibly unique opportunity for the global potash supply chain. The country is estimated to have over two billion tons of potassium salts, making it one of the largest potash basins in the world. Due to its strategic location on the Atlantic coast of Africa, Gabon has a significant cost advantage due to its proximity to major potash markets, making it an attractive source of potash for the key importing markets of Brazil, Asia, and Europe.
Acquiring the basin in Gabon would certainly seem like a highly strategic choice, and Millennial Potash's Board and Management team is really what sets the company apart from competitors. The board is led by Farhad Abasov, Graham Harris, Peter MacLean, and Jason Wilkinson. The team members collectively have successfully built and exited multiple resource companies. Millennial Lithium was the most recent success. In January 2022, Millennial Lithium was acquired by Lithium Americas for $491 million. The management team built it up from a small market cap of $30 million.
Prior to Millennial Lithium's acquisition, the Board members had built and later sold a Canadian junior miner company by the name of Allana Potash Corp. to the fertilizer giant Israel Chemicals Ltd. The team had also previously sold Potash One to a German fertilizer group in a $434 million deal. The company's track record of highly profitable mergers and acquisitions creates a promising outlook for the Banio Potash Project. The team's combined experience in potash and other large mining projects will be instrumental to the project's success.
The Banio Potash Project is strategically located in the well-known potash-bearing basin with an exploration camp, drill rigs, and a drill core on site. With its large resource, control of a strategic location, and a strong team behind the operation, Millennial Potash could have the potential to become a major player in the global potash market and provide a reliable source of potash for countries around the world, and they're not sparing any effort - for this new project, they've even taken on a new CEO with decades of mining experience
It is estimated that by 2050, the world will need to produce 70% more food than it does today to feed the projected 9.7 billion people on the planet. Potash is a critical resource and having a strong supply from Africa would help to meet the growing demand for fertilizer and ensure a sustainable future for global communities.
Featured photo by FLY&I on Unsplash.
Contact:
Michael Harris
ir@millennialpotash.com
SOURCE: Millennial Potash Corp.