Fertilizer development company Minbos Resources is pursuing alternative sources of funding for its Cabinda Phosphate Fertiliser Project in Angola. The company is currently assessing the conditions required for existing multi-million-dollar loan facilities, with additional funding supporting the construction of the facility.
Minbos Resources is in discussions with sovereign investment fund the Angolan Sovereign Fund for a potential $10-15 million equity injection. The company is also engaging an emerging market fund (undisclosed) for co-investment, with proposals from both funds anticipated by mid-July. Once funded, Minbos Resources will begin construction and fulfil its sales contract with Angolan company Grupo Carrinho.
This follows the Industrial Development Corporation of South Africa (IDC) approving a $21.5 million debt facility in April to cover majority of the $24 million construction costs. The IDC has since revised its loan conditions which now requires Minbos Resources to secure a $10 million term loan instead of a working capital facility.
To meet this requirement, Minbos Resources is working with one of Angola’s largest banks Banco BAI. Following site visits and inspections by Banco BAI and the Angolan Credit Guarantee Fund (FGC), Minbos Resources is awaiting a loan approval decision to be made soon. The terms include a five-year loan at 7.5% interest as well as a 2% guarantee fee.
Additionally, an MoU signed last month with mining firm Foskor will assess the commercial suitability of Minbos Resources’ phosphate rock, with potential exports from Porto de Caio planned for December 2025.
