Millennial Potash Achieves Key Milestone with 70% Banio Project Interest
11.07.2024 | NewsDirect
Millennial Potash Chairman Farhad Abasov joined Steve Darling from Proactive to share news that the company has earned a total 70% interest in the shares of Equatorial Potash Pty, which, through its Gabon subsidiary Mayumba Potasse SARL, holds 100% of the Banio Potash Project. To achieve the 70% interest, the company has filed a Preliminary Economic Assessment (PEA) and made milestone payments of $300,000 and 1 million shares of MLP to the vendors of the Banio Potash Project.Abasov detailed that the PEA report outlines the potential for a low-cost solution mining operation at the Banio Potash Project. The PEA is based on the production of 800,000 tonnes per year of granular muriate of potash. The thick potash horizons, coupled with a solution mining approach, have resulted in one of the lowest CAPEX (US$480M) and OPEX (US$61/tonne MOP) estimates in the industry. The solid economic potential is further demonstrated by a strong post-tax NPV (Net Present Value) of US$1.07 billion and an IRR (Internal Rate of Return) of 32.6%.
The company plans to continue implementing the recommendations from the PEA, which include preparation for additional drilling at the North Target to further expand the resources.
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