Phosphate rock explorer Minbos Resources will sell its 45% stake in the Kanzi project, in the Democratic Republic of Congo (DRC), to African Phosphate.
The project comprises nine exploration permits covering 2 000 km2 and hosts a total inferred resource of some 58.5-million tonnes, grading 14.2% phosphorus pentoxide. Under the terms of the agreement, African Phosphate would acquire Minbos’ rights in the project, along with all the historical technical data and study reports for $200 000.
Minbos expected the cash consideration to be paid within 30 days. Minbos CEO Lindsay Reed on Friday said it was important for Minbos that the new joint venture (JV) partner had the capability to take the project forward and that the transaction had the support of the company’s former partners in the DRC. African Phosphate CEO Jason Brewer said the company was committed to accelerating the development of the Kanzi project and in working with the JV partner, Allamande Trading.
“With Minbos focused on the development of its Cabinda project, we have been presented with a great opportunity to build on the work it has completed and advance the project towards production,” he noted. Source: Mining Weekly