Minbos Resources (ASX:MNB) has achieved key construction approvals for the development of mining and processing facilities at its Cabinda Phosphate Project in Angola, southern Africa.
The company says it has received environmental approval licences for construction activities at the project and confirms that the project has met all environmental formalities and processes related to the installation and construction of the various facilities.
As of 1:17pm AEST, Minbos’ share price has increased by 21.21% to $0.12.
Minbos reports the approvals come at a time in which the company is well-advanced in its offtake discussions, with most of the stage one production expected to be covered in current negotiations.
The company notes it has also made ‘significant’ progress on non-dilutionary funding (debt and/or repayment) for a ‘significant’ proportion of the ‘outstanding’ capex for the project. Negotiations for this are scheduled to be finalised in August/September 2023.
Minbos further notes these achievements have occurred following a site visit undertaken by the board of Minbos in order to inspect the works at the Subantando and Cacata sites. The board is reported to have visited other areas important to the company, including the Port of Lobito, which is quickly gaining regional prominence as the linchpin for the Lobito Rail Corridor.
US President Joe Biden has recently supported the development of this corridor, confirming that the US has already mobilised over $30 billion in investments to date, with plans for further investment in the future.
Meanwhile, Minbos announces it has also appointed Steve Abbot, Rob Newbold, and Asareh Mansoori as its new Chief Operating Officer (COO), Chief Strategy & Marketing Officer, and General Manager, Operations, respectively.
The company states Abbott is a highly regarded mining executive with over 30 years of experience in senior international and resource sector roles, while Newbold has over 20 years of experience across the industrial, chemical and agribusiness sectors operating throughout Australia, Asia, New Zealand, and Europe, having held the role of General Manager for Wengfu Australia.
Finally, Mansoori is a mining engineer with 15 years of experience in the Australian and International resource sectors. He is responsible for the development and operation of the Cabinda Phosphate mine and processing plant.
With the key construction approvals now received, Minbos Resources announces it will update the market on its progress in Angola, including critical offtake and funding discussions, in the coming weeks.
Minbos Resources is an ASX-listed company with the goal 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’s Cabinda Project is located in Angola and represents the first step in developing a high-impact self-sustaining agricultural sector throughout Angola and middle Africa, as well as the first step in alleviating poverty for millions of subsidence farmers who use no soil nutrients.
Write to Adam Drought at Mining.com.au
Images: Minbos Resources Ltd