Family offices are increasingly taking direct positions in niche mining companies after one little-known potash developer delivered explosive gains of more than 900% last year. The trend highlights how wealthy families are moving beyond traditional investment funds in search of opportunities tied to critical resources and global supply chains.
Canadian miner Millennial Potash Corp. has seen growing interest from ultra-wealthy investors backing its potash project in Gabon. Potash, a potassium-rich mineral used in fertilizers, plays a key role in improving crop yields and strengthening food security. Despite having no producing assets yet, the company has drawn attention from investors betting on future demand for strategic minerals.
Chairman Farhad Abasov said the level of interest from family offices has been unusual for the junior mining sector, which has traditionally relied on institutional investors and commodity-focused firms for funding.
Among the largest investors is The Quaternary Group, a Singapore investment vehicle linked to former Cargill Inc. Asia chairman Ross Hamou-Jennings. The group now controls about a quarter of Millennial Potash, with Hamou-Jennings viewing potash as an underappreciated but strategically important global market. Interest in the sector increased after the US added potash to its critical minerals list late last year.
Millennial’s Banio project plans to export through the deep-water port of Mayumba in Gabon, offering shipping access to major agricultural markets such as Brazil while avoiding some traditional logistics bottlenecks.
Although the stock has retreated from last year’s rally, the company still carries a market value of roughly C$313 million. Research firm SCP Research continues to rate the shares as a “buy,” citing Abasov’s previous experience developing potash projects.
Another notable investor is Hong Kong-based Cavendish Investment Corp., which sees fertilizer and commodity assets as increasingly important in a world shaped by geopolitical tensions and disrupted supply chains.
The growing appetite for direct investments reflects a broader shift among family offices globally. Wealthy families are increasingly seeking ownership stakes in sectors they believe will benefit from long-term structural trends, particularly natural resources, energy and metals.
Examples include Colombian billionaire Jaime Gilinski increasing his holdings in GeoPark Ltd., while heirs of Swedish mining magnate Adolf Lundin recently boosted their investments in copper and diamond miners.
According to Abasov, several additional family offices from Canada, the US and the Persian Gulf have also invested in Millennial Potash while keeping stakes below public disclosure thresholds. The company is now engaging with more investors across Hong Kong and Singapore to expand support.
Jean-Sebastien Jacquetin said many wealthy families are no longer content with passive investing and are instead becoming active operators in industries such as mining, healthcare and renewable energy.
Hamou-Jennings believes the shift toward direct ownership in resource projects is accelerating, especially across Asia. He added that many investors hesitate too long before backing early-stage companies, only to miss opportunities once projects become more established and valuations rise.
