The Minbos Resources Ltd (ASX: MNB) share price is rallying after the Australian-based phosphate miner provided an update on a multi-stakeholder event.
At the time of writing, Minbos shares are up 3.41% to 9.1 cents apiece. However, it's worth noting that its shares climbed as high as 10 cents during the first hour of market open.
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What did Minbos announce?
In the release, Minbos advised it successfully showcased its fertilizer plans for Angola and the Economic Community of Central African States (ECCAS).
Held in Luanda, Angola's capital, the high-level meeting affirmed the company's Cabinda Phosphate Project as national and regional importance.
Attendees included Angolan government ministers, along with representatives from the Angolan presidential office, Angolan Sovereign Fund, non-government organisations and more.
The presentation consisted of the Cabinda Project, mining potential, Futila Granulation Plant, fertilizer blend, market development and local employment opportunities.
The International Fertilizer Development Centre (IFDC) provided an overview of the Angola Fertilizer and Farm Productivity Program (AFFPP). It's expected that the IFDC will drive Minbos' offtake and deliver fertilizer of 200,000 metric tonnes for Angola small holder farmers within the first 5 years.
During the meeting, it was conveyed that the Cabinda Project was strongly supported by the Angolan government.
Minbos CEO, Lindsay Reed commented:
What is now clear from subsequent meetings, was that that our showcase was a watershed moment for the Company and the Project, a moment for which Government support coalesced behind both our plans and that of the AFFPP.
It's now clear that Minbos has the support of the Government (Angola) to produce not only Rock Phosphate Fertilizer, but to execute a range of Agri-business opportunities.
Through all of the challenges that developing a project during a pandemic has thrown-up, it's clear that our Project and that of our project partners at the IFDC are having a real impact and gaining real momentum.
Minbos share price summary
Over the last 12 months, Minbos shares have enjoyed fruitful returns of more than 360%. In 2021 alone, the company's share price has gained close to 150%.
Based on today's price, Minbos has a market capitalisation of roughly $43.1 million, with 464 million shares on its books.
