Minbos mulls merger to gain control of Angola project
PERTH (miningweekly.com) – The share price of ASX-listed phosphate rock explorer Minbos jumped by 25% on Tuesday, after the company announced plans to gain full control of the Cabinda project, in Angola.
The company entered into confidential negotiations with its joint venture partner Petril Projects to acquire its 50% stake in the Cabinda project, in exchange for Petril obtaining a 50% equity stake in Minbos.
“Merger discussions were initiated on mutual recognition that development schedules, project financing, and value realisation will be enhanced by single ownership,” said Minbos CEO Lindsay Reed.
The remainder of the terms of the proposed transaction remained confidential and were currently being negotiated. The transaction would require both shareholder and regulatory approvals.
A scoping study over the Cacata deposit, which forms part of the greater Cabinda project, had estimated that a capital spend of about $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 $311-million and an internal rate of return of 40.2%, while operating costs had been estimated at $57.23/t.
Minbos shares were trading at a high of 0.6c a share on Tuesday, up from the opening price of 0.5c a share.
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