Minbos Resources Limited (ASX:MNB) is an ASX-listed exploration and development company focused on industrial minerals projects in Madagascar and the Cabinda province of Madagascar.
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: The Cabinda Project Exploration License is held by Mongo Tando Lda in which Minbos holds a 50% share through the Joint Venture Company Mongo Tando Ltd. The two Cabinda Project licenses cover 1,909km² were issued in October 2015 for a term of five years and are renewable for a further two years. The agreements for the licences cover not only prospecting rights but also the mining phase of the Cabinda project.