Minbos Resources milestone funding update

Minbos Resources (ASX:MNB) has received the first tranche of funds from the Fundo Soberano of Angola, amounting to US$6.40 million. This funding is a pivotal step in the development of the Cabinda phosphate fertilizer plant, enabling the commencement of the construction phase. The plant, located in the industrial area of Subantando, will initially focus on civil works including earthworks and concrete foundations.

Minbos Resources funding and future plans

Minbos Resources has secured US$6.40 million from the Angolan Sovereign Wealth Fund, marking a significant milestone for the Cabinda fertilizer plant. The funding allows the company to begin construction, starting with essential infrastructure work. Located near the Cácata mine and Cabinda Port, the plant is strategically positioned to serve both domestic and export markets. Additional funding will be contingent on project milestones such as contractor mobilisation. This development is a crucial step in Minbos's strategy to transition into a phosphate fertilizer producer, with a focus on construction, sales, and marketing.

Executive insights on Cabinda project funding

This milestone is a testament to the strong partnership with our Angolan stakeholders and paves the way for the construction of the Cabinda plant. We are now focused on advancing the project through the construction phase, which will be a significant achievement for Minbos and Angola,' said the company's management.