- Minbos Resources (MNB) ends the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until December 14 or when more details are released, whichever occurs first
- On November 23, Minbos announced an upgrade to the mineral resource estimate for the Cabinda Phosphate Project in Angola
- The updated MRE reads 8.4 million tonnes at 29.6 per cent phosphorus pentoxide and MNB now plans to release an ore reserve in Q1 2022
- Shares in Minbos last traded at 13.5 cents on December 9
Minbos Resources (MNB) has ended the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until December 14 or when more details are released, whichever occurs first.
Minbos is yet to disclose how much it intends to raise or what it will use the funds for once received.
On November 23, Minbos announced an upgrade to the mineral resource estimate (MRE) for the Cabinda Phosphate Project in Angola.
The updated MRE is JORC 2012 compliant and reads 8.4 million tonnes at 29.6 per cent phosphorus pentoxide.
Minbos now plans to mine phosphate rock from the Cácata deposit before focusing on Porto de Caio, where a granulation plant will be built to produce enhanced phosphate rock granules.
Minbos will use the updated MRE for open-pit mine optimisation, design and economic analysis to generate an ore reserve for release in Q1 2022.
Shares in Minbos last traded at 13.5 cents on December 9. The company has a $62.86 million market cap.