Proactiveinvestors Australia

Minbos Resources expects Kanzi resource upgrade in March

Mon, 25 Feb 2013 12:30:00 +1100

Minbos Resources (ASX: MNB) expects to release in March a resource upgrade for its Kanzi phosphate project in the Democratic Republic of Congo and is in talks with potential strategic partners.

Samples from aircore drilling completed in December have now being received in Johannesburg and analysis will be carried out over the coming weeks.

The company had previously noted this drilling had confirmed its understanding of the Kanzi deposit and the high project potential with 154 of the 171 holes drilled intersecting phosphate mineralisation with the thickness of between 3 metres and 24 metres with an average of 7.2 metres.

Of these, 89 were infill holes drilled to enable the upgrade of the resource from Inferred to Indicated category, 11 holes were drilled to twin holes previously drilled in 2011 while 71 holes were drilled in the targeted area of first mining to enable more detailed modelling and planning for the pit.

Minbos added that site visits had been completed by two parties and negotiations for investment are in progress.

It said that its holdings in two outstanding phosphate projects located in Central Africa, positioning it well into the expanding fertiliser market.

The company had last year received several indicative offers have been received to provide funding to complete bankable feasibility studies to enable Minbos to advance its Angolan and DRC phosphate rock projects towards development and to provide long term phosphate off-take agreements for its projects.

In order to ensure that the process with strategic partners can run its course, Minbos has been presented with several short term funding options. The board is consdering these options and will decide upon the most appropriate for the company’s current needs in the very near future.

Minbos has also decided to discontinue further investigation of the Dinge Potash Licence following due diligence to focus on its phosphate assets and is engaging with Kanzi partner Allamanda to resolve an issue that could affect its stake in the project.

While the company had originally entered into a joint venture agreement with Allamanda that gave it a 65% interest in Kanzi, Allamanda has now presented it with a side agreement that was purportedly entered into concurrently with the signing of the original JV agreement by Agrim, without the knowledge or consent of the directors of Minbos.

This seeks to apportion Minbos a 49% interest in the economic benefit of the Licences which form the Kanzi project, with a 51% economic interest held by Allamanda.

Minbos has obtained preliminary legal advice in relation to the validity of this side agreement because it was executed without proper authority from the board of Minbos. The advice has confirmed that the side agreement is open to legal challenge.

The company will continue to focus on developing the Kanzi project and the Cabinda project in Angola and will attempt to resolve the issue in a positive manner.

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Minbos Resources to update Kanzi joint venture

Thu, 21 Feb 2013 10:30:00 +1100

Minbos Resources (ASX: MNB) is preparing to update the market on the company's Kanzi joint venture in the Democratic Republic of Congo, with the ASX granting Minbos a trading halt.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 25th February 2013.

Minbos Resources’ African phosphate projects draw high level of partner interest

Wed, 09 Jan 2013 14:50:00 +1100

Minbos Resources (ASX: MNB) has received a high level of interest from potential strategic partners to participate in the development of its phosphate rock projects in Angola and the Democratic Republic of Congo.

The initial phase of the tender process has revealed substantial interest particularly from major downstream fertiliser producers and trading companies across Asia and Europe.

Minbos said the short list includes highly credible global players that would bring significant market expertise as well as financial strength to the partnership.

Several indicative offers have been received to provide funding to complete Bankable Feasibility Studies for the Angolan and DRC phosphate rock projects, and also to provide long term phosphate offtake agreements.

Due diligence and site inspections have commenced under confidentiality agreements for each of these potential partners.

The first of the unconditional final offers are expected by late January 2013, while remaining final offers are likely to be received during February and March 2013.

Minbos also received an unsolicited, non-binding offer for an equity stake in the company and an associated offtake agreement from an interested party.

This party was part of Minbos’ formal strategic partner process, but chose to separate from this process and submit an unsolicited, unconforming and highly conditional offer.

The terms of the offer have been rejected by the board, but Minbos remains in negotiations with the party.

Unless a highly attractive final offer has been accepted beforehand, the tender process is likely to be completed by March 2013.

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Minbos Resources drilling results confirm premium grade phosphate

Fri, 16 Nov 2012 17:10:00 +1100

Minbos Resources (ASX:MNB) has identified premium grade phosphate at its Cacata phosphate project in Angola.

