Minbos holds a majority interest in the Lucunga Phosphate Project, which consists of one (1) exploration permit and one (1) mining permit covering a total area of approximately 411.5km² in the Zaire Province, in northern Angola.
The Project hosts the Quindonacaxa Central, Quindonacaxa NE, Quindonacaxa SW, Quindonacaxa IR, RS Coco Grande, Lendiacolo, and Coluge Tando Prospects. The Lucunga Phosphate Project is located adjacent to a major highway currently being constructed from Luanda, the capital of Angola, to Porto de Soyo, located approximately 120km² north of the Lucunga Project. The highway is scheduled for completion in 2017. Major high voltage transmission lines servicing Soyo transect the Lucunga Project. The Soyo Port is connected to the nearby offshore gasfields and gas is available for purchase.
The Project is an alluvial style phosphate deposit, consisting of quartz and phosphatic gravels in a fine matrix of soils or lacustrine muds. Phosphate mineralisation is hosted predominantly by Upper Eocene and Plio-Pleistocene sediments within the Congo Basin.
A non-JORC compliant mineral resource totalling 215 Mt @ 9.56% P2O5 was generated in 2012 following the completion of the 2010 to 2012 drilling campaign. The 2010 to 2012 drilling program included all Lucunga Prospect areas (Quindonacaxa, RS, Coco Grande, and Coluge Tando) except for Lendiacolo.