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Emerging ASX-listed phosphate explorer and developer Minbos Resources is making strategic headway towards the advancement of its phosphate rock projects in Angola and the Democratic Republic of the Congo (DRC).

This is thanks to the high levels of interest in the strategic partner tender process, which is an essential requirement to secure sufficient funding to move its projects into bankable feasibility study stage.

Potential strategic partners include major downstream fertiliser producers and trading companies across Asia and Europe that have provided several indicative funding offers.

The studies will enable Minbos to advance its projects towards development and provide long- term phosphate off-take agreements as well. Due diligence and site inspections have commenced under confidentiality agreements for each of these potential partners.

“The high level of interest from potential strategic partners to participate in the feasibility, development and off-take of our phosphate projects reinforces our view that Minbos is well positioned to become a significant and low-cost producer in the near future. Our shortlist includes highly credible global players that will bring significant market expertise as well as financial strength to the partnership,” says Minbos’ MD, Scott Sullivan.

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

Minbos holds a 50% interest in the Cabinda phosphate project, which incorporates a 2 000 km² exploration permit covering all the known phosphate occurrences in Angola’s Cabinda Province. Cabinda contains one development project – Cacata– and five advanced exploration projects: Mongo, Tando, Chibuete, Ueca and Chivovo. All of these projects lie within 50 km of the coast and within 5 km of established road infrastructure. Historical drill data combined with Minbos‘ drilling programme has delineated a total resource of 304.1 Mt at 11.5% P2O5.

Minbos also holds a 65% interest in the DRC-based Kanzi phosphate project, which consists of eight exploration permits covering approximately 2000 km2 in the Bas Congo province, in the far western DRC. The project hosts the high grade Kanzi development as well as numerous previously explored, exploration targets such as FunduNzobe. It is located 35 km from the operating port of Boma, which is accessible from a recently tarred road. Utilising historical drill data, as well as results from Minbos’ drilling programme, the company has delineated a total inferred resource at Kanzi of 66 Mt at 15.3% P2O5.

 

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