- Minbos Resources (MNB) has entered a trading halt ahead of a capital raise announcement
- The explorer and developer is focussed on bringing the Cabinda Phosphate Project in Angola into production to meet Africa’s growing demand for fertilisers
- Last week, the company signed a contract with FEECO International for a basic engineering package associated with Minbos’ planned granulation plant
- This follows the completion of a scoping study, while a definitive feasibility study for the project is currently being undertaken
- Whether or not the capital raise will support current and future project activities is not yet known
- Company shares last traded 20 per cent lower for 0.2 cents on Monday, September 7
Minbos Resources (MNB) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until Thursday, September 10, unless the capital raise is announced earlier.
The Australia-based exploration and development company is focused on the Cabinda Phosphate Project in Angola.
Minbos is aiming to bring the Cabinda Project into production to meet the fertiliser demand in Africa which is expected to increase from 7.6 million tonnes to 13.6 million tonnes by 2030.
Last week, the company signed a contract with FEECO International for a basic engineering package associated with Minbos’ planned granulation plant.
This agreement follows the completion of a scoping study for the Cabinda Project, which is being carried out while Minbos progresses a definitive feasibility study (DFS).
FEECO specialises in detailed plant engineering and manufacturing for the fertiliser and agriculture industry.
The engineering package will include a process description, flowsheet design, and mass and energy balance. The package will then be provided to the study engineer, who will complete the site engineering and construction plant under the DFS.
The work is expected to take between eight and 10 weeks.
Whether or not the upcoming capital raise will support current and future activities for the Cabinda Phosphate Project is not yet known.
Company shares last traded 20 per cent lower for 0.2 cents on Monday, September 7.