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MINBOS RESOURCES LIMITED — Interim / Quarterly Report 2015
Jan 28, 2016
65355_rns_2016-01-28_2f00e9e4-781c-465e-93fc-c461ee1c559e.pdf
Interim / Quarterly Report
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29 January 2016
ASX Code: MNB PERTH OFFICE Suite 1, 245 Churchill Avenue Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493
ASX ANNOUNCEMENT/MEDIA RELEASE
QUARTERLY ACTIVITIES REPORT-31 DECEMBER 2015
Minbos Resources Limited (Minbos or the Company ) is pleased to present its quarterly report for the period ended 31 December 2015.
CABINDA PROJECT JOINT VENTURE
Minbos announced on 18 December 2015 that it is in advanced discussions with joint venture partner Petril Phosphates Ltd ( Petril ) to amend some of the key terms of the Cabinda Joint Venture Agreement (JVA ).
This discussions are continuing and the Company is expecting to finalize negotiations in February 2016.
Minbos believe that a successful outcome on the negotiations will be beneficial for all stakeholders and will reduce timelines, operating and capital cost.
The Company has concurrently negotiated a subscription agreement for a material capital placement that will be executed on the successful conclusion of the JVA negotiations.
ISSUE OF NEW LICENCES FOR CABINDA PROJECT
The Angolan Ministry of Mines and Geology ( MGM ) has issued two new licence for the Cabinda project. The first licence (014/04/09/T.P/ANG.MGM.2015) is for the Cacata deposit and the second licence (015/01/10/T.P/ANG.MGM.2015) for the Chivovo, Chibuete, Ueca, Cambota and Mongo Tando Deposits.
Both licences have been issued for a five year period respectively expiring on 25 September 2020 and 14 October 2020 and are renewable for a further two years. The new licences replace the previous exploration permit (006/06/01/L.P./GOV.ANG.MGM.2010).
The issue of the licences were preceded by Minbos and its 50% Joint Venture Partner Petril Phosphates Ltd ( JV partners ) signing 2 Mining Investment Agreements in December 2014 with the MGM (refer Minbos announcement on 12 December 2014). A presidential decree was issued on 8 June 2015 confirming that the Cabinda project has been approved and instructing Angolan Ministries to provide all the infrastructure and support that the JV partners requires for the project.
The signed contracts with MGM also covers the mining phase of the Cabinda project. On completion of the Environmental Impact and Economic Viability Study the issue of a mining licence can be requested. The mining licence will be valid for thirty five years, renewable for successive periods of ten years.
DISPOSAL OFKANZI PROJECT
Minbos has provided African Phosphate Pty Ltd ( AFP ) with a material breach notice given their failure to pay the USD200, 000 by 11 October 2015 and have the right to terminate the agreement between the parties at any point in time.
ASX Code: MNB
29 January 2016
PERTH OFFICE Suite 1, 245 Churchill Avenue Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com
ABN: 93 141 175 493
CORPORATE
EQUITY
The Company currently has 1,376,224,881 shares on issue
CASH
At 31 December 2015, the Company had consolidated cash reserves of $16,000.
I NTEREST IN MINING LICENCES
The Company is an exploration entity, below is a list of its interest in licences, where the licences are situated and the percentage of interest held.
| Licence Number | Type | Interest | Location |
|---|---|---|---|
| 12908 | Exploration | 49% | Democratic Republic of Congo |
| 12910 | Exploration | 49% | Democratic Republic of Congo |
| 12911 | Exploration | 49% | Democratic Republic of Congo |
| 014/04/09/T.P/ANG.MG M.2015 |
Exploration | 50% | Cabinda Province, Angola |
| 015/01/10/T.P/ANG.MG M.2015 |
Exploration | 50% | Cabinda Province, Angola |
| E08/2335 | Exploration | 100% | Carnarvon Shire,Western Australia |
| E08/2336 | Exploration | 100% | Carnarvon Shire,Western Australia |
PLANNED ACTIVITIES FOR QUARTER 1 2016:
-
Complete negotiations to amend the JVA.
-
Capital placement following amendment of the JVA.
-
Progress the Cabinda project.
ENDS
For further information please contact:
Lindsay Reed Stef Weber Chief Executive Officer Company Secretary [email protected] [email protected] +61 (0) 8 270 4610 +61 (0) 62704610
29 January 2016
ASX Code: MNB PERTH OFFICE Suite 1, 245 Churchill Avenue Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493
About Minbos
Minbos Resources Limited ( ASX: MNB ) is an ASX-listed exploration and development company focused on phosphate ore within the Cabinda Province of Angola. Through its subsidiaries and joint ventures, the Company is exploring approximately 200,000ha of highly prospective ground hosting phosphate ore.
Minbos is focussing on the development of the high grade Cacata project in Cabinda whilst growing its current resource base in incremental stages on the remaining deposits in Angola.
The Company’s strategy is to specifically target the exploration and development of low cost fertiliser-based commodities in order to tap into the growing global demand for fertilisers. Phosphate is an essential component in certain agricultural fertilisers, with the market supported by the increasing global demand for food and bio-fuel products.
For more information, visit www.minbos.com