Minbos Resources (ASX:MNB) announced a financial boost for its African operations, having formally signed a US$16 million debt facility agreement with the Industrial Development Corporation of South Africa.
The capital injection is earmarked to commence the Phase-2 construction activities for the Cabinda Phosphate Fertiliser Plant in Angola.
Phase-2 construction will encompass crucial structural, mechanical, electrical, and instrumentation works, advancing the project towards operational status.
According to the company, the next steps involve finalising security agreements.
The processes are subject to approval from shareholders of Phobos—a Minbos subsidiary backed by the Fundo Soberano de Angola (the Sovereign Wealth Fund of Angola)—as well as shareholders of related Angolan entities, Soul Rock and Minbos Resources.