Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) announced that it has begun work on its Environmental and Social Impact Assessment (ESIA) for the Banio Potash Project in Gabon.
The company said on Tuesday it has hired a consortium led by Artelia, Société par Actions Simplifée, with Biotope Afrique Centrale and Insuco Gabon participating.
According to the company, the group has experience managing large-scale projects in Africa and elsewhere, including mining developments, and will ensure the ESIA aligns with International Finance Corporation performance standards.
Millennial said the assessment will begin with baseline studies of the physical environment, including hydrology, hydrogeology, water quality, soils and air quality. Biodiversity studies will follow, covering flora and fauna in the project area.
The social component will include an evaluation of local socio-economic conditions and build on stakeholder engagement already underway.
The final ESIA will outline required mitigation measures and include environmental and social management plans.
Millennial expects the process to conclude in 2026, after which the assessment will be submitted to the government of Gabon as part of its mining license application.
“The initiation of the ESIA marks another step in the development of the Banio Potash Project after the very successful Stage 2 drill program that resulted in a significant increase of our Measured, Indicated and Inferred resource,” Millennial chair Farhad Abasov said in a statement.
“The ESIA will be incorporated into our mining license application which we expect to pursue in 2026.”
Abasov added that the company is also planning to initiate a definitive feasibility study, highlighting that the company is fully funded to carry out these programs.
The company also said it is granting 980,000 incentive stock options, exercisable for five years at an exercise price of $3.22 per share.
Shares of Millennial Potast added 1.9% in early Tuesday trading in Canada at C$3.26.