I believe that the letter of intent with the major sugar plantation owner based in central Africa is new info that was released in the DFS, I couldn't find it in the earlier announcements. As for binding offtake arrangements, I could see it happening in the near future (maybe next few months) with local farmers who apply through the Angolan Fertilizer and Farm Productivity Program (AFFPP), as field tests have already been done in Angola, so farmers would have a clear idea on what to expect. MNB has mentioned in the MOU for the AFFPP that they are in discussions with some of Angola's largest commercial farms for binding offtakes so hopefully there will be positive news regarding that in the coming months.
As for offtakes from potential customers outside of Angola though, I can't see them agreeing to any offtake until they've completed their tests or are satisfied with the progress of the growing crops on their soil. With so many different soils and crops that exist in this world, any commercial farms eyeing MNBs phosphate would ask for samples first, complete field tests, and if they are satisfied with the results, then they'll throw the big bucks at MNB for offtakes. Offtake discussions for fertilizer sadly isn't as straight-forward as iron or gold, if it was that simple, then offtakes would've been secured ages ago.
MNB Price at posting:
7.1¢ Sentiment: Buy Disclosure: Held
