Minbos mulls merger to gain control of Angola project
PERTH (miningweekly.com) – The share price of ASX-listed phosphate rock explorer Minbos jumped by 25% on Tuesday, after the company announced plans to gain full control of the Cabinda project, in Angola.
The company entered into confidential negotiations with its joint venture partner Petril Projects to acquire its 50% stake in the Cabinda project, in exchange for Petril obtaining a 50% equity stake in Minbos.
“Merger discussions were initiated on mutual recognition that development schedules, project financing, and value realisation will be enhanced by single ownership,” said Minbos CEO Lindsay Reed.
The remainder of the terms of the proposed transaction remained confidential and were currently being negotiated. The transaction would require both shareholder and regulatory approvals.
A scoping study over the Cacata deposit, which forms part of the greater Cabinda project, had estimated that a capital spend of about $157-million would be required to develop the 800 000 t/y phosphate rock concentrate operation, which would have a mine life of around ten years.
The project was estimated to have a net present value of $311-million and an internal rate of return of 40.2%, while operating costs had been estimated at $57.23/t.
Minbos shares were trading at a high of 0.6c a share on Tuesday, up from the opening price of 0.5c a share.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
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
