MNB minbos resources limited

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4.7¢

Ann: Quarterly Activities Report and Appendix 5B, page-27

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chuk

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01/02/24

12:46

Post #: 72183223
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Originally posted by Red Baron: ↑

I think you're spot on there Chuk.

The Quarterly cashflow report said:

"...the Group is advanced in securing a project facility and strategic investors for the first and second quarters of 2024."

The strategic investors would almost certainly be Shanghai Jason, two parts to the funding, 1/ a facility (singular) and 2/ strategic investors (plural).
Lindsay had previously spoken about investing at the asset level rather than at a company level, however plans always evolve.
The half yearly showed equity at $29m. A US$14m loan puts us on an acceptable debt/equity ratio, borrowing the whole $26m + stage 2 say $3m, would be stretching things.

I think it makes a lot of sense to get a facility elsewhere rather than SJ who are probably inline for at least part of the strategic investment. I don't think Minbos who's main business is producing fertilisers would want too much Chinese control. Having the Chinese as a major investor and relying on them for finance puts the syndicate in a strong position.

IDC introduced Minbos to the S African customers for a reason, maybe it's to ensure cashflow and is an unmentioned condition precedent for the loan, maybe they can prepay for some offtake. I just have that feeling if we have a binding agreement with Carrinho and/or Biocom, or a binding offtake with S Africa - then the loan will be finalised fairly quickly. One will lead to the other. Once the loan is finalised, they'll know the shortfall and can conclude negotiations with the strategic investors.

I thought the Activities report was rather under whelming, put together in a hurry with a lot of pasting. I was hoping they might elaborate on the new production schedule, or explain exactly what is required to expand to stage 2, etc etc - keep a bit of the momentum going. The cashflow report would have been done by the CFO including the comment about financing. Looks like the office girl did the Activities report.

Expand

I tried talking to the CFO around 1-2 weeks ago. He was in Angola and was going to be there for a number of weeks. He later replied to my follow up email saying he had a full schedule and would reply when he returns.
Maybe he should be excused for not writing a glossy quarterly report for us. Hopefully his schedule involves far more important matters.

Last edited by chuk: 01/02/24

MNB Price at posting: 8.2¢ Sentiment: Buy Disclosure: Held
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