Minbos Resources Limited (ASX:MNB) is an ASX-listed exploration and development company focused on industrial minerals projects in Madagascar and Angola.
Rare Earths Madagascar: The Company has entered into an option with Tana Minerals Ltd (Tana) whereby Minbos can acquire 90% of the shares in MRE Mining (Mauritius) Limited (MRE). MRE’s sole asset is a wholly owned subsidiary in Madagascar which holds two exploration permits in central Madagascar covering 440 square kilometres.
Under the agreement Minbos has the exclusive right to acquire 90% of the shares in MRE. Terms of the Exclusivity:
The transaction is conditional upon Minbos obtaining all the required regulatory and shareholder approvals, completing due diligence on the project and the renewal of the exploration permits.
Phosphate Angola: Minbos held 50% of the Cabinda Phosphate Project comprising two licenses, which covered 1,909km² in the province of Cabinda. Minbos has invested more than $20M over eight years on phosphate projects in the Congo Basin and developed specific technical knowledge and financial support to advance phosphate projects in the regional market. Minbos is leveraging this knowledge and financial capacity to tender for the Cacata Phosphate licenses in Cabinda to build a granulation plant and produce Enhanced Phosphate Rock for the domestic fertiliser market.