Minbos to sell DRC assets
PERTH (miningweekly.com) – Phosphate rock developer Minbos Resources has taken the first steps to divest of its assets in the Democratic Republic of Congo, serving first right of refusal to its joint venture (JV) partner Allamanda Trading.
Allamanda now has until the end of October to respond to whether it wished to exercise its right.
Minbos holds a 65% interest over eight exploration permits covering some 2 000 km2 in the Bas Congo province. The permits include the Kanzi development project, with an inferred resource of 58.5-million tonnes grading 14.2% phosphate, as well as numerous previously explored targets.
Minbos entered into a JV with Allamanda in August last year to explore and develop the Kanzi project, in which Minbos holds a 49% interest.
“Minbos has two projects in development, both at bankable feasibility stage, in what remains a very constrained capital market. The board has made a commitment to Angola which has momentum and significant upside,” said Minbos MD Scott Sullivan.
He noted that the company believed that focusing its efforts and resources on the development of the high-grade Cacata project was in the best interest of shareholders.
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