Minbos advances takeover of Angolan partner
PERTH (miningweekly.com) – ASX-listed junior Minbos Resources has enacted a takeover of its Angolan joint venture (JV) partner in the Cabinda phosphate project, Petril Phosphates, agreed upon in December last year.
“Minbos is excited to finally execute the definitive sale agreement with the Petril shareholders. The merger will consolidate the ownership structure of the Cabinda project and simplify engagement with financiers and customers to finalise offtake and financing arrangements for the project later this year,” said Minbos CEO Lindsay Reed.
In exchange for their holding in Petril, shareholders will receive more than 2.07-million Minbos shares, and will be issued with a further 384.9-million conditional shares upon the achievement of a number of targets, including the Angolan government replacing the current Cabinda exploration permits with new permits, the completion of the merger, and the renewal of the Lucunga project concession for a further 20-year period.
The agreement will result in Petril and Minbos shareholders each holding around 50% of the enlarged Minbos, with the enlarged group holding full ownership of the Cabinda project, a 70% interest in the Lucunga project, and full ownership of the Pedra de Feitico rock phosphate project.
The agreement had previously been valued at around A$20-million.
The completion of the transaction was subject to a number of conditions, including a due diligence by Petril, as well as third-party, shareholder and regulatory approvals.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
