Minbos Resources Limited has completed the divestment of its interests in Madagascan Rare Earths Project to ALS (Hong Kong) Limited.
Proceeds of the divestment (A$2.46M) are to be applied to complete the Definitive Feasibility Study (DFS) for the Cabinda Phosphate Project and studies for the Capanda Green Hydrogen-Ammonia Project.
The Capanda Green Hydrogen-Ammonia Project is set to become another key value driver for the company as the Cabinda Phosphate Project proceeds towards DFS completion.
Further to the announcement on 10 May 2022, the company can now confirm it has received an updated resolution from RNT-EP, Angolan’s power network operator.
This updated resolution confirms the key commercial parameters of the power supply arrangement and is in lieu of the MoU that the company previously expected by mid-month (with the MoU now expected following an initial technical discussion process).
Following receipt of the amended resolution and as part of the negotiations on the proposed MOU, the company has undertaken to provide key milestones and studies to RNT-EP both about the Green Hydrogen-Ammonia Project and, more generally, in the Angolan Fertilizer & Agricultural sector. The undertakings include the budget and first year’s timetable for a market assessment study, for the proposed Green Hydrogen-Ammonia Plant.
Lindsay Reed, CEO, said, “Our positioning with the Green Hydrogen-Ammonia Project puts the company ahead of most, if not all, other ASX listed peers giving Minbos a significant time, infrastructure spend and power pricing advantage. These advantages cannot be underestimated.”