MINBOS RESOURCES LIMITED - New licence issued on the Cacata deposit for a period of five years renewable for a further two years.
- Licence to mine can be applied for on completion of environmental impact and economic viability study.
- BFS work to commence on the Cacata deposit.
Minbos Resources Ltd (Minbos or the Company) is pleased to advise that the Angolan Ministry of Mines and Geology (MGM) has issued the new licence for the Cacata deposit. The new licence (014/04/09/T.P/ANG.MGM.2015) has been issued for a five year period expiring on 25 September 2020 and is renewable for a further two years.
The Cacata deposit forms part of the Cabinda project which also consist of the following deposits: Chivovo, Mongo Tando, Chibuete, Ueca and Cambota (Remaining Deposits). The licence for the Remaining Deposits is expected to be issued soon. The new licence replaces the previous exploration permit (006/06/01/L.P./GOV.ANG.MGM.2010).
The issue of the licence was preceded by Minbos and its 50% Joint Venture Partner Petril Phosphates Ltd (JV partners) signing 2 Mining Investment Agreements (MIA) 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 cover 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.
Minbos recently secured port access for the Cabinda project by signing a Letter of Intent with Port of Caio who is planned to be operational in the 3rd quarter of 2017 (refer Minbos announcement on 29 July 2015).
Minbos Chief Executive Officer Lindsay Reed said: 'We are extremely pleased that the new licence for the Cacata deposit has been issued, which follows shortly after securing port access. The JV partners will now commence BFS studies on the high grade Cacata deposit'.
ENDS
Stef Weber Company Secretary s.weber@minbos.com +61 (0) 8 6270 4610 | For media enquiries contact: David Ikin - Professional Public Relations david.ikin@ppr.com.au +61 (0) 8 9388 0944 |
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 over 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
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