Name of the Project
Cabinda phosphate project.

Location
Cabinda province, in Angola.

Project Owner/s
Minbos Resources and Soul Rock.

Project Description
Minbos plans to mine phosphate rock from the Cácata deposit at the Cabinda project. The Cácata deposit resources are estimated at 27-million tonnes at 17.7% phosphorous pentoxide, including 15.2-million tonnes at 24.5% phosphorous pentoxide in the measured and indicated categories.

An openpit mine production target of 6.5-million tonnes at 30.2% phosphorous pentoxide has been selected from pit optimisation studies using only measured and indicated mineral resources.

The project is based on an initial nameplate capacity of 150 000 t/y of enhanced phosphate rock, but is forecast to start production at 50 000 t/y.

The plant is forecast to expand in two stages, adding a second and third granulation circuit to reach a nameplate capacity of 450 000 t/y after eight years.

The project has a mine life of 21 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value of between $159-million and $260-million, and an internal rate of return of between 40% and 58%. Payback is estimated at three years.

Capital Expenditure
The project could cost between $22.4-million and $27.9-million.

Planned Start/End Date
Not stated.

Latest Developments
Minbos Resources plans to raise A$7.3-million in a share placement to sophisticated investors to fully fund the definitive feasibility study and accelerate work at its Cabinda phosphate project.

The company has received firm commitments for the placement of 91.25-million shares, at 8c each, with subscribers being offered one free option for every two shares subscribed for.

The option can be exercised at 15c each and will have an expiry date of two years.

“We are delighted with the strong support for the placement, which has fully funded our definitive feasibility study and provided capacity for the company to move on growth opportunities that our project makes possible,” Minbos CEO Lindsay Read has said.

“In particular, we will now have capacity to progress key project items ahead of project finance drawdown.”

Key Contracts, Suppliers and Consultants
Orelogy Mine Consulting (optimisation, mine design, scheduling); International Fertilizer Development Center (fertiliser trials, process design inputs, granulation trials); FEECO International (plant design, costs); Alphier Capital (financial, modelling).

Contact Details for Project Information
Minbos Resources, tel +61 8 6270 4610 or email info@minbos.com.