Initiation Report - Minbos Resource (MNB:ASX): DSO potential for phosphate developer

Adam Kiley

Minbos Resources (ASX:MNB) is developing the high-grade Cacata rock phosphate project in Angola (13Mt at 26% P2O5) and has significantly changed their strategy and corporate structure over the past 12 months. Drill results and long sections indicate a significant portion of this resource has the potential to be Direct Shipping Ore (DSO); although, TSI believes minimal processing may be required. There is significant infrastructure surrounding the project (roads, power & two port options) which will further reduce the initial capital cost requirement (TSI estimate - $US$40m) and could allow for production to commence shortly after a decision-to-mine is made. Valuation We have determined an un-risked valuation for Minbos of $0.048/share based only on the Cacata Project (current SP $0.006/share). However, as a number of our assumptions need confirmation in up-coming studies, we have applied a 50% discount which reduces our valuation to $0.024/share. For the full video report including a site trip to the project, management interviews and detailed analysis (VIEW LINK)

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Adam Kiley
Adam Kiley

Adam is the Founder and Principal of (TSI Capital). TSI provides equity analysis of listed companies, however, is different from traditional providers as TSI presents its analysis in a video format. This includes...


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