Metallurgical test work on diamond drill core confirmed results from an earlier aircore campaign with the finding that the ore grading of between 16% and 23% P2O5 can be upgraded by milling and flotation to +33% premium concentrate.

Ore grading +23% could be upgraded by beneficiated by wet screening and simple scrubbing, potentially increasing the ore at Cacata and increasing the life of the mine with a low cost, non flotation processing circuit.

This upgradeability to a premium commercial grade potentially significantly increases the volume of ore that can be processed at Cacata with a basic beneficiation circuit.

Four composite core samples representing various grades were tested to determine the cut off grade and to distinguish between ores that can be upgraded by scrubbing and ones that require milling and flotation to upgrade.

Minbos explores for phosphate ore within the Cabinda Province of Angola and the adjoining areas of the far western Democratic Republic of Congo.

Through its subsidiaries and joint ventures, it is exploring over 400,000 hectares of highly prospective ground hosting phosphate ore.

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Minbos Resources’ A$1.7M raising to support partner negotiations

Tue, 13 Nov 2012 14:50:00 +1100

Minbos Resources (ASX: MNB) will raise A$1.7 million after completing a bookbuild for a share placement to professional and sophisticated investors, with funds raised to enable strategic partner negotiations to be finalised.

The company has received firm commitments for the placement at $0.14 per share.

While Minbos is completing strategic partner negotiations, the funds raised will assist in finalising the Measured and Indicated resource drilling program at the high grade Kanzi Phosphate Project in the Democratic Republic of Congo.

They will also go towards progressing Bankable Feasibility Studies on the high grade Cacata Phosphate Project in Angola and Kanzi.

Placement details

The placement, which was managed by Patersons Securities and included clients of CPS Securities, will be undertaken in two tranches.

Tranche 1 comprises the issue of 6.27 million shares to raise $878,600 of the funds under Minbos’ 15% placement capacity.

Tranche 2 comprises the issue of 5.9 million shares to raise the remaining $832,959 million, with this tranche to be settled after the company’s Annual General Meeting on 19 November 2012.

Strategic partner

Funds raised from the placement will be used for working capital requirements to enable the company to finalise the process of evaluating, selecting and appointing a significant strategic partner.

Allying with a strategic partner will give Minbos the financial resources to complete the planned Bankable Feasibility Studies for the Kanzi Project and the Cacata Phosphate Project.

Scott Sullivan, managing director, commented: “Recently released announcements on the Scoping Studies prove that we have projects with very strong economics.

“The development of the Kanzi project in parallel to the development of the company’s high grade Cacata project will put Minbos in the unique situation of having two projects with low capital and operating costs in the development stage that can be brought online in the foreseeable future.

“The DRC projects in particular, of which we have a 65% share, are amenable to accelerated development due to already established and proximate infrastructure.”

Since Listing in October 2010, Minbos has delineated a substantial resource of 370 million tonnes at 12.2% P2O5, including 44 million tonnes at 21.4% P2O5 at its Kanzi Project and 22.5 million tonnes at 21.4% P2O5 at its Cacata Project.

Kanzi and Cacata metrics

A recent Scoping Study for Kanzi has demonstrated positive economics, confirming the potential of Kanzi as a viable project with an internal rate of return of 58% (pre-tax) and a net present value pf US$626 million (pre-tax) at a 10% discount rate.

Operating costs of US$56.03 per tonne of phosphate rock (FOB) and a capital cost of US$106 million (excluding contingency) have been estimated.

Meanwhile, Cacata is just as robust economically with an internal rate of return of 40.2% (pre-tax) and a net present value of US$311 million (pre-tax) at a 10% discount rate.

Cacata is forecast to have operating costs of US$57.23 per tonne of phosphate rock (FOB) and a capital cost of US$157 million (excluding contingency).

Importantly, there is the opportunity to reduce both operating expenditure and capital expenditure for both projects during the BFS.

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Minbos Resources given more time to finalise capital raising

Fri, 09 Nov 2012 16:00:00 +1100

Minbos Resources (ASX: MNB) has requested a voluntary suspension from the ASX as it finalises a capital raising.

The company expects to release an announcement no later than Tuesday, 13 November 2012.

Minbos is focused on fast tracking the development of the Kanzi Phosphate Project in the Bas Congo Province in the Western Democratic Republic of Congo, particularly given its relatively high grade and access to road and port infrastructure.

