PERTH (miningweekly.com) – ASX-listed Minbos Resources and its joint venture (JV) partner Petril Projects have secured new licences for the Cabinda phosphate project, in Angola.
The two new licences, awarded by the Angolan Ministry of Geology and Mines, would be issued for a term of five years, renewable for a further two. The first licence is for the Cacata deposit, while the second licence covered the remainder of the Cabinda project deposits.
“We are extremely pleased that the agreements leading to new licences on the Cabinda project have been executed. The Cabinda project is without peer in the Atlantic basin, and following the issue of the new licences, Minbos and its JV partner Petril will proceed with the bankable feasibility study,” said Minbos CEO Lindsay Reed.
He noted that, in addition, the company would also continue to pursue capital and operating cost reductions, and to extend the high-grade component of the resource base at Cabinda.
A scoping study over the Cacata project has estimated that a capital spend of some $157-million would be required to develop the 800 000 t/y phosphate rock concentrate operation, which would have a mine life of around ten years.
The project was estimated to have a net present value of some $311-million and an internal rate of return of 40.2%, while operating costs had been estimated at $57.23/t.