The agreement involves $500 million in financing to develop the Mayumba potash deposit, a flagship project for Gabon’s mineral sovereignty and industrial transformation.
On the sidelines of his participation in the multilateral summit convened by His Excellency Donald Trump, President of the United States of America, which focused notably on the challenges related to critical mineral exploitation, the President of the Republic and Head of State, His Excellency Brice Clotaire Oligui Nguema, presided today in Washington over the signing ceremony of a strategic agreement between the Gabonese State and the American mining company Millenial Potash.
The agreement involves $500 million in funding for the development of the Mayumba potash deposit, one of the key projects supporting Gabon’s goals for mineral independence and industrialization. An initial tranche of $5 million will be allocated to feasibility studies, while the remaining funding will support the development phase and the construction of necessary infrastructure.
The project is expected to produce 800,000 tons of potash fertilizer annually, and to create 375 direct jobs and 600 indirect jobs for local communities. It is fully aligned with the President’s vision to position the mining sector as a sustainable engine for inclusive growth and job creation.
During his remarks, the President of the Republic reaffirmed Gabon’s priorities in developing energy and transport infrastructure, and called on American investors to support the structural transformation of the Gabonese economy.
It is worth noting that this signing marks the culmination of discussions initiated between His Excellency the President of the Republic and Mr. Farhad Abasov, Chairman of the Board of Millenial Potash, during their meeting on the sidelines of COP28, held on November 30, 2023, in Dubai.
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