Minbos Resources (ASX:MNB) has secured a US$16 million debt facility from the Industrial Development Corporation of South Africa (IDC) to fund phase two construction at the Cabinda Phosphate Fertiliser Plant in Angola.
First drawdown is expected to be completed by the end of March 2026, with construction to entail structural, mechanical, electrical, and instrumentation works.
The next phase of this debt facility will include the signing of security agreements, subject to shareholder approval from Minbos subsidiary, Phobos.
The Fundo Soberano de Angola is an investor for Phobos and shareholders in Angolan entities, Soul Rock and Minbos.
CFO Blair Snowball says the IDC has continuously shown support and conducted hard work for Minbos.
“The project has needed to overcome numerous challenges since a loan agreement was first signed with IDC in September 2024,” Snowball says.
“Fortunately, in overcoming the challenges, the fundamentals of the project are far stronger than before.
“In parallel, the company has worked extremely hard to secure funding with an Angolan lender.
“Once secured it will complete the funding requirement for construction, but also importantly, will provide an optimal structure for de-risking the project for all lenders.”
Minbos Resources is focused on building a nutrient supply and distribution business for agricultural production and promoting food security across the broader Congo Basin through its Cabinda Phosphate Project.
Write to Maddison Elliott at Mining.com.au
Images: Minbos Resources
