Minbos Resources Ltd has provided an update on the financing arrangements with Banco de Fomento Angola (BFA) for the Cabinda Phosphate Project in Angola. The project is intended to provide a domestic supply of phosphate to be used for fertilizer in the country.
BFA funding update
Representatives of the Fundo de Garantia de Crédito (FGC), including an FGC Board member, visited the Cabinda Phosphate Project in mid-August as part of the final assessment process for the issuance of the proposed guarantee supporting the BFA financing facility.
Following the issuance of the FGC guarantee, BFA will be in a position to complete the initial drawdown of approximately US$1.3 million, which is intended to fund key project suppliers.
Project construction update
The company has commenced Phase 2 construction. The project’s independent technical adviser, Stelo, visited Subantando, Cabinda, and approved conditions related to project funding.
The steel framework, fabricated at the Arliz facility in Porto, departed Portugal on 26 August. The estimated time of arrival into Cabinda (via Luanda) is in September.
Construction teams will arrive at Cabinda on 6 September, with installation scheduled to commence from 7 September 2026.
Other construction initiatives which have commenced include:
- Stelo had an inspection at the fabrication factory in Portugal on 2 September in support of the BFA funding-release.
- Order confirmation of long-lead items, including the weighbridge that will be inspected by Stelo before shipping.
- The delivery of tools and materials to Cabinda in support of construction.
Release of funding under the BFA loan facility remains the immediate priority. Once available, the funds will be applied to outstanding supplier commitments, self-delivered works, and Arliz’s onshore payment requirements.
Mining operational readiness
The company is advancing operational readiness activities for the Cabinda Phosphate Project ahead of planned mining activities:
- Licensing and approvals: the company has prepared and submitted the Phase1 Mine Plan to relevant Angolan authorities. Active engagement ongoing.
- Contractor engagement: two companies have been shortlisted following issuance of the Mining and Ore Haulage scope of work to mining contractors with necessary capabilities.
- Operational planning and site preparation: additional readiness workstreams are progressing, including: completion of the detailed mining schedule, site infrastructure design and production physicals, incorporating equipment selection and fleet capacity; finalisation of operational health, safety, environmental and community management plans; and establishing local workforce staffing and employment frameworks including specific community engagement for employment and skill development.
Minbos Resources will keep the market updated as formal contractor agreements and progress to mining commences.