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Minbos Resources (ASX: $MNB) restructures board and management team ahead of project construction and first production

Minbos Resources Restructures Board and Management Team


Minbos Resources Limited (ASX: $MNB) has announced the restructuring of its Board and management team in preparation for the construction and first production phase of the Cabinda Project. The changes include the appointment of Mr. Paul McKenzie as the new Non-Executive Chairman, Mr. Frank Si as the Non-Executive Director, and the transition of the current CEO, Mr. Lindsay Reed, to the Board as Managing Director.

Executive Commentary on Board Changes


I am delighted to continue my service to the shareholders of Minbos with my appointment as Chairman. I would especially like to thank my predecessor Mr. Peter Wall for his many years of service and guidance to the Company, he has made an invaluable contribution. I am grateful that Peter will continue to provide corporate and legal advice to the Company. I would like to thank Ms. Dganit Baldar for her contribution to the company and wish her well in the future. The evolution of the Board comes at a time where the Company is poised to realise its potential as a primary producer of fertilizer into one of the most prospective agriculture regions globally. The opportunity to assist Angola to achieve food security is a role we are determined to achieve. The elevation of Mr. Reed to Managing Director forms a key part of the Company's alignment of experience, skills and accountability. Lindsay has largely been responsible for the Company re-imagining its fertilizer strategy, partnering with leading global research centres to deliver a low CAPEX/OPEX field-ready fertilizer product suitable for Angolan soils and agricultural practices. His appointment reflects the Company's potential to become a multi-commodity fertilizer producer. I also warmly welcome incoming Non-Executive Director Mr. Frank Si who brings substantial experience in commercial manufacturing and further bolsters the Company's strategic opportunities in battery-grade P4. Mr. Si joins an experienced Board of Directors, which includes fellow Non-Executive Directors Mr. Graeme Robertson and Mr Valentine Chitalu, who both have decades of African-based business experience, including agriculture, resources, banking and capital markets. Our project is a special one for the continent and we look forward to delivering not only for Minbos shareholders, but for Angola and all Angolans.

Summary of Restructuring and Future Outlook


Minbos Resources has restructured its Board and management team in preparation for the construction and first production phase of the Cabinda Project. The changes reflect the Company's transition to a turnkey construction execution strategy and its focus on becoming the first primary fertilizer producer in Angola and the Economic Community of Central African States (ECCAS). The Company's ambitions include assisting Angola in achieving food security and becoming a multi-commodity fertilizer producer. Additionally, the Company is experiencing increased demand for phosphate rock in the regional South Atlantic and SADC markets, driven by changes in phosphate market dynamics, including China's halt of phosphate fertilizer exports and the development of the Lobito rail Corridor. The Company is also evaluating the best utilization of its surplus phosphate rock resources, considering increased yellow phosphorus demand for LiFeP batteries. The recent board changes and market dynamics position Minbos Resources for significant growth and strategic opportunities in the agriculture and battery-grade P4 markets.

Sourcehttps://announcements.asx.com.au/asxpdf/20231215/pdf/05ylgxjgwxccn1.pdf

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