Minbos scoping proves true for Cabinda
PERTH (miningweekly.com) – A scoping study in the Cabinda phosphate project, in Angola, has estimated that the project could cost between $22.4-million and $27.9-million to develop.
ASX-listed Minbos Resources noted that the scoping study is based on an initial nameplate capacity of 150 000 t/y of enhanced phosphate rock, but is forecast to start production at a rate of 50 000 t/y.
Based on these metrics, the project is expected to have a net present value of between $159-million and $260-million, and an internal rate of return of between 40% and 58%.
Annual production at the project has been estimated at 368 000 t/y, over a mine life of 21 years, based on a mineral resource estimate of 27-million tonnes, grading 17.7% phosphate.
“We are very pleased by the results from the scoping study, which demonstrate the Cabinda project will generate strong cash returns for a relatively small capital investment. With this initial scoping study completed, the company will move quickly to complete a definitive feasibility study (DFS), which will be used to obtain funding with debt and equity financiers,” said Minbos CEO Lindsay Reed.
“By feeding the soils that feed us, our nutrient and distribution project will directly impact the lives of employees, local businesses, the agriculture sector, Angolan national food security, government revenue and the local population for many years to come, all the while promoting Angola as an attractive investment destination and delivering value for Minbos shareholders.”
The DFS is targeted for completion within nine months.
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