Angola president name drops MNB in address to nation
Earlier this week the Angolan president addressed the nation in the annual State of the Union speech.
Our 2022 Wise-Owl Pick of the Year Minbos Resources (ASX:MNB), was mentioned when highlighting major mining projects in Angola, alongside Rio Tinto and De Beers Mining.
You can watch the clip here (note it is in Portuguese):
Notably, this was an address by the president of Angola, and not just one of his ministers that MNB works closely with.
President João Lourenço also noted that “The institutional reforms developed in the mineral resources sector are generating an increase in investor confidence, allowing some of the world’s largest mining companies to come to our country to develop activities for prospecting and exploiting mineral resources.”
We first noted the importance of these institutional reforms at the Angolan booth at Mining Indaba (the largest mining conference in Africa) earlier this year.
We literally couldn’t get a seat at the Angola session:
These institutional reforms, that the President spoke about in his speech, are leading to significant investment in the nation including the Lobito corridor railway (that links key mining jurisdictions Angola, Zambia and the DRC).
Recently, the US has sought to invest in the region, with the Biden Administration announcing support for a rail link in the Lobito corridor, calling it a “game changing regional investment”.
With MNB mentioned in the same breath as Rio Tinto and De Beers diamond company, it is clear that the company is making waves in Angola.
Ultimately, MNB’s aim is to utilise its near-production phosphate project and green ammonia project to turn Angola into the agricultural hub of Africa.
With the support of the top officials in the nation we think MNB's pathway to success is clear.
What’s next for MNB?
Fertiliser Project
🔄 Funding for the remainder of CAPEX on the project
MNB has announced that it will require US$26M to fund the project through to production.
With the US$14M secured, it leaves a further ~US$12M of funding left.
We recently wrote about MNB’s funding deal here: MNB one step closer to first production with $14M from development bank
🔄 First production
🔄 Results of P4 Study
Green Ammonia Project
🔄 Pre Feasibility Study (PFS)
🔄 Environmental Impact Assessment
🔄 Market feasibility study
🔲 Binding power agreement Angolan power network operator
🔲 Sign technical, offtake, and investment development partners