Based on the similarities of the Kanzi and Cacata projects, and the very robust financial results recently published from the Cacata Scoping Study, Minbos is confident that the next step for Kanzi will be the commencement of a Bankable Feasibilty Study

A recent Scoping Study for Kanzi has demonstrated positive economics, confirming the potential of Kanzi as a viable project with forecast pre-tax cash flows in excess of US$1.5 billion over a 17-year mine life.

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Minbos Resources to raise capital

Wed, 07 Nov 2012 08:20:00 +1100

Minbos Resources (ASX: MNB) has been granted a trading halt by the ASX and placed in pre-open pending a capital raising announcement.

Minbos has not yet indicated where the potential new funds will be allocated, but the company recently released positive results from the scoping study completed on its Kanzi Phosphate Project - which is located in the Bas Congo Province in the Western Democratic Republic of Congo.

The study has demonstrated positive economics, confirming the potential of Kanzi as a viable project with forecast pre-tax cash flows in excess of US$1.5 billion over a 17-year mine life.

The halt will last until the earlier of an announcement being made to the market, or the open of trade on Friday 9th November 2012.

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Minbos Resources makes new appointments

Fri, 02 Nov 2012 13:40:00 +1100

Minbos Resources (ASX: MNB) has appointed Scott Sullivan as managing director and James Carter as chief financial officer as it makes changes to its board.

Sullivan has more than 25 years of diversified mining experience across multiple commodities and projects domestically and internationally.

He most recently held the position of president NSW energy coal with BHP Billiton (ASX: BHP), where he was directly responsible for the operation and rapid expansion of one of Australia’s iconic and highest producing coal mines, Mt Arthur, along with the Caroona Coal project and BHPB’s share in the NCIG port infrastructure in Newcastle.

Prior to this, Sullivan was general manager of the Wambo Coal Complex in NSW with Peabody Energy, and successfully commissioned the Wambo underground longwall mine, helping it become one of the world’s most productive thin seam longwall mines.

He was previously chief financial officer of Straits Resources (ASX: SRQ), and prior to that was chief financial officer and company secretary of Sakari Resources (SGX: AJ1).

Carter was integral to Sakari Resources’ listing and development as a 10 million tonne per annum coal producer in Indonesia.

His work at Straits included debt and equity capital markets, tax strategy, M&A and corporate governance.

Carter was involved with raising $2 billion from equity and debt capital markets in the last five years.

Peter Richards, chairman of Minbos Resources, commented: “Scott has the right mix of experience and skills with selective and bulk commodities to further progress the company’s strategy of developing its West African Phosphate Projects in the near term, whilst driving further development, growth and shareholder return in the medium and long term.

“His skills and experience, particularly in strategic planning, development and operations will complement the existing board, preparing us to become an operator.

“Combined with James’s financing, administrative and governance experience this provides Minbos with the skills of two highly experienced and successful mining executives to take the company forward in its next exciting phase of growth.”

In further restructuring, Richards will transition from executive chairman to non-executive chairman.

Former managing director Robbie McCrae will remain associated with Minbos going forward, providing consulting services supporting DRC operations in particular and also broader activities in Africa.

Bankable Feasibility

The changes are aimed at ensuring Minbos has the best skill base possible at an executive and board level to move forward as it moves into the Bankable Feasibility stage at its West African phosphate projects.

The company is focused on fast tracking the development of the Kanzi Project, particularly given its relatively high grade and access to road and port infrastructure.

Based on the similarities of the Kanzi and Cacata projects, and the very robust financial results recently published from the Cacata Scoping Study, Minbos is confident that the next step for Kanzi will be the commencement of a BFS.

During the September quarter, Minbos announced a 42% increase in high grade resources at the Kanzi project.

The expanded limits of the recently issued exploration licences ensured that the entire Kanzi deposit is now included in the resource estimate whereas previously only two thirds of the deposit was covered by licence.

This has resulted in an increased Inferred JORC resource for Kanzi of 66 million tonnes at 15.3% phosphate.

Previous metallurgical testwork on drill chips from Kanzi demonstrate the ore upgrades to a premium DSO phosphate product.

The ore could be upgraded to a product over 32% phosphate.

This will have positive ramifications for Kanzi to become a low CAPEX, low OPEX producer of phosphate, as well as for Minbos to transition from an explorer to developer.

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Minbos Resources' Kanzi phosphate can be easily upgraded

Mon, 08 Oct 2012 08:20:00 +1100

Minbos Resources (ASX:MNB) has carried out metallurgical testwork on drill chips from its Kanzi development project that demonstrate the ore upgrades to a premium DSO phosphate product.

