Australia Minbos Resources executes loan for Cabinda Phosphate project in Angola

HOUSTON (ICIS)–Australian fertilizer firm Minbos Resources, who is advancing the Cabinda Phosphate project in Angola, announced the $14 million loan facility agreement with the International Development Corporation of South Africa Limited (IDC) has been executed.

The company said the loan proposal is awaiting credit committee approval, which it said is proceeding favorably, with the completion of the documentation and the normal legal and regulatory processes expected to take several months.

“The company is now in a great funding position with a complementary mix of funding solutions to advance the Cabinda Phosphate project. It is wonderful to have the support of the South African IDC for this important project in Sub-Saharan Africa,” said Lindsay Reed, Minbos Resources managing director.

“We are receiving tremendous support from some of Angola’s most important banking and investment institutions, which is a testament to the project’s importance for agriculture in Angola. I would like to thank all parties for their continued support in our endeavors.”

The Cabinda project, located in northeast Angola, is being developed based on an initial name plate capacity of 150,000 tonnes/year of enhanced phosphate rock with initial production calculated at 50,000 tonnes/year.

Previously Minbos said expansion will come in two stages with it planning to add a second and third granulation circuit to reach a name plate capacity of 450,000 tonnes/year after 8 years of operations.