CABINDA PHOSPHATE PROJECT

PROJECT AT A GLANCE

  • Ideal Location – 0.5km from the highway and approximately 60km from the new Porto de Caio
  • High grade Cacata Project – Low capex and low opex.
  • Additional high grade resources identified.
  • High grade minerlisation identified at the Mongo Tando, Chibuete and Ueca Projects
  • Scopting Study completed on Cacata – 0.8Mtpa output of phosphate rock over 10 year mine life uitlising conventional open pit mining, strip ratio less than 2:1, very simple beneficiation.
  • 50% shareholding in Mongo Tando Ltda

OVERVIEW

Minbos holds a 50% interest in the Cabinda Phosphate Project, which incorporates an approximate 2000km² exploration permit covering all the known phosphate occurrences in the Cabinda Province, in the Republic of Angola. The remaining 50% is held by private company, Petril Phosphates Limited (Petril), which Minbos is proposing to merge with.

The Project contains one development project – Cacata and five advanced exploration projects; Mongo Tando, Chibuete, Ueca, Chivovo and Cambota.

Importantly, all of these projects lie within 50km of the coast and within 0.5km of the established road infrastructure providing an excellent economic basis for the Project.

GEOLOGY AND RESOURCE OVERVIEW

The Project consists of sediments from the cretaceous and tertiary periods deposited in a large basin situated in the southern part of the Republic of the Congo, north western part of Angola and the western part of the Democratic Republic of the Congo.

Utilizing historical drill data, as well as results from Minbos’ drilling program, the Company has delineated a total resource of 391.3Mt @ 9.2% P2O5.

Minbos’ focus is the development of the high grade Cacata Project. The Company has completed a Scoping Study on Cacata, which produced positive results.

BENEFICIATION TESTWORK AND PROCESS DESIGN

Bulk samples have been tested by two equipment suppliers in the USA for beneficiation by drying and sizing.  Another bulk sample was tested by Mintek in South Africa for beneficiation by wet scrubbing and screening.

The testwork results for both streams have been very encouraging and initial quotes for major equipment items have been provided to Ausenco Limited (Ausenco) who will prepare a comparison of the beneficiation alternatives for presentation to the JV partners.

DRY BENEFICIATION TESTWORK RESULTS

Both equipment suppliers were provided a high grade sample grading 34% P2O5 and a medium grade sample with a higher clay content grading 30% P2O5. The equipment suppliers elected to size the material through roll crushers before drying the material and passing it through an air classifier to remove particles below fine dust to meet shipping requirements.

Both suppliers were able to beneficiate the samples to 33.5%-34.5% P2O5 which is much better than expected. The flowsheets were particularly successful at upgrading the higher clay samples. The testwork showed that P2O5 recoveries of 90%-95% are achievable and the final number will be determined in conjunction with the mine optimisation study.

Major equipment lists and quotes have been provided by the equipment suppliers and costings prepared by Ausenco.

TRANSPORTATION LOGISTICS

Quotations from local contractors have been sought for the road haulage of rock phosphate product from the mine site to Porto de Caio, a distance of 60km on well-formed bitumen roads. An internal estimate for an owner operator costing has been completed to evaluate the contractor proposals and resulted in a tariff that will be used in the Trade-Off-Study.

PORT LOGISTICS EVALUATION

Ausenco has completed its evaluation of Porto de Caio and concluded that a rotating container system offers the most economic and flexible solution for Cacata. Porto de Caio.

GEOTECHNICAL AND HYDROGEOLOGY

Engineers from Golder Associates have designed geotechnical and hydrogeological drilling for which will be incorporated into the infill drilling program.

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