The Angolan Sovereign Wealth Fund (FSDEA) is investing $10 million in mineral exploration and development company Minbos Resources to advance the Cabinda phosphate fertilizer project (CPFP).
Approved by FSDEA’s board, the investment enables Minbos Resources to meet a key condition precedent set out by the development finance institution the Industrial Development Corporation of South Africa (IDC) – one of the project’s investors.
“The [Angolan] Sovereign Wealth Fund and IDC share the same interest in developing the CPFP for domestic and export sales. This will strengthen CPFP’s financials and manage our customer risk profile,” stated Minbos Resources Managing Director Lindsay Reed.
Minbos Resources anticipates completing the remaining IDC conditions for the $14 million construction funding – provided by the IDC – in the near future. This funding is essential for advancing the construction of the Cabinda phosphate mine and fertilizer project.
“This decision demonstrates our commitment to the development of Angola as a country specifically in key sectors that contribute to the diversification of the economy…” FSDEA Chairman Armando Manuel stated,