Pleasingly, the tests carried out on AC drill chips indicate that no crushing, grinding or floatation is required and could be upgraded through simple screening and scrubbing process.

The ore could be upgraded to a product over 32% phosphate.

This will have positive ramifications for Kanzi to become a low CAPEX, low OPEX producer of phosphate. As well, for Minbos to transition from an explorer to developer.

Future Metallurgical Testwork

Additional metallurgical testwork is expected to commence during the 1st quarter of 2012. This testwork will form part of the BFS on Kanzi. Drill core generated from the upcoming diamond drill program will be used for this testwork.

Minbos executive chairman, Peter Richards, said of the results:

“These excellent testwork results confirm that the Kanzi ore can be simply beneficiated into premium DSO material through a very simple scrubbing and screening process and supports our decision to proceed directly into the completion of a BFS on Kanzi.”

Richards said "based on the robust project financials for the Cacata project, which has the same metallurgical process, the shorter road transport distance to Port, existing Port facilities and larger equity holding, we expect Kanzi to prove itself as a extremely robust and profitable project for Minbos.

With two projects advancing into the BFS stage, Minbos is transforming from a pure exploration company to an explorer and developer - confirmation that Minbos is rapidly achieving its goal of becoming a low capex and opex phosphate rock producer and exporter.”

Analysis

This is a good result for Minbos as Kanzi and Cacata project have the same metallurgical process providing further indication that the lower CAPEX and OPEX will feed through to even stronger project financials from the projects.

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Minbos' restarts phosphate drilling at Kanzi, transitions to development phase

Wed, 03 Oct 2012 15:10:00 +1000

Minbos (ASX: MNB) is officially moving its 65% owned high grade Kanzi Phosphate Project into the development phase, with the recommencement of drilling activities marking the first step in the program for the completion of the Bankable Feasibility Study (BFS).

Kanzi, which hosts an Inferred resource of 66 million tonnes at 15.3% phosphate including a high grade core of 44 million tonnes at 21.4% phosphate, is located in the far west of the Democratic Republic of Congo, 35 kilometres from the operating port of Boma on the Congo River.

Peter Richards, executive chairman, commented: “With two projects currently in the BFS stage Minbos has moved from an exploration company to a developer – confirmation that Minbos is rapidly achieving its goal of becoming a low CAPEX and OPEX phosphate rock producer and exporter.

“Once the program is completed at Kanzi we will then be able to drill test the other known deposits and anomalies within the licence areas, which based on our experience in Cabinda across the border could potentially host substantial additional resources.”

The drill program has been divided into three phases.

Phase one is focusing on infill drilling to convert the high grade Inferred resource at Kanzi to the higher confidence Indicated and Measured categories.

The program will comprise a total of 32 aircore holes for about 1,600 metres, and an additional 20 diamond core holes for around 1,500 metres.

Phase two will focus on exploration drilling to explore the extent of the Kanzi deposit, comprising 26 aircore holes for around 1,220 metres, while phase three will concentrate on regional exploration around the project.

Minbos has exclusive rights to around 200,000 hectares of highly prospective exploration ground around Kanzi which will be evaluated during the development of the project.

Substantial phosphate inventory

Since listing in October 2012, Minbos has delineated a substantial resource of 370 million tonnes at 12.2% phosphate.

The company has two high grade direct shipping ore-style projects at Cacata and Kanzi where substantial additional resource potential exists.

With Cacata, Minbos is on the fast track to production, having commenced a BFS with high grade resources defined and a Scoping Study confirming robust project economics.

Highly positive metrics for an 800,000 tonne per annum operation include a net present value of $311 million, and internal rate of return of 40.2% (pre-tax) and revenue of US$180 per tonne (excluding 12% premium as quoted by CRU Strategies).

Cacata hosts a JORC resource of 30.4 million tonnes at 17% phosphate including 22.5 million tonnes at 21.4% phosphate.

Importantly, beneficiation has shown this can be upgraded to over 34% phosphate at 79% recoveries using screening and washing.

Kanzi is proving to be just as attractive with beneficiation upgrading to over 34% phosphate at 60% to 70% recoveries.

The project has significant upside with historical exploration having estimated a resource of 70 million tonnes at 15% phosphate including 14 million tonnes at 19.5% phosphate for the Fundu Nzobe deposit.

