Minbos Resources (ASX:MNB) expects its Cabinda Phosphate Project in Argentina will be completed in late August 2024 after taking over management of EPC contracts.
The $60.13 million market capitalisation company says since taking over it has witnessed a reduction in costs and delivered an updated and improved design. Wet commissioning is now expected in late July 2024 and a decision on preferred civil works contractor due imminently.
Construction work has been split into 2 stages, with stage one and most of stage two design optimisation completed.
Stage one includes a revised layout, including earthworks, drainage, and reinforced concrete foundations. Minbos is currently engaged in a tender process to complete all stage one civil works, with a preferred bidder and contract expected to be awarded shortly.
Meanwhile, stage two covers all above ground works for the disciplines mentioned above for the process plant and all services such as fuel, water, maintenance, laboratory, and offices. A 3D site model expected imminently.
Minbos 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.
As of December 2023, Minbos had $9 million cash at hand, according to its latest investor presentation.
Write to Adam Drought at Mining.com.au
Images: Minbos Resources
