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Minbos closes $14m IDC loan for Angola phosphate project

Minbos MD Lindsay Reed signing the agreement in Johannesburg, South Africa.

Minbos MD Lindsay Reed signing the agreement in Johannesburg, South Africa.

2nd October 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Australia-listed Minbos Resources has executed a $14-million loan with South Africa’s Industrial Development Corporation (IDC) for the Cabinda phosphate project, in Angola.

MD Lindsay Reed, who was in Johannesburg to execute the agreement on behalf of Minbos and its Angolan subsidiary, Soul Rock, says the company is in a great position with a mix of funding solutions to advance the project.

“It is wonderful to have the support of the South African IDC for this important project in sub-Saharan Africa. Equally, 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,” says Reed.

The Cabinda phosphate project, comprising the Cácata phosphate deposit and the Futila fertiliser plant, will operate for 20 years, producing 236 000 t/y of fertiliser over 20 years, based on a maiden reserve of 4.72-million tonnes at 30.1% phosphates at the Cácata phosphate mine.

Edited by Creamer Media Reporter

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