Analysis

Proactive Investors believes the current market valuation is way out of kilter with the value derived from the phosphate resource base and as the company transitions to producer.

Cacata is on a fast track to production and has strong project financials and returns. There are significant milestones and catalysts for valuation change at Kanzi and Cacata.

We believe the sell off in the share price has been way overdone.

We could foresee a share price closer to $0.23 - $0.30 for Minbos based on our calculations.

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Minbos Resources’ Cacata phosphate performs well during fertiliser testing

Mon, 10 Sep 2012 09:35:00 +1000

Minbos Resources (ASX: MNB) has confirmed phosphate concentrate from its Cacata Project in Angola's Cabinda Province should attract a healthy premium over the Moroccan benchmark after it was proven to convert well into phosphoric acid and DAP fertiliser.

Testwork by leading global fertiliser company Yara showed the Cacata phosphate can be successfully processed using the dihydrate phosphoric acid route as the high grade phosphate rock resulted in excellent process performance in the conversion to phosphoric acid and DAP fertiliser.

“The Yara testwork has shown that the Cacata concentrate performs exceptionally well in the production of phosphoric acid and DAP fertiliser,” executive chairman Peter Richards said.

“This result is based largely on the high grade and low deleterious content of the rock phosphate that can be produced from Cacata and further supports the position of research company CRU that the Cacata concentrate should attract a healthy premium over the Moroccan benchmark.

“This is great news as we work towards the development of our two phosphate rock projects in West Africa, to meet a growing global demand for fertiliser.”

Testwork results

The high quality of the phosphate rock of about 34.4% on a dry basis with metallic impurities such as aluminium, iron and magnesium present at similar levels to those found in commercial phosphates were responsible for the good performance during testing.

The Cacata phosphate resulted in phosphoric acid slurry with excellent filtration properties and low water soluble losses that enabled total phosphorus pentoxide efficiency in excess of 96% to be achieved, which is at the high end of the normal commercial range.

Concentration of the weak acid to commercial merchant grade 50% phosphorus pentoxide product was achieved while the low magnesium and aluminium levels resulted in a DAP with high values for both nitrogen and phosphorus pentoxide well in excess of internationally accepted standards for DAP 18:46:0.

Cacata phosphate also has levels of cadmium, 10 parts per million, similar to that found in other commercial rocks.

Cacata

The Cacata Project is located on the eastern boundary of the Cabinda exploration permit held by the joint venture company Mongo Tando Lda, which is owned 50% by Minbos and 50% by Petril Projects Ltd.

The project has a JORC Indicated Resource of 30.4 million tonnes at 17.2% phosphorus including a high grade zone of 22 million tonnes at 21.4% phosphorus.

This was the basis of a detailed scoping study that found that Cacata would rank as one of the lowest cost phosphate producers with operating costs of US$57.23 per tonne free-on-board of phosphate rock.

Cacata is estimated to have a capital cost of US$157 million based on owner operated mining, road haulage and ship loading with opportunities to further reduce capital and operating costs during the Bankable Feasibility Study.

IRR has been calculated at 40.2% pre-tax with pre-tax NPV of US$311 million at a 10% discount rate.

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Minbos Resources appoints adviser to assist in hunt for strategic partner for phosphate projects

Mon, 13 Aug 2012 15:00:00 +1000

Minbos Resources (ASX: MNB) has appointed Everspring Partners as a corporate adviser to assist in determining the right strategic partner from the high level of interest the company has received in its phosphate projects from potential suitors.

The Sydney-based resources-focused advisory firm will help Minbos decide on the most appropriate partners capable of facilitating the financing, offtake and development of its projects.

Peter Richards, executive chairman of Minbos Resources, said: "The appointment of Everspring to assist in the process of identifying strategic partners is a fundamental step towards implementing the necessary framework to facilitate the funding, offtake and development of Minbos’ key phosphate projects.

“The implementation of this process is part of the boards’ strategy to ensure that the ultimate parties are able to assist with the delivery of each project and creation of value of shareholders.

“The high level of industry enquiries received by the company in recent months reflects what we believe are some of the most exciting phosphate projects being investigated worldwide.”

Minbos’ plan is to develop a framework for the orderly submission of offers by interested parties.

This process will begin with the preparation and distribution of an Information Memorandum to interested parties.

