DFC Announces Strategic Investment to Stabilize, Expand Food Security in Africa
The U.S. International Development Finance Corporation (DFC) Head of Investments Conor Coleman announced today that DFC will provide project development funding for the Banio Potash Mine in Mayumba, Gabon.
This announcement was commemorated with a ceremonial signing of the project development agreement, witnessed by Gabonese President Brice Oligui. Coleman was joined by Millennial Potash CEO Jason Wilkinson and Chairman Farhad Abasov.
DFC’s project development funding will support Millennial Potash to complete a definitive feasibility study for the Banio Potash Project in Gabon, Africa’s first potash mine. Development of this mine would bolster supply of a critical fertilizer input and strengthen food security in Africa.
Potassium, derived from potash, is one of the three essential nutrients required in fertilizers to support healthy crop growth. This investment paves the way for Gabon to produce its own potash, reducing dependence on imports.
“DFC is proud to partner with Millennial Potash on this transformative project to support the development of the first potash mine on the African continent. Increasing local potash production will ensure that farmers have dependable access to essential fertilizers, which are critical for increasing agricultural productivity.
“This milestone investment will position Gabon to become the sole potash-exporting country in Africa, strengthening its role in the global agricultural supply chain and driving long-term economic growth both locally and throughout Africa,” said DFC Head of Investments and Chief of Staff Conor Coleman.
“DFC’s efforts not only benefit the countries and communities where they invest but also advance U.S. economic interests by opening new markets, strengthening trade relationships, and promoting a more secure and prosperous global economy,” said Coleman.
“Millennial is pleased to formalize this strategic investment from the DFC, which further strengthens Millennial’s Banio Potash Project in Gabon. 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,” said Millennial Potash Chief CEO Jason Wilkinson.
“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 strategic investment demonstrates an 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,” said Wilkinson.
Africa represents the largest portion of DFC’s global portfolio, with cumulative investments exceeding $13 billion. This significant commitment underscores the United States’ enduring partnership with Africa, a relationship built on mutual respect, transparency, and a shared vision for prosperity.
Through these investments, DFC is not only supporting resilient supply chains across the continent but also deepening the longstanding ties between the United States and Africa, working together to foster sustainable growth and opportunity for both our peoples. #DFC Announces Strategic Investment to Stabilize, Expand Food Security in Africa#
