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The latest update is out from Minbos Resources Limited ( (AU:MNB) ).
Minbos Resources Limited announced progress in its Cabinda Phosphate Project, with significant developments in its financing and company structure. The conversion of its Angolan subsidiary to a public limited company has been approved, and the company is in the process of buying out minority shareholders, which will increase its equity in the project. Despite delays in securing funding from Banco BAI, the company is confident in maintaining financial stability and has adjusted its construction schedule to conserve cash. Additionally, the IDC has restructured its loan agreement, increasing the loan amount and extending the term, which is expected to reduce the project’s funding requirement by approximately US$4 million.
More about Minbos Resources Limited
Minbos Resources Limited is a company involved in the mining industry, focusing on phosphate projects. It operates primarily in Angola, where it is developing the Cabinda Phosphate Project, aiming to produce phosphate fertilizers.
Average Trading Volume: 685,797
Technical Sentiment Signal: Sell
Current Market Cap: A$44.85M
For a thorough assessment of MNB stock, go to TipRanks’ Stock Analysis page.