Highlighting the progress being made on its projects, Minbos now has the building blocks for the development of the Kanzi project in place with a 42% increase in high grade resources, enough to support a 2 million tonne per annum phosphate rock export operation.

The new high grade resource of 44 million tonnes at 21.4% phosphorus is contained within an overall resource of 66 million tonnes at 15.3% phosphorus – up from 46 million tonnes at 17.2% phosphorus.

This increase is due to the entire Kanzi deposit in the Democratic Republic of Congo now being included in the resource estimate following the signing of a joint venture agreement with Allamanda Trading SPRL for the exploration and development of the project.

The Kanzi deposit, located in the far west of the Democratic Republic of the Congo about 35 kilometres from the operating port of Boma, is found on the same mineralised trend that hosts the various deposits that make up the Cabinda Project.

Minbos is focused on fast tracking development of Kanzi and has contracted Wallis drilling to recommence aircore drilling at the project.

This will focus on infill drilling in the high grade areas to upgrade the current Inferred Resources to the higher confidence Indicated category, providing the basis for the start of a Bankable Feasibility Study.

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Minbos Resources targets development of 2Mta phosphate project at Kanzi

Mon, 06 Aug 2012 16:25:00 +1000

With a 42% increase in high grade resources to 44 million tonnes at 21.4% phosphorus, exploration upside and consolidated ownership, Minbos Resources is now targeting the development of the Kanzi phosphate project into a 2 million tonne per annum operation.

Minbos Resources signs joint venture to fast track the Kanzi phosphate project

Wed, 01 Aug 2012 15:20:00 +1000

Minbos is ready to fast track the exploration and development of the Kanzi project and surrounding areas after signing a JV agreement with Allamanda Trading SPRL. New exploration licenses over the project now consolidate the entire Kanzi deposit.

Minbos Resources makes strategic move to raise profile

Wed, 25 Jul 2012 08:40:00 +1000

Minbos Resources (ASX: MNB) is actively working to build its profile both domestically and internationally as it continues development of its extensive phosphate resources in Central Africa, and has appointed CPS Securities as corporate advisor.

CPS Securities, which has a strong track record in financing and facilitating the growth of junior resources companies, was lead manager to the Minbos IPO in October 2010.

Peter Richards, executive chairman of Minbos, commented: "The appointment of CPS to assist in raising the company's profile both domestically and internationally is part of a strategy being introduced by the Board to increase awareness of the company and its projects.

“We are developing what we believe are some of the most exciting phosphate projects being investigated worldwide – a belief supported by the high level of industry enquiries received by the company in recent months.”

Minbos recently released a positive scoping study on the Cacata High Grade Project located in the Cabinda Province in Angola which would rank the project as among the lower cost phosphate producers.

The study generated an Internal Rate of Return (IRR) of 40.2% and a Net Present Value of $311 million, and demonstrates the potential of Cacata as a viable project with forecast pre-tax cash flows of US$746 million over a 10 year mine life.

The Cacata Project is located on the eastern boundary of the Cabinda exploration permit held by the joint venture company Mongo Tando Lda, which is owned 50% by Minbos and 50% by Petril Projects.

An upgraded resource for Cacata is due by the end of second half of 2012, including a Measured JORC Resource over a portion of the ore body.

With these results, the joint venture partners will immediately commence the Bankable Feasibility Study.

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Minbos Resources wows with Cacata Scoping Study: among lowest cost phosphate rock producers

Wed, 06 Jun 2012 10:35:00 +1000

The key to the strong Study results for the Cacata Project is the relatively low capital requirement to commence production and a healthy operating margin, both of which can be attributed to the high grade nature of the Cacata ore body. Minbos will move directly to a BFS.

Minbos Resources: DSO phosphate discoveries to lift pending Scoping Study economics in West Africa

Tue, 15 May 2012 10:15:00 +1000

The latest results from drilling at two deposits within the Cabinda province, Angola, confirms the potential for near surface direct shipping ore phosphate as the company prepares to commence a Bankable Feasibility Study.

Minbos Resources: Cabinda resource increases to 254.1Mt at 12.6% phosphorus

Mon, 16 Apr 2012 09:10:00 +1000

Minbos Resources (ASX: MNB) has revised the JORC Resource at the company’s Cabinda Project in Angola, with a slight increase in tonnage to 254.1 million tonnes with the grade remaining at 12.6% phosphorus.

