- Minbos Resources (MNB) has signed an MoU with the International Fertiliser Development Centre (IFDC) to develop a small holder farmer market in Angola
- The IFDC is a not-for-profit organisation that aims to increase food security and agricultural productivity in more than 100 developing countries
- The companies will utilise Minbos’ Cabinda Phosphate Project to support Angola’s agriculture industry which globally has some of the lowest rates of fertiliser use
- The project is expected to go into production in 2022 and is set to begin producing 50,000 tonnes of phosphate per annum
- Minbos ended Friday’s session up 2.94 per cent to trade at 3.5 cents
Minbos Resources (MNB) has signed a memorandum of understanding with the International Fertiliser Development Centre (IFDC) to develop a fertiliser market.
The IFDC is an international company that aims to increase food security and agricultural productivity in over 100 developing countries.
Recently, the IFDC completed an agricultural productivity program in Burundi which increased agricultural productivity and raised income for 865,666 farming households.
The company will work alongside the not-for-profit organisation to grow a small holder farmer market in Angola, Central Africa. In doing so, Minbos will leverage the IFDC’s experience in running country-scale agricultural projects.
The parties will propose to develop a multi-year project in Angola, which currently has some of the lowest rates of fertiliser use globally.
Minbos will utilise its Cabinda Phosphate Project which is located in Angola. While it isn’t yet in the production phase, Minbos’ aim for the project is to feed Angola’s agricultural sector.
“The involvement of IFDC in the development of the Cabinda Phosphate Product was significant for the company’s successful tender for the Cabinda Phosphate Project,” CEO Lindsay Reed said.
“As the company looks to enter production in early 2022, securing market offtake through a program that unlocks value for local Small Holder Farmers and government stakeholders, as well as Minbos shareholders, is key to our successful collaboration,” Lindsay concluded.
Once Cabinda is up and running, it’s set to begin producing at 50,000 tonnes per annum. Phosphate production will support the fertiliser input component, reaching more than four million small holder farmers.
Minbos ended Friday’s session up 2.94 per cent to trade at 3.5 cents.