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Angola Loan Secured for Cabinda Fertilizer Plant
28 May
Summary
- Minbos secures US$16 million loan for Angola fertilizer project.
- Funding will complete construction of the Cabinda Phosphate Fertilizer Plant.
- First drawdown of US$4.8 million expected in coming weeks.
Minbos Resources has successfully secured the final agreement for a US$16 million loan facility from the Industrial Development Corporation of South Africa. This significant step allows Minbos to submit its first drawdown request for approximately US$4.8 million, which is anticipated to be received in the coming weeks, subject to final processing by the IDC.
The agreement, signed in Luanda, Angola, on May 26, 2026, marks the completion of key prerequisites for fund disbursement. This facility, combined with a recent US$5.48 million debt term sheet from Banco de Fomento Angola, provides sufficient capital to finalize the construction of the Cabinda Phosphate Fertilizer Plant. Phase 1 construction of this project in Cabinda, Angola, has already been completed.
Shareholder approvals from Minbos's Angolan subsidiaries, Soul Rock Lda and Minbos Resources Lda, for the IDC loan terms have been obtained. Furthermore, the Angola Sovereign Fund will invest an additional US$484,500 in Minbos subsidiary Phobos Ltd. Minbos is currently negotiating the Phase 2 construction contract, with mobilization targeted for Q2 2026, aligning with the initial facility drawdown. This phase will lead to the plant's commissioning.