The change comes after the company revised results from the recently announced interim technical report into the JORC Resource at Cabinda, prepared by Coffey Mining.

A final technical report, also by Coffey, is pending and will give greater certainty to the size of the high grade resource.

The importance of this resource upgrade is that, if confirmed, it will facilitate the conversion of 25 million performance shares in Minbos to ordinary shares.

These shares were issued as part of the acquisition of Tunan Mining, the holder of the Cabinda project licenses, converting to ordinary shares upon the delineation of a JORC Resource of at least 250 million tonnes at more than 12.5% phosphorus within 18 months.

A voluntary holding lock has been put in place for the ordinary shares that have been issued, pending confirmation of the milestone in the final technical report. The shares are also subject to an ASX escrow until October 18, 2012.

Minbos Resources reaches milestone JORC Resource at Cabinda Phosphate Project

Wed, 11 Apr 2012 12:00:00 +1000

An interim report by Coffey Mining has defined a JORC Resource of 253.8 million tonnes at 12.6% phosphorus within the wider resource at Cabinda, meeting the condition for the conversion of shares issued under the acquisition.

Minbos Resources increases phosphate Resource to 304Mt at 11.5% at Cabinda in Angola

Wed, 04 Jan 2012 10:01:00 +1100

Minbos Resources has ticked off another important milestone with the release of an Inferred JORC Resource for the Chivovo and Chibuete deposits at the Cabinda Phosphate Project in the Republic of Angola. The total Resource estimate for the project now stands at 304 million tonnes at 11.5% phosphorus oxide.

Minbos Resources clarifies ownership status of DRC tenements

Wed, 09 Nov 2011 09:59:00 +1100

Minbos Resources (ASX: MNB) has reported that the Democratic Republic of Congo’s Mining Cadastre Agency, the regulatory authority responsible for mining and exploration (CAMI), released an announcement regarding the ownership of tenements on November 4, 2011.

CAMI referred to the fact that Minbos does not have title to the Kanzi deposit and the package of concessions designated “ZRG”. The statement was in response to an earlier announcement made by Minbos on September 21, 2011.

Minbos has applied for the right to explore the ZRG package of concessions and has confirmed these applications are pending and as such have not been granted.

The announcement made by Minbos on September 21, 2011 provided details of the results of exploration activities carried out by the company on concession 12040 (CAMI/DG/048/2009), which is wholly owned by the company’s DRC subsidiary, AGRIM and is not one of the ZRG concessions.

Minbos considers that the confusion has arisen owing to the fact that concession 1449 (southern concession of the ZRG package) borders the company’s concession 12040, with both concessions often referred to as Kanzi as the deposit straddles both.

Minbos will be meeting with CAMI to resolve any confusion and will provide an update in due course.

Minbos Resources Ltd: Emerging Phosphate Producer

Mon, 07 Nov 2011 09:55:00 +1100

Minbos is fast tracking the development of its Cacata and Kanzi high grade phosphate projects with a goal of first production of phosphate rock within 24 months. It is also valued at significantly less than peer phosphate companies listed on the ASX and TSX. It has now added potash to its future. Current valuation of Minbos is alluring.

Minbos Resources to raise up to A$4.9m to progress African potash projects

Mon, 31 Oct 2011 11:26:00 +1100

Minbos Resources (ASX: MNB) is currently in a very interesting position due to holding some high grade potash projects in Angola and the Democratic Republic of Congo - covering a significant 400,000 hectares.

To progress these projects, Minbos has placed 9.6 million shares at $0.28 to raise A$2.7 million with clients of Patersons Securities and Macquarie Equities.

A one for ten rights issue has also been launched at the same price as the placement, which has the potential to raise another A$2.18 million.

Minbos has already highlighted funds will be used for a desktop study at the Kanzi deposit in the Democratic Republic of Congo - which just last week delivered a high grade maiden phosphate JORC Resource of 46 million tonnes at 17.2% phosphate, including a high grade zone of 31 million tonnes at 21.4% phosphate.

Money will also be allocated for a scoping status for the Cacata deposit (which already has an Indicated JORC Resource of 22.5 million tonnes at 21.4% phosphate) and, if warranted, commencement of a Bankable Feasibility Study.

The capital injection will also provide a boost to general further exploration drilling and analysis at the company's projects.

Minbos Resources in pre-open pending capital raising announcement

Thu, 27 Oct 2011 09:19:00 +1100

Minbos Resources (ASX: MNB) has been granted a trading halt by the ASX pending the release of details surrounding a proposed capital raising, with the company's shares in pre-open.

