Minbos Resources has sold its Ambato Rare Earths Project for $2.46 million, thus completing the divestment of interest in the Madagascar Rare Earths Project.
The company entered into a binding agreement with ALS (Hong Kong) for the final sale and associated licence fees and encumbrances regarding the Madagascar Rare Earths Project in March 2022.
The company said it will use the proceeds of the divestment will be applied to complete the Definitive Feasibility Study (DFS) for the Cabinda Phosphate Project and studies for the Capanda Green Hydrogen-Ammonia Project which is set to become another key value driver for the Company as the Cabinda Phosphate Project proceeds towards DFS completion.
“Our hard work and persistence in Angola is starting to pay dividends, with multiple potential business opportunities on the table that we believe will quickly overtake our phosphate project in relation to returns for shareholders,” said Minbos CEO Lindsay Reed in an ASX Announcement.
“Our positioning with the Green Hydrogen-Ammonia Project puts the Company ahead of most, if not all, other ASX listed peers giving Minbos a significant time, infrastructure spend and power pricing advantage. These advantages cannot be underestimated.”
The Company has also revealed that it had received an updated resolution from RNT-EP, Angolan’s power network operator and a number of unsolicited inquiries from potential technical, offtake, and investment partners.
