Latest news with #Gabon
Yahoo
2 days ago
- Business
- Yahoo
Millennial Potash Announces U.S International Development Finance Corporation's Strategic Project Development Support for its Banio Potash Project in Gabon
West Vancouver, British Columbia--(Newsfile Corp. - July 9, 2025) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is excited to announce that the U.S. International Development Finance Corporation ("DFC") has committed up to US $ 3,000,000 in project development funding (approx. CDN $ 4,080,000) in its Banio Potash Project in Gabon and on July 8 conducted a joint signing ceremony in Washington D.C. for this investment agreement with the President of Gabon, His Excellency Brice Oligui Nguema in attendance. The strategic investment, done under the DFC's Project Development Program, will support a Feasibility Study ("FS") on the Company's Banio Potash Project in Gabon which will be initiated in the coming months. DFC is the U.S. Government's development finance institution that partners with the private sector to mobilize capital for strategic investments around the world. Farhad Abasov, Millennial's Chair, commented, "Millennial is very excited to announce a strategic investment by DFC in Millennial's Banio Potash Project in Gabon. DFC senior executives have visited Gabon several times over the past few months and have expressed their interest in exploring U.S. private sector investment opportunities in the country. The U.S. Ambassador to Gabon has recently visited the project site and came away impressed with the Company's technical progress as well as our first-class team. The Government of Gabon is fully supportive of the DFC investment as well. DFC also recognizes the importance of food security, especially in Africa, and is keen to invest in the Banio opportunity as a means to stabilize and enhance food availability throughout the continent. The DFC strategic investment comes in at the right time for Millennial as we are close to finishing the second stage of our drill program and are in the process of transitioning from an exploration stage to development. The DFC project development funding demonstrates the increasing strategic importance of Millennial's Banio Potash Project not only for Africa but for other key potash consuming markets in the world. The DFC involvement also derisks the project on many accounts and supports the successful start of a bankable feasibility study later this year. We look forward to working very closely with DFC at the feasibility study stage and beyond since DFC has a capability to help the company fund further development of the project. MLP appreciates the assistance it has received from the Government of Gabon and would like to express our deep gratitude to His Excellency President Brice Oligui Nguema for his continued support and commitment to our Banio Potash Project and attending the signing ceremony in Washington D.C. Millennial extends it's thanks to the entire DFC team involved with the project as well as the US Embassy and Ambassador Vernelle Trim FitzPatric in Libreville. We would also like to thank the team at Cygnum Capital for working with both MLP and DFC to facilitate this agreement." "DFC is excited to collaborate with Millennial Potash on this groundbreaking initiative, which will help accelerate food production across the African continent. By boosting domestic potash production, we are ensuring farmers have steady access to vital fertilizers, crucial for increasing crop yields and fostering sustainable agriculture. This significant investment will position Gabon as an emerging exporter within the continent, enhancing its position in the global agricultural supply chain and fueling long-term economic growth across Africa. DFC is proud to support projects like this that deliver tangible benefits to local communities, while also advancing broader goals of food security, economic resilience, and partnership across Africa," said DFC Head of Investments Conor Coleman. DFC's project development funds will develop the Company's Banio Potash Project for potential debt financing. Project development funds from DFC will be released over the course of the feasibility study and will be based on milestone activities completed that form integral parts of the feasibility study. No interest is payable on any project development funds, and repayment of project development funds is triggered by the Company reaching financing or investment to construct the Banio Potash Project. No security interest is granted pursuant to the project development agreement. MLP has initiated early-stage feasibility study work at Banio including a LiDAR survey to generate a Digital Terrain Model, a bathymetry survey of the lagoon, creep geotechnical tests and dissolution testwork on recently acquired drill core from holes BA-001-EXT and BA-004. DFC has prepared a press release regarding this investment in MLP which can be located at Millennial Potash Corp. signing ceremony with Chairman Farhad Abasov (seated), DFC Head of Investments and Chief of Staff Conor Coleman (seated), President of Gabon His Excellency Brice Oligui Nguema (standing right), and DFC Acting CEO Dev Jagadesan (standing left) To view an enhanced version of this graphic, please visit: Dignitaries from International Development Finance Corporation, Millennial Potash Corp and government officials from Gabon including the President, His Excellency Brice Oligui Nguema To view an enhanced version of this graphic, please visit: To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662 8184 or email at info@ Keep up to date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram, and YouTube. 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 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Zawya
4 days ago
- Business
- Zawya
Gabon's Minister of Universal Access to Water and Energy Joins African Energy Week (AEW) 2025 Amid Power Expansion
Philippe Tonangoye, Minister of Universal Access to Water and Energy of Gabon, will participate at the African energy Week (AEW): Invest in African Energies conference – taking place September 29 to October 3, 2025. His participation comes as Gabon implements an aggressive strategy to enhance access to water and energy, with strategic investments and partnerships in infrastructure, power and local businesses. His insights will support future investments as project developers, financiers and global partners convene in Cape Town to discuss strategies for making energy poverty history. For Gabon, natural gas has emerged as a cornerstone of the country's petroleum and power development. The country aims to utilize its offshore resources to drive economic growth, leveraging investments in gas-to-power and floating power generation solutions to enhance energy access country-wide. The country's long-awaited Orinko gas-to-power plant is on track to start construction soon, with a Shareholders' Agreement signed in May 2025 to advance the project. The project is expected to play a vital role in expanding Gabonese power access, as it will boost the country's generation capacity by 50%. Developed by Orinko SPV - comprising the state-owned Gabon Power Company in partnership with Wärtsilä, Africa 50, FGIS and Melec