Ann: Minbos Investor Presentation - Angola Rising, page-170

The statement quoted below from slide 28 of the December update shows further strong upside potential exists from exports of beneficiated phosphate rock to South Africa over the post Carrinho sales volume guidance given on slide 27 which gave guidance averaging around 170,000tpa (table below)




"Engagement with IDC provides other commercial opportunities for offtake for Stage 2 production (>200,000tpa) of beneficiated phosphate rock with South African customers"

So the strong increase in the guidance update we received last month (table above), which already offers potential substantial increases to the first years cash flows compared to the DFS, does appear like it could be upgraded strongly again in coming months.
That would require expansion to stage two but as stated again on slide 27, the total cost of that stage 2 expansion "has been estimated $US1.7-3.3M (previously $US28M in the DFS)".
It seems the reason the IDC offered the loan was to facilitate the sales to SA customers. So the final approval of the loan will probably as good as confirm those sales to SA customers and that would lead to further updated guidance on sales volumes expectations to over 200,000tpa - probably well over 200,000tpa.