$2.46M AMBATO SALE COMPLETED AS MOMENTUM
BUILDS FOR GREEN HYDROGEN-AMMONIA PROJECT
Highlights
• Sale completed on Minbos’ Ambato Rare Earths Project with the Company receiving
A$2.46M sale proceeds
• Receipt of updated Formal Resolution from Angolan power authority (RNT-EP) on
200MW long term Zero Carbon hydro electrical power for Green HydrogenAmmonia Project confirming key commercial parameters of the proposed
commercial arrangement
• Significant enquiries received from potential technical, offtake and investment
partners for the Green Hydrogen-Ammonia Project
• Review being undertaken on ability to develop a Lithium Iron Phosphate battery
business unit following initial enquiries from large global battery producers
Minbos Resources Limited (ASX:MNB) (“Minbos” or the “Company”) is pleased to confirm
completion of the divestment of its interests in Madagascan Rare Earths Project to ALS (Hong
Kong) Limited. Proceeds of the divestment (A$2.46M) are to be applied to complete the
Definitive Feasibility Study (DFS) for the Cabinda Phosphate Project and studies for the
Capanda Green Hydrogen-Ammonia Project.
The Capanda Green Hydrogen-Ammonia Project is set to become another key value driver for
the Company as the Cabinda Phosphate Project proceeds towards DFS completion.
Further to the announcement on 10 May 2022, the Company can now confirm it has received
an updated resolution from RNT-EP, Angolan’s power network operator.
This updated resolution confirms the key commercial parameters of the power supply
arrangement and is in lieu of the Memorandum of Understanding (MOU) that the Company
previously expected by mid month (with the MOU now expected following an initial technical
discussion process).
Key Commercial Parameters:
Concessional Pricing
• Initial 100MW at $US0.004 (0.4c) kilowatt hour for 5 years then 0.8c kilowatt
hour for 20 years.
• Subsequent 100MW at $US0.015 (1.5c) kilowatt hour for 25 years.
2
ASX Code: MNB Office: Unit 5, 254 Rokeby Rd, Subiaco WA 6008
T: +61 8 6219 7171 E: [email protected] W: www.minbos.com ABN: 93 141 175 493
Key Undertakings
Following receipt of the amended resolution and as part of the negotiations on the proposed
MOU, the Company has undertaken to provide key milestones and studies to RNT-EP both in
relation to the Green Hydrogen-Ammonia Project and, more generally, in the Angolan
Fertilizer & Agricultural sector. These undertakings include:
• Budget and first year’s timetable for a market assessment study, for the proposed
Green Hydrogen-Ammonia Plant.
• Technology and Engineering Partnership Agreement to be executed with a
preferred technology partner.
• Transport Logistics Study to analyse the cost of transporting the materials for the
Green Hydrogen-Ammonia Plant and the cost of transporting nitrogen fertilizers
to the agricultural regions of Angola.
• Inventory of Raw Materials of Angolan secondary ingredients for nitrogen
fertilizers, including Sulphur, Limestone, Dolomite, Phosphate, Potassium.
• Agricultural Stakeholder Consultation with nutrient users, importers, distributors
and agronomists to identify the most suitable nitrogen fertilizers, climate, soil
fertility, available raw materials and agricultural production forecast.
• Soil sampling to be carried out in conjunction with the Ministry of Agriculture and
covering approximately 10 million hectares of agricultural land.
Following the Company’s announcement that it had secured in principle agreement from RNTEP for the supply of 200MW of Zero-Carbon hydro electrical power1 and the advancement of
the proposed Green Hydrogen-Ammonia Project, the Company has received a number of
unsolicited enquiries from potential technical, offtake and investment partners with a variety of
opportunities including:
• Recognition that surging natural gas prices are squeezing industrial sectors and
the attractiveness of the concessional pricing of the Zero-Carbon Hydropower
franking the Green Hydrogen-Ammonia Project opportunity.
• Interest in the long-term supply of Ammonium Nitrate for industrial uses (mainly
drill and blast mining activities) in the Africa region.
• Heightened interest in the Green Hydrogen-Ammonia investment thematic and its
ability to improve sustainable agricultural and food security.
1ASX Announcement – RNT-EP affirms support for Minbos’ Zero-Carbon Hydroelectric Green Hydrogen - Ammonia Project.
3
ASX Code: MNB Office: Unit 5, 254 Rokeby Rd, Subiaco WA 6008
T: +61 8 6219 7171 E: [email protected] W: www.minbos.com ABN: 93 141 175 493
The Company remains focussed on progressing the opportunity and has commenced meeting
with suitable technology and investment partners.
In addition to above, the Company has received initial in-bound enquiries on the ability to use
phosphate from the Cabinda Phosphate Project for the production of Lithium Iron Phosphate
batteries. Lithium Iron Phosphate batteries (LiFePO4 or LFP) offer multiple benefits compared to
lead-acid batteries and other lithium batteries. Longer life span, no maintenance, extremely safe,
lightweight, improved discharge and charge efficiency, to name a few.
The quality of the phosphate proposed to be produced from the Cabinda Phosphate Project
(grade and impurities) has attracted initial interest from potential global battery partners and
established battery producers.
Commenting on the above, Lindsay Reed, CEO, said:
“Our hard work and persistence in Angola is starting to pay dividends, with multiple
potential business opportunities on the table that we believe will quickly overtake our
phosphate project in relation to returns for shareholders.
Our positioning with the Green Hydrogen-Ammonia Project puts the Company ahead of
most, if not all, other ASX listed peers giving Minbos a significant time, infrastructure spend
and power pricing advantage. These advantages cannot be underestimated.”
-END
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