Minbos seeks first drawdown from South African funder IDC to advance Angolan fertiliser project

About this update from Minbos Resources Limited

Australian phosphate developer Minbos Resources (ASX: MNB) has submitted its first utilisation request for $4.8mn under its $16mn facility with the Industrial Development Corp. of South Africa Limited (IDC) for the construction of a fertiliser plant in Angola . The application, Minbos said in an update on May 27 , followed the signing by the two parties of the final security agreement that is required under the loan deal, which they announced in March. Minbos CEO Rob Newbold and CFO Blair Snowball represented the Perth -based firm at the signing ceremony on May 26 . “The signing represents a significant milestone for the Company, marking completion of the key steps required before drawdown under the IDC facility,” said Minbos. “Following execution, Minbos has submitted its first facility utilisation request for 30% of the $16mn facility, equivalent to approximately $4.8m .  Subject to final IDC processing, the funds are expected to be received in the company’s bank account in the coming weeks.” Minbos said it will use part of the $4.8mn to make the final payment of an invoice under the phase one civil construction contract at the Cabinda Phosphate Fertiliser Project in the southwestern African nation. It will utilise another portion of the cash for mobilisation costs for the phase two construction contract, valued at approximately $13.8mn . The second phase construction contract covers the remaining stages of construction through to dry commissioning. Construction contract drafting and negotiations are in their final stages, with execution expected in the coming week. “Minbos considers the completion of the IDC security arrangements and submission of the first drawdown request to be a major step towards the recommencement of construction activities and the delivery of the Cabinda Phosphate Fertiliser Project ,” it said. © 2026 bne IntelliNews, source Magazine

View stock analysis, news, and events for Minbos Resources Limited