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Minbos Resources Ltd

Minbos Resources Ltd wants to become Africa’s next phosphate producer

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Minbos Resources Ltd (ASX:MNB) has completed a bulk sampling program at the high grade Cacata phosphate deposit, as part of a bankable feasibility study underway for the Cabinda Project in Angola.

The focus is very definitely on development to become Africa's next phosphate producer while Minbos grows its current resource base in incremental stages on the remaining deposits in Angola.

The project location is favourable for the development of low cost fertiliser-based commodities like phosphate to tap into the growing global demand for fertilisers, of which phosphate is a component of certain fertilisers.

The BFS work programs consist of 2 phases and has been designed to comply with international best practices in all study areas. The outcome of phase 1, is expected to last six months and will determine the total cost and timing of phase 2.

The project incorporates an extensive 2000 square kilometres exploration permit and renders Minbos one of the largest landholders in the Congo Basin.

Utilizing historical drill data, as well as results from the company’s drilling program, Minbos has delineated a total resource of 391.3 million tonnes at 9.2% P2O5 at the Cabinda project.

The current bulk samples contain ‘scrub and screen material’ and ‘direct shipping grade’ material from the Cacata deposit.

The Cacata deposit has a total measured and indicated resource of 15.2 million tonnes at a high average grade of 24.5% P2O5.

The bulk sample material is being shipped to South Africa where it will be analysed and tested through a pilot plant to finalise flow sheet development for a beneficiation plant.

About 5 tonnes of beneficiated rock phosphate will be produced by the testwork program for customer evaluation, allowing Minbos to optimise its bankable feasibility study.

Last month, the company had completed the final tranche of a capital placement to raise a total of $3.4 million.

The funds raised from the placement will be used for the bankable feasibility study and for working capital purposes.

 

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Quick facts: Minbos Resources Ltd

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Market: ASX
Market Cap: $5.65 m
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