A few weeks ago I said I was goint to visit Cabinda and last week I got my boots on the ground and spent a couple of days with Lindsay, Steve Abbott and other members of the Minbos team. I visited Cacata and saw sample loads of the circa five million ton resource of Phosphate being excavated, the site of a communications tower which is prepared for imminent installation and ESG initiative water boreholes and storage tanks for the local village. I also visited the Subantando processing site which is fenced on three sides and an adjacent yard where the already procured processing plant is securely stored in twenty containers with larger components including the very substantial drier unit stored alongside. I was most impressed with the knowledge the team had of all the processing equipment and the detailed plans they have for construction and commissioning. Finally I visited the port at Cabinda and the new very large port under construction at Ciao which will handle much larger vessels from 2026 when completed. The existing port at Cabinda is quite adequate for the shipment of phosphate to distribution company Carrinho through Lobito Port and I understand that the offtake agreement is in the process of finalisation. There is no issue with Carrinho, it would seem that it is logistics and packaging detail which is being refined. The Team are highly motivated and there is a great deal going on progressing both Cornerstone and working capital finance and offtakes. I cannot say any more, other than I continue to be very optimistic with my investment in Minbos and believe that they will achieve their key objectives.
MNB Price at posting:
5.4¢ Sentiment: Buy Disclosure: Held
