Minbos Advances Cabinda Project with US$3.6M Sovereign Funding Injection
Minbos Resources advances its Cabinda Phosphate Project with significant construction progress and a fresh US$3.6 million funding injection from the Sovereign Fund of Angola, underpinning its strong cash position.
- Construction underway with major foundations on schedule at Subantando site
- Received total US$3.6 million funding from Sovereign Fund of Angola
- Cash reserves stand at AU$12.5 million with zero debt
- No exploration expenditure during the quarter
- Payments to related parties total AU$197k, mainly directors’ fees
Construction Progress at Cabinda
Minbos Resources Limited (ASX – MNB) has reported steady progress on its flagship Cabinda Phosphate Project during the March 2025 quarter. Concrete pouring is actively underway at the Subantando Fertilizer Factory site, with the Portuguese civil contractor Grupo Arliz fully mobilised and the first major foundations on track for timely completion. This marks a significant milestone in the project’s development phase, signalling tangible advancement from planning to physical infrastructure.
Robust Funding Support
Financially, Minbos secured a total of US$3.6 million in funding from the Sovereign Fund of Angola across two tranches during the quarter. The second tranche of US$2.43 million was received earlier, followed by the final tranche of US$1.17 million this week, all directed towards ongoing construction activities. This backing from a sovereign investor not only provides essential capital but also reinforces confidence in the project’s strategic importance and viability.
Strong Balance Sheet and Corporate Health
As at 31 March 2025, Minbos reported a healthy cash balance of AU$12.5 million with no debt obligations, positioning the company well to sustain its development momentum. The absence of exploration expenditure during the quarter reflects a focused shift towards construction rather than resource evaluation. Payments to related parties amounted to AU$197,000, primarily covering directors’ fees and corporate management services, consistent with standard governance practices.
Looking Ahead
The company anticipates providing further updates soon, particularly regarding an expansion of its customer base and potential funding collaborations with the International Development Corporation of South Africa and Banco BAI. These developments could enhance project financing options and market reach, critical factors as Minbos moves closer to operational phases.
Minbos maintains full ownership of its Angolan mining licence, underscoring its control over the project’s resource base. While detailed production targets and cost structures remain forthcoming, the current trajectory suggests a disciplined approach to project execution backed by solid financial foundations.
Bottom Line?
With construction milestones met and sovereign funding secured, Minbos is poised for the next phase of growth; investors will watch closely for customer expansion and financing updates.
Questions in the middle?
- How will Minbos’ expanded customer base impact project revenue and timelines?
- What are the terms and strategic implications of potential funding from South African institutions?
- When can investors expect detailed production guidance and cost forecasts?
