MNB pours concrete slab for fertiliser plant

Our Angolan phosphate Investment Minbos Resources (ASX: MNB) just poured the slab for its fertilizer plant.

And now MNB is focusing on civil works around the fertilizer plant site ahead of the plant being put together.

MNB has already got most of the parts ordered and in storage - we saw key plant parts arriving in port (note that these photos are from February 2023 when we were on site):

Here is how MNB’s plant will look when its built:

(MNB’s proposed plant - Source)

The next stage will be putting together the plant.

MNB did say in today’s announcement that “Structural works are now in a position to commence once funding for phase 2 is finalised, including fabrication and erection of the steel framework and installation of plant equipment”.

Where is MNB with funding?

MNB has been working on three financing deals to fully fund the construction of its project:

1. (Deal #1) ✅ US$10M has now been received - MNB has received the full US$10M in funding from the Angolan Sovereign Wealth Fund.
2. (Deal #2) 🔄 US$12M loan from Angolan bank in the final stages of being completed - In the company’s recent quarterly, MNB said that it was in the process of completing final legals which are expected to be done this month AND that discussions were ongoing to see if the loan amount could be increased to fund all the remaining construction costs of the Phosphate Fertilizer Plant.
3. (Deal #3) 🔄 US$14M loan from the International Development Corporation (IDC) of South Africa - Again in the most recent quarterly MNB said that it had to resubmit its application for the US$14M loan and that an offtake was still needed to close out the conditions for the loan. For this one we want to see the loan re-approved and news on the offtake front.

MNB had ~A$8.3M in cash in the bank at the end of the June quarter which means construction works can continue while the two remaining deals are finalised.

We are hoping to see MNB sort out rest of funding and kick off phase 2 of construction as quickly as possible.

Once construction is completed MNB will be capable of producing Angola’s first locally produced phosphate fertilizer with “first production targeted for 2026”.