The Industrial Development Corporation (IDC) of South Africa has approved a $14 million debt facility for the construction of the Cabinda Phosphate project in Angola. Minbos Resources, a mineral exploration and development company based in Australia, is the project’s developer. The IDC funding, along with an additional $10 million from Angolan financial institutions and development funders, will cover the majority of the project’s estimated $24 million total cost. The project aims to address Angola's dependence on imported fertilizers, following the implementation of Presidential Decree No. 213/23 in January 2024, which prioritizes local fertilizer production. Minbos Resources is positioned to become the country’s sole supplier, with imports permitted only after exhausting local purchasing options.
The construction project is divided into three phases, with Phase 1 ready to commence at a cost of $5.5 million, covering earthworks, civils, and drainage. Phase 2, estimated to cost $18.5 million, is set to begin shortly after Phase 1, with preparations underway for design and contracting. The entire project, from initial work to completion, is projected to take nine months, with Phase 3 – the commissioning stage – expected to last one month. Minbos Resources has already initiated plans for facility expansion, potentially integrated with Phase 2 development, as part of its strategic growth objectives.