Minbos holds a majority interest in the Lucunga Phosphate Project, which consists of 1 exploration permit and 1 mining permit covering a total area of approximately 411.5 km2 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 Project is located adjacent to a major highway currently being constructed from the capital of Angola (Luanda) to the Porto de Soyo, located approximately 120 km 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 phosphate style 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 (2012) 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, which was aimed at verifying the previously calculated resource, covered all the Lucunga prospect areas (Quindonacaxa, RS, Coco Grande, and Coluge Tando), except for Lendiacolo.