Minbos Resources (ASX:MNB) soars on mineral investment contract
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Shares in Minbos Resources (MNB) have spiked after the company executed the mineral investment contract for the Cabinda Phosphate Project
Under the contract, the company will explore and exploit phosphate rock within the Cabinda Phosphate Project’s concession area
The contract also formalises Minbos’ engagement with Angolan Government Ministries and the province of Cabinda
This will allow the company to complete approvals, access agreements, offtake agreements, and contracts for the Caio Granulation Plant
Minbos Resources is up 50 per cent, and is trading for $0.10 per share
Minbos Resources (ASX:MNB) spends December quarter focused on Cabinda
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Throughout the December quarter, Minbos Resources (MNB) continued advancing the Cabinda Phosphate Project in Angola, West Africa
In mid-December, the company signed a memorandum of understanding (MOU) with the International Fertiliser Development Centre
Under this MOU, the IFDC will grow a small holder farmers market in Angola while Minbos will utilise its Cabinda Phosphate Project
While Cabinda isn t yet in the production phase, it s set to begin producing 50,000 tonnes per annum of phosphate
Additionally, three highly experienced Non-Executive Directors were appointed to help develop Cabinda