In Gabon, the extractive industry is a central part of the national economy, contributing 91.2% of export revenues and 22.6% of the gross domestic product (GDP). This sector is primarily driven by hydrocarbons, such as oil and gas, with mining focused mainly on manganese and gold. Recently, the Canadian mining company Millennial Potash Corp has been working to advance its potash project in Gabon, known as Banio, toward construction. According to recent reports attributed to the company's general director, Farhad Abasow, production at Banio is expected to begin in 2029. This would support broader efforts in the capital, Libreville, to strengthen Gabon's role in processing critical minerals across Africa.
The company's plans are based on a timeline that includes a final investment decision for Banio in early 2027, following the release of a final feasibility study by the end of 2026, as reported by Mining.com, a specialized media outlet. This timeline aligns with a strategy to connect Gabon’s mineral resources with American supply chains, as potash is one of 60 critical minerals designated by the U.S. government in 2025 for its economy and national security. Other minerals on that list include rare earths and niobium, which Gabon also aims to develop through projects like Maboumine, a resource returned to state control in 2024 after years of foreign ownership.
For Gabonese authorities, the push to develop these resources is primarily driven by economic goals rather than the strategic designations set by foreign governments. The government aims to better utilize the country’s geological potential and identify new growth opportunities within a list of "strategic resources" outlined in a 2024 mining sector roadmap. This list includes niobium, rare earths, uranium, and zinc, in addition to manganese and gold. Although potash is not explicitly named, the government has been actively involved in efforts to accelerate the development of Banio, showing interest in expanding beyond the current dominance of hydrocarbons.
Despite these ambitions, the extractive sector in Gabon remains heavily reliant on hydrocarbons, which accounted for 81% of export revenues in 2023, compared to 19% from mining, which is still largely limited to gold and manganese. Expanding into new strategic resources could help diversify this sector, which contributes significantly to the country's economy. However, the process will take time, as these projects must go through several stages, including creating a viable exploitation plan, securing funding, and finalizing commercial agreements. For Libreville, the challenge is to support these developments while ensuring they contribute to long-term economic goals, including generating revenue and creating jobs.
Gabon's Extractive Sector Focuses on Diversification and Strategic Minerals
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