Minbos has not yet indicated more detail on the capital raising, but the company is currently progressing some very promising potash projects in Africa.

Earlier in the week Minbos announced a high grade maiden phosphate JORC Resource at the Kanzi Project in the Democratic Republic of Congo.

This followed hot on the heels of a positive outcome from the Scoping Study at the Cacata project, which is hosted within the Cabinda project area in the Republic of Angola.

The halt will last until the earlier of the announcement being made to the market, or the open of trade on Monday 31 October.

Minbos Resources' maiden phosphate JORC Resource at Kanzi trumps tonnage and grade expectations

Tue, 25 Oct 2011 09:20:00 +1100

The high grade phosphate resource at Kanzi surpassed an historical 30Mt at 15% P2O5 non JORC resource estimate. Internal numbers for Kanzi suggest the deposit could be developed into a low cost phosphate rock producer, prompting Minbos to look at moving directly into a Bankable Feasibility Study.

Minbos Resources: Scoping Study at Cacata highlights premium phosphate product and robust economics

Thu, 20 Oct 2011 12:52:00 +1100

Minbos has delivered another milestone at the Cacata rock phosphate project, with a Scoping Study identifying a large scale phosphate rock complex for a 1.5Mtpa operation for in excess of 10 years. Another plus, there is potential to supplement this resource from the nearby Chivovo deposit.

Minbos Resources ups exposure to potash, new acquisition with DSO potential in Angola

Tue, 11 Oct 2011 12:59:00 +1100

The significance of the new potash license is that it will complement Minbos's existing rapidly advancing phosphate projects in the Cabinda Province, with the company strategically positioned to capitalise on the growing global fertiliser demand.

Minbos Resources delivers additional resource tonnes to DSO phosphate operation at Cabinda

Sun, 02 Oct 2011 14:51:00 +1100

The latest high grade near surface phosphate intersections at Cabinda provides a major boost to the DSO potential and supports the significant exploration target of 333Mt to 538Mt at 10% to 20% P2O5.

Minbos Resources' metallurgical testwork delivers 34% phosphate at Cabinda project

Fri, 02 Sep 2011 09:56:00 +1000

Minbos has started to unlock the potential of the phosphate bearing ore at the company's extensive 400,000 hectare Angolan and DRC based project. with a JORC resource of 117Mt at 13.6% phosphate, and more JORC resources to be added before the end of 2011, this is one to watch.

Minbos Resources cracks maiden indicated phosphate resource at Cacata project

Wed, 31 Aug 2011 11:34:00 +1000

Phosphate company Minbos Resources (ASX: MNB) has unveiled a JORC compliant indicated resource estimate of 22.5 million tonnes of phosphate for the Cacata project area in the Republic of Angola at a grade of 21.4% P2O5.

This included a high grade zone of 6.8 million tonnes at 32.3% P2O5 within the company’s Cabinda project area in Angola, which raises the possibility of a DSO operation.

Cacata is the second deposit (of five that have been drilled) which Minbos has announced a JORC compliant resource for, the 1st being Mongo Tando, with 117 million tonnes at 13.7% P2O5.

Ahead of receipt of the resource estimates for the three remaining deposits within the Cabinda License area, Minbos looks likely to meet its exploration target of between 333 million tonnes and 535 million tonnes at between 10% and 20% P2O5.

With an aircore drill program coming to a completion, Minbos is expecting to announce the global resource estimate for the Cabinda project area during the 4th quarter of 2011.

A scoping study has commenced to assess the economics and commercial viability of the Cacata project. The Indicated resource at Cacata may support a 1 to 1.5mtpa phosphate rock export operation.

In addition to Cacata the field results from Chivovo show the potential for additional high grade DSO type ore which should add to the Cacata quoted resource.

There will also be initial results from Kanzi in the Democratic Republic of Congo, which abuts the Angola border.

Minbos is exploring over 400,000ha of highly prospective ground hosting phosphate bearing ore. Minbos is growing its current Indicated and Inferred Resource bases in incremental stages as it drills out the known deposits.

The company’s strategy is to specifically target the development of low cost phosphate projects, in order to tap into the growing global demand for fertilisers. Phosphate is an essential component in certain agricultural fertilisers, with the market supported by the increasing global demand for food and bio-fuel products.