On behalf of the Directors, I am pleased to present to you Minbos Resources Limited’s (“Minbos” or “the
Company”) Annual Report to shareholders for the year ended 30 June 2013.
There is no escaping from the fact that FY 2013 has been a challenging year – not just for Minbos, but for many
smaller companies in the mining industry. The capital market has contracted significantly and even quality projects, which I firmly believe ours are, have not been guaranteed funding. As a result, Minbos’ share price has
declined steadily to disappointingly low levels and I know our shareholder base has been concerned at this
trend.
I wish to assure shareholders that a prime focus of the Board during the year has been sourcing suitable funding
to meet the immediate needs of our key phosphate projects in Angola and the Democratic Republic of Congo.
The Board is currently structuring a series of financial instruments that we believe will enable us to fund our
equity share of our Angolan project as a priority. I am very excited about proceeding with this project, with the
goal of taking it into production, which will of course generate cash flow for the Company.
The past 12 months has been a period of significant change and re-generation for the company in many ways.
The business has been strengthened through a restructuring of both our operational capability and Board and
executive capability.
We have recently welcomed Bill Oliver to the Board of Minbos. Bill’s skill set and African experience will
substantially boost the Board’s capability. We will continue to seek to strengthen the Board as we move
forward, ensuring we have the right team in place to oversee the development of our assets into production.
FY2013 has also seen a heightened focus on cost reduction initiatives, to reduce our fixed cost base whilst the
projects are in feasibility stage. This includes a reduction in our African employee base by 75%, a reduction in
our Australian and African office costs, and the rationalisation of our logistics functions. We have also improved our governance throughout all levels of the Company. As a result of these measures, I believe we are now in the best possible shape to move forward with our exciting projects.
Our key focus in the DRC has been negotiating with our joint venture partner Allamanda to restructure the Joint
Venture (JV) in a way that is more amenable to external funding and to transfer the exploration licences into the
JV company, Phosphalux SPRL. While these discussions are ongoing, I can report that we have made substantial
progress on the project. We recently announced a resource upgrade to JORC Indicated status of 58.5Mt at
14.2% P2O5. We have completed a first stage logistics study that has concluded that barging and trans-shipping
our product on the Congo River is a possibility and further detailed studies would be the next step. We have
also completed a preliminary environmental review that would accompany the scoping study in a Mining Licence
application once the licences are transferred. The Board is continually reviewing its options to derive value from
this project.
Cacata is awaiting the renewal of it Exploitation Permits before proceeding with the bankable feasibility study
(BFS). The Government of Angola is processing these under the country’s new mining code, with this process
taking longer than initially anticipated. However, the project is well placed and we expect the renewal process
to conclude in October 2013 with funding being finalised shortly thereafter and the BFS moving forward.
We look forward to an exciting year ahead. I thank our loyal staff for their dedication throughout the last year
and I thank you, our shareholders, on behalf of the Board for your support and continued belief in the Company
..................
Next week is October ;-)
Funding secured...
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