Minbos making moves and management changes

Minbos Resources (ASX:MNB) has undergone a board restructure as the company prepares to become the first primary fertiliser producer in Angola and in the Economic Community of Central African States (ECCAS). 

The $59.43 million market capitalisation company says as part of the board transition, current Chief Executive Officer (CEO) Lindsay Reed has moved into the Managing Director role. 

Current Non-Executive Director Paul McKenzie will also transition to Non-Executive Chairman and Frank Si will join the board as Non-Executive Director.

The company notes the transitions coincide with Minbos moving into the production and distribution phase for the Cabinda Project. 

Commenting on the changes, McKenzie says the evolution of the board comes at a time where the company is poised to realise its potential as a primary producer of fertiliser into one of the most prospective agriculture regions globally.

According to Minbos, elevating the agronomy and farming expertise of McKenzie, as well as the agricultural processing and construction expertise of Si, reflects the change from development to production activities as the company navigates the final financing steps. 

The company is rapidly transitioning to a turnkey construction execution strategy for the Cabinda Project. 

To date, Minbos, along with ALS and Tecnovia, have completed the final design for the earthworks and civils. Tecnovia is expected to submit its final price and schedule for the works by next week. 

Minbos says design for the balance of works is already underway and will take into account Grupo Carrinho’s express request to receive bulk shipments in Lobito. 

Minbos management subsequently met with the Industrial Development Corporation (IDC) — which completed its technical, marketing, financial, and legal due diligence in November — and a potential offtake customer in Johannesburg. 

The full team flew to Cabinda and visited the Cacáta mine, Subantando factory, equipment storage locations, the Cabinda Port and a visit to the deepwater Caio Port which will be important for export offtake to South Africa when it commissions in 2025. The IDC finance and marketing teams accompanied Minbos to Benguela and Lobito where they were hosted by our major customer, Grupo Carrinho. 

Minbos management subsequently met with the IDC and a potential offtake customer in Johannesburg. Export offtake enquires have now been received from South Africa and customers in Brazil that already import lower quality rock for the direct application market. 

The company says this is the first time the Company has received phosphate rock export enquiries since the Company was awarded the Mining Investment Contract in 2020.

Reed says: “My journey with Minbos has been the most rewarding of my career. Working alongside our high-calibre team in Angola, our Cácata phosphate project has real momentum as we look to not only deliver for Minbos shareholders but to support the Government of Angola’s ambitions to return the country to its status as an agriculture powerhouse, in this way, ours is a project of national importance, for all Angolans.”

Minbos Resources is working to build a nutrient supply and distribution business that stimulates agricultural production and promotes food security in Angola and the broader Congo basin. 

The company had $8.794 million cash and cash equivalents, according to its latest quarterly report. 

Write to Adam Drought at Mining.com.au

Images: Minbos Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.