Africa
22 April 2026
Minbos secures full funding package for Angola phosphate plant
Written by Natalie Noor-Drugan
Australian-listed Minbos Resources has received a debt terms sheet for an AOA 5 billion ($5.48 million) facility from Banco de Fomento Angola (BFA), which together with a previously established $16 million facility from the Industrial Development Corporation of South Africa (IDC), provides sufficient funding to complete construction of its Cabinda Phosphate Fertilizer Plant, according to the company.
The BFA facility carries a 7.5% interest rate, a seven-year tenor and a two-year principal repayment holiday, and is structured under an Angolan Central Bank credit programme supporting the industry and processing of fertilisers and soil amendment materials. Definitive documentation remains to be finalised before financial close.
Construction progress
Phase 1 civil works — including the pouring of the main structural concrete slab at the Subantando plant site — has been completed. Phase 2, covering structural, mechanical, electrical and instrumentation works and culminating in commissioning, is subject to final contract negotiations, with mobilisation targeted for the second quarter of 2026 to coincide with first drawdown of the IDC facility. The plant is designed with an initial production capacity of 150,000 t/a of enhanced phosphate rock, with capability to expand to 450,000 t/a.
Product development and field trials
Angola currently imports all of its fertilisers — 129,990 tonnes in 2025 according to the Angolan Ministry of Agriculture and Forestry — and smallholder farmers, who account for approximately 90% of the country’s agricultural output, have limited access to imported inputs.
Once operational, the plant intends to produce PRIMEIRO, a direct-application phosphate rock fertiliser to be derived from Minbos’ Ccata deposit in Cabinda. Trial quantities of the product, extracted during the development phase, have been used in field trials on Angolan soils, recording yield increases of up to 80% on phosphorus-deficient plots in 2025. Minbos has also entered into a heads of agreement with Fertiafrica for exclusive granulation services in Benguela, which would enable conversion of phosphate rock into granulated NPK fertilisers once production commences.
Green ammonia project
In August 2025, Minbos signed a binding agreement with Talus Renewables to jointly develop a Capanda Green Ammonia Project, which would leverage Angola’s low-cost hydropower to produce export-grade green ammonia targeting European and regional markets. First production is targeted for Q1 2028, subject to successful bid outcomes and completion of a joint venture structure.
Financial position
Minbos ended the 2025 financial year with cash of $2.29 million, down from $12.86 million at end-2024, reflecting ongoing construction expenditure. The company’s auditors flagged a going concern note in the annual report, citing the gap between available cash and estimated capital requirements. The directors said they are satisfied that additional funds can be raised as required.
