WEST VANCOUVER, BC / ACCESSWIRE / May 2, 2023 / Potash, an alkaline potassium compound, is a vital fertilizer component and plays a crucial role in the global food supply chain. As a critical source of potassium, it is essential for plant growth, helping to promote strong root development, disease resistance, and overall plant health. With the world's population growing rapidly and arable land becoming scarcer, the demand for high-quality fertilizer is only increasing.
It is estimated that by 2050, the world will need to produce 70% more food than it does today to feed the projected 9.7 billion people on the planet. Because of this potash is a critical resource for farmers and agricultural businesses around the world as they work to meet the growing demand for food and ensure a sustainable future for global communities.
Unfortunately, the global supply of potash is experiencing a shake-up. Currently, Brazil, the United States and China are the world's largest potash importers, while Canada, Russia, and Belarus account for 70% of worldwide production. The Ukraine-Russian war has had a significant impact on global supply chains, including that of the potash industry.
Russia is one of the world's largest producers of potash, and Belarus, a Russian ally, also produces a significant amount of potash. The conflict has resulted in the EU's slapping severe sanctions on the potash industry in Belarus as a country supporting Russia. Canada, the world's largest producer of potash, has been unable to fill the gap left by Belarus, leading to a global potash shortage and rising prices. As a result, many countries have been forced to either pay higher prices for potash or find alternative sources.
Millennial Potash Helping Secure World Food Supply?
A company called Millennial Potash (OTCMKTS: MLPNF) has recently acquired the Banio Potash Project in Gabon. The Gabon coastline is rich in potash deposits, presenting a possibly unique opportunity for the global potash supply chain. The country is estimated to have over 2 billion tons of potassium salts, making it one of the largest potash basins in the world. Due to its strategic location on the Atlantic coast of Africa, Gabon has a significant cost advantage due to the proximity to major potash markets, making it an attractive source of potash for these key importing nations; Brazil, Asia and Europe.
The Banio Potash Project is strategically located in the well-known potash-bearing basin with an exploration camp, drill rigs and a drill core on site. Millennial Potash reports that its management team and board of directors are well-experienced in potash and other large-scale mining projects - with the Millennial team having built and sold multiple mining companies, including Potash One, Allana Potash and Millennial Lithium. With its large resource and control of a strategic location, Millennial Potash could have the potential to become a major player in the global potash market and provide a reliable source of potash for countries around the world.
Featured photo by James Baltz on Unsplash.
Contact:
Michael Harris
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SOURCE: Millennial Potash Corp.