Ann: Minbos Investor Presentation - Angola Rising, page-165

There seems to be a very large amount of money aimed at growing Angola's agricultural sector and it is ongoing as shown by this latest news. That $105mill pales into insignificance against the billion dollar plus committed previously and that doesn't include the recent $1.6billion infrastructure commitment for the Lobido corridor which will help open markets, including for our green ammonia project.
"October 2023: The USA, EU, AFC, AfDB and the host governments of Zambia, DRC and Angola signed a funding MOU for the wider Lobito Corridor committing USD1.6B" (from the December MNB presentation).
The plan to grow the agricultural sector with the billion dollars plus previously committed and this $105mill is probably very dependent on MNB's phosphate.
The beneficiated phosphate rock is a low cost product and can be sold at a significant discount compared to other water soluble, imported fertilisers like TSP, DAP, MAP etc. Pricing will be linked to TSP prices because MNB will be selling a finished, ready to use fertiliser, not a raw product like phosphate rock to a third party for processing into a fertiliser. Relative agronomic performance is high compared to other water soluble fertilisers so farmers get a product that yields similar results at a much lower price. The Angolan currency has been very weak so a discounted local product should do well and I think is critical to the big plans to grow Angola's agricultural sector.
The efforts and amount of money being injected to grow Angola's agricultural sector is what gives me confidence that MNB will secure the last of its relatively small amount of funding required to commence production.