- Minbos Resources Limited (MNB) sells off its Madagascan Ambato rare earths project to ALS for $2.46 million to support its green fuel alternative project
- The sale proceeds will fund a definitive feasibility study for Minbos’ Cabinda phosphate project and other studies for the Capanda green hydrogen-ammonia project
- Further, Minbos is progressing work with Angola’s power network operator, RNT-EP, to sign a potential memorandum of understanding
- Minbos says it has already received enquiries from potential investment and offtake partners for its Angolan projects
- Shares in Minbos Resources are up 7.69 per cent to 14 cents each at 10:07 am AEST
Fertiliser specialist Minbos Resources (MNB) has sold off its interests in its Madagascan Ambato rare earths project to ALS for $2.46 million to support its green fuel alternative project.
The company said the proceeds from the sale would go towards the completion of a definitive feasibility study for its Cabinda phosphate project and other studies for the Capanda Green hydrogen-ammonia project in Angola.
Further to the rare earths project divestment, Minbos said it had also received an updated resolution from Angola’s power network operator, RNT-EP, regarding the commercial parameters of a power supply arrangement between the two parties.
Minbos has been asked to provide key milestones and studies relating to the Capanda project and to the wider Angolan fertiliser and agricultural sector.
Minbos CEO Lindsay Reed said the company had “multiple potential business opportunities” on the table in Angola.
“Our positioning with the green hydrogen-ammonia project puts the company ahead of most, if not all, other ASX listed peers, giving Minbos a significant time, infrastructure spend and power pricing advantage,” Mr Reed said.
“These advantages cannot be underestimated.”
Minbos said it had already received enquiries from potential investment partners with numerous offers to help with natural gas prices, investing in a long-term supply of ammonium nitrate, and the green hydrogen-ammonia project.
Shares in Minbos Resources were up 7.69 per cent to 14 cents each at 10:07 am AEST.