PowerGen - the project will be constructed under a build-own-operate-transfer IPP model. Otinko will utilize offshore gas resources as feedstock to produce electricity, laying the foundation for greater generating capacity in Gabon. At present, gas power plants operated by independent oil and gas company Perenco account for 70% of the power in Libreville and 100% of the power in Port-Gentil. With the Orinko facility, Gabon will be well-positioned to significantly enhance access. Beyond natural gas, Gabon is spearheading a pipeline of renewable energy developments, seeking to enhance access to both grid-connected and off-grid power in pursuit of universal access by 2030. The Orinko milestone follows the start of operations at energy company Karpowership's floating power plants in Gabon in February 2025. The plants provide electricity to the capital city of Libreville and other regions, thereby boosting the power grid while offering a clean source of power to underserves communities. Karpowership signed a contract in 2024 with Gabon to provide 250 MW of electricity to the country for a period of five years. The company has been supplying 25% of the country's total electricity via two powership situated at different locations. These solutions represent a flexible and scalable option for Gabon as it strives to enhance access to electricity through modernized infrastructure solutions. Meanwhile, Gabon is investing in new hydropower projects. Currently approximately half of the power consumed in the country is derived from hydro, largely from the Grand Poubara Hydroelectric Dam (160 MW) and Kinguele Aval Hydroelectric Dam (70 MW). However, to achieve its energy goals, much more investment is needed across the power market. To further support project development, Gabon established a National Fund for Energy and Water (FNEE) in 2025, aimed at mobilizing capital for energy and water projects. The FNEE will address power outages by implementing short-term measures, driving key infrastructure investments and boosting regional energy cooperation. The fund also seeks to revive delayed power projects, including the 125 MW Owendo thermal power station – planned for 2027 -, the Ngoulmendjim and L'impératrice Eugénie hydroelectric plants. The fund falls under the country's broader National Development Plan for Transition, with the three projects alone requiring an estimated $453 million to develop. This highlights a strategic opportunity for investors and projects developers seeking to make impactful investments in Africa. 'Gabon's strategy to achieve universal access to electricity is expected to unlock a wealth of economic and development opportunities for the country. By utilizing a variety of different power generation solutions – from gas-to-power to floating facilities to hydroelectric projects and renewables – the country is diversifying and strengthening its portfolio of power facilities. This approach not only creates greater opportunities for energy access but opens up the market to a variety of investors and project developers,' states Ore Onagbesan, Program Director, AEW: Invest in African Energies. Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Irish Times
4 days ago
- Politics
- Irish Times
US pushing African countries to take in Venezuelan deportees, Nigeria says
The US government has pushed African countries to accept Venezuelan deportees, including some newly released from prison, Nigeria 's foreign minister has said. Yusuf Tuggar said the Trump administration had put 'considerable pressure' on countries to accept the deportees, but warned that it would be 'difficult' for Nigeria to accommodate any. 'The US is mounting considerable pressure on African countries to accept Venezuelans to be deported from the US, some straight out of prison,' Mr Tuggar told Nigerian broadcaster Channels TV. 'It would be difficult for a country like Nigeria to accept Venezuelan prisoners into Nigeria ... we have enough problems of our own ... for crying out loud,' he added. Mr Tuggar did not say on which countries the US had applied pressure, but Mr Trump hosted five African leaders at the White House this week. [ ICE, the drug cartel and human punching bags - the extraordinary fall of a Mexican world boxing champion Opens in new window ] The White House has been approached for comment. The leaders of Gabon, Guinea-Bissau, Liberia, Mauritania and Senegal met the US president for a televised lunch on Wednesday, which focused on trade and investment opportunities. At the event, Mr Trump said he also hoped to 'make progress on ... safe, third-country agreements' for deported migrants. Liberia's foreign minister on Thursday told the BBC his country had not had any discussions with the US about accepting 'deportees or criminals'. The Trump administration has launched an aggressive crackdown on immigration since returning to power, and has promised to launch the biggest mass deportation of undocumented migrants in US history. The US supreme court last month paved the way for the US government to deport migrants to so-called 'third countries' that were willing to accept them, rather than their own countries. Venezuela , led by the authoritarian Nicolás Maduro , has a difficult relationship with the US and has in the past refused to accept the forced return of its own citizens. Migration experts say other countries also at times refuse to accept their citizens deported from the US, as that might signal subservience to Washington. This week, eight US deportees arrived in South Sudan . Only one of the eight is a citizen of the country, with the rest reported to be from Asia and Latin America. Mr Trump has promised mass deportations while implementing measures including seeking to limit birthright citizenship and declaring a national emergency at the US-Mexico border. In March the US government sent hundreds of alleged Venezuelan gang members to El Salvador, whose president Nayib Bukele agreed to hold them in the country's prisons. Since Mr Trump re-entered the White House in January, US Immigration and Customs Enforcement has deported more than 200,000 people in a nationwide sweep that has triggered huge protests in more than a dozen large US cities. - Copyright The Financial Times Limited 2025
Bloomberg
5 days ago
- Politics
- Bloomberg
Trump Seeks Deal With African Leaders on Deported Migrants
President Donald Trump's administration discussed sending deported migrants to Africa with five of the continent's leaders holding a summit with the US President in Washington. The topic, one of Trump's top priorities since returning to the White House in January, was shared with the leaders from Gabon, Senegal, Guinea-Bissau, Mauritania and Liberia.
The Herald
6 days ago
- Business
- The Herald
Trump says five African nations unlikely to face US tariffs
US President Donald Trump on Wednesday said African nations are going to lower their tariffs and that the US treats Africa better than China does, adding that five African countries were unlikely to face US tariffs. Trump, meeting with the leaders of Gabon, Guinea-Bissau, Liberia, Mauritania and Senegal at the White House, added that he did not think those countries at the gathering were likely to see any US tariffs. Reuters
