Ann: Long Lead Time Orders and Construction Update, page-3

"The Board of Minbos has approved the order of long lead items required for Stage 2 construction of the Company’s Subantando Fertilizer plant."

"Encouraging progress with debt and construction financing to be provided by the Industrial Development Corporation of South Africa2 and Bank Bai3 has provided confidence to the Board to approve Stage 2 long lead items."

The board is obviously more confident on completion of financing than the sp currently implies. Hopefully this signals the first or both loans will complete quite soon.


"Once completed, Minbos will be the first primary producer of fertilizer in Angola, which provides alignment with our long-term commercial strategy of being a significant player in what will be one of the fastest growing regions globally. Importantly, the project also aligns with Government policies to ensure Angola sees significant economic growth in its agriculture sector.”

"the stated policy goals of the Angolan Government’s National Development Plan (PDN) 2023-2027, which highlights food security as one of the two key pillars to accelerating economic growth 4."

4. Source: Presidential Decree No. 225/23 approving the National Development Plan 2023-2027 (30 November 2023)