Name of the Project
Cabinda phosphate project.

Location
The project is located in the Cabinda province of 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 will raise A$2.2-million in a two-tranche share placement, having received commitments from sophisticated investors.

Minbos will issue 848-million new shares at 0.15c each in the first tranche under its existing placement capacity. A further 662-million shares will be issued in the second tranche, subject to shareholder approval.

A shareholder meeting is planned for late October to vote on the second tranche placement.

Funds raised will be used to finalise the mining plan, prepare tender documentation for mining and transportation contracts, finalise environmental approvals, as well as plan and instal commercial demonstration field trials in Angola.

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.