Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeMiningNewsFamily offices build stake in niche miner after stock soars 900%Many of the family offices, including Quaternary and Cavendish, already have a niche background in commoditiesAuthor of the article:Last updated 2 days ago You can save this article by registering for free here. Or sign-in if you have an account.Beyond Quaternary and Cavendish, Millennial Potash’s investor list is populated by family offices operating just below public disclosure thresholds. Photo by Michelle Berg/Saskatoon StarPhoenixFor decades, the risky world of early-stage mining ventures was the playground of institutional funds and commodity trading houses. But after a more than 900 per cent rally in a little-known Canadian potash developer last year, a new class of investors is moving in: family offices.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorMillennial Potash Corp. has attracted a group of ultra-high-net-worth clans that are increasingly bypassing traditional funds to take direct stakes in critical resources. Potash, a potassium-rich salt, is a fertilizer for crops ranging from cereals to potatoes, helping boost yields and plant resilience. The Vancouver-area miner is developing a potash project in Gabon and has no other revenue.“We have actually seen very unusual interest coming from family offices,” said chairman Farhad Abasov. “Usually, we don’t see a lot of this capital coming into the junior mining sector.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe investment push is led by The Quaternary Group, a Singapore-based investment entity representing Ross Hamou-Jennings, the former Asia chairman of Cargill Inc., the commodities and agriculture giant. Quaternary owns roughly 25 per cent of the potash miner, and Hamou-Jennings is using his industry knowledge to bridge a valuation gap he identified in the company. He views potash as an essential, US$30 billion niche market where global powers like the United States and China lack self-sufficiency. The U.S. added potash to its list of critical minerals in November, boosting Millennial’s shares.The Banio project plans to use the deep-water port at Mayumba, along the west coast of Africa. That will allow shipments to reach major markets like Brazil while bypassing traditional choke points, according to Millennial’s website.Despite a roughly one-third pullback after last year’s 900 per cent surge, the company maintains a market value of $281 million. SCP Research rates the stock a “buy,” banking on Abasov’s proven track record at Potash One and Allana Potash to drive the next phase of growth.Millennial Potash shares rose 1.5 per cent in early trading in Toronto Wednesday, trimming losses this year to 20 per cent.Another backer is Hong Kong’s Cavendish Investment Corp. This multi-family office, which generally invests between US$5 million and US$50 million, views fertilizers as strategic assets critical to navigating increasingly fractured global supply chains.These firms are part of a growing club of private wealth that prefers direct ownership over managed funds. Colombia’s richest man, Jaime Gilinski, has repeatedly increased his stake in independent oil and gas producer GeoPark Ltd., seeing it as a vehicle to enter Venezuela’s recovering energy sector. Similarly, the heirs of Swedish tycoon Adolf Lundin spent nearly $40 million in March to boost holdings in copper and diamond miners amid supply-chain squeezes.Beyond Quaternary and Cavendish, Millennial Potash’s investor list is populated by family offices operating just below public disclosure thresholds. The company has attracted investments from a Canadian family office, a U.S.-based office and another wealthy family from the Persian Gulf, all holding just under five per cent, according to Abasov. He is talking to family offices in Hong Kong and Singapore to drum up more investor interest.Jean-Sebastien Jacquetin, managing partner at Cavendish, notes that families are increasingly moving beyond passive investments.“Sometimes families aren’t just managing wealth – they are active operators in sectors like mining, healthcare, or renewables,” said Jacquetin. “Given the current geopolitical environment and the war, people are going back to fundamentals.”Many of these family offices, including Quaternary and Cavendish, already have a niche background in commodities.Hamou-Jennings said he prefers to own large, direct stakes in bottleneck resources. Apart from Millennial Potash, he has invested in P2 Gold Inc., a Canadian precious metals explorer, and Surge Battery Metals Inc., another penny stock based in the Vancouver area.“It is clearly happening,” Hamou-Jennings said of the rising interest from family offices in the natural resource space. “It seems to be increasing in Asia; I think it was more common a year ago in North America.”He notes that many families wait too long to pull the trigger on these early-stage companies. “They shouldn’t think they can wait for the project to de-risk at a higher valuation and still get a private placement, because at that point, the company just won’t need the money,” he said.Cavendish, the multi-family office run by the former chairman of a Hong Kong jewellery company, is heavily involved in commodities and metals. In August, the firm told Bloomberg that it was allocating roughly a third of its portfolio to the physical gold trade.—With assistance from Ben Stupples, Yuliya Fedorinova and Ilena Peng. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.