Minbos Resources Limited has commenced Phase 2 construction at the Cabinda Phosphate Project in Angola and advanced final assessments for its proposed debt financing facility with Banco de Fomento Angola.

Representatives from the Fundo de Garantia de Crédito completed a site visit to the Cabinda project in mid-August as part of the final assessment process for issuing the guarantee supporting the Banco de Fomento Angola financing facility. Following the issuance of that guarantee, Banco de Fomento Angola will be in a position to complete an initial drawdown of approximately US$1.3 million to fund key project suppliers. This facility operates alongside a US$16 million project finance facility provided by the Industrial Development Corporation of South Africa to fund Cabinda construction.

The start of Phase 2 construction follows the June 2026 signing of a US$13.8 million construction contract. The project's independent technical adviser, Stelo, visited Subantando and approved the conditions precedent relating to project funding. Steel framework fabricated at the Arliz facility in Porto departed Portugal on August 26, with an estimated arrival in Cabinda via Luanda in September. Construction teams are scheduled to arrive at Cabinda on September 6, with installation to commence from September 7, 2026. Phase 2 structural steel fabrication remains on track for completion and dry commissioning in the second quarter of 2027.

Alongside construction, the company is advancing operational readiness for planned mining activities. Minbos has prepared and submitted the Phase-1 mine plan to relevant Angolan authorities, with active engagement ongoing. Two companies have been shortlisted following the issuance of the mining and ore haulage scope of work to mining contractors, and negotiations with the successful contractor are progressing ahead of early mine mobilisation targeted for the second half of 2026. Additional operational readiness workstreams include completing the detailed mining schedule, site infrastructure design, and production physicals, alongside finalising environmental, health, safety, and community management plans.

Read the full announcement: BFA Financing Update, Construction and Mining Progress