Minbos Resources has finalized a US$12 million funding package to advance its flagship Cabinda Phosphate Fertilizer Project in Angola. The agreement marks a crucial step for the company as it prepares to accelerate the development and production of phosphate fertilizers to support agricultural growth in the region.
The funding, structured through a mix of debt and equity instruments, underscores investor confidence in the project’s potential to transform Angola’s fertilizer market. Located in the Cabinda Province, the project is strategically positioned to address the region’s reliance on imported fertilizers by utilizing locally sourced phosphate rock.
Minbos plans to use the funds to complete plant construction, operationalize production facilities, and scale up its supply chain capabilities. The project aligns with Angola’s broader agricultural development strategy, aimed at boosting productivity and achieving food security.
Minbos CEO Lindsay Reed expressed optimism about the project’s impact, stating that the funding represents a milestone in the company’s journey to becoming a key player in the African agricultural inputs market. The fertilizer plant is expected to produce an initial 150,000 metric tons annually, with plans to expand capacity in subsequent phases.
Experts note that the Cabinda project could significantly reduce fertilizer costs for Angolan farmers, enhancing crop yields and fostering economic growth. It is also anticipated to contribute to regional trade and job creation, further bolstering Angola’s economic diversification efforts.
With construction already underway, Minbos is targeting production to commence by late 2024, signaling a new era for Angola’s agricultural sector.
