Minbos Resources (ASX: MNB) has appointed Everspring Partners as a corporate adviser to assist in determining the right strategic partner from the high level of interest the company has received in its phosphate projects from potential suitors.
The Sydney-based resources-focused advisory firm will help Minbos decide on the most appropriate partners capable of facilitating the financing, offtake and development of its projects.
Peter Richards, executive chairman of Minbos Resources, said: "The appointment of Everspring to assist in the process of identifying strategic partners is a fundamental step towards implementing the necessary framework to facilitate the funding, offtake and development of Minbos' key phosphate projects.
"The implementation of this process is part of the boards' strategy to ensure that the ultimate parties are able to assist with the delivery of each project and creation of value of shareholders.
"The high level of industry enquiries received by the company in recent months reflects what we believe are some of the most exciting phosphate projects being investigated worldwide."
Minbos' plan is to develop a framework for the orderly submission of offers by interested parties.
This process will begin with the preparation and distribution of an Information Memorandum to interested parties.
Highlighting the progress being made on its projects, Minbos now has the building blocks for the development of the Kanzi project in place with a 42% increase in high grade resources, enough to support a 2 million tonne per annum phosphate rock export operation.
The new high grade resource of 44 million tonnes at 21.4% phosphorus is contained within an overall resource of 66 million tonnes at 15.3% phosphorus - up from 46 million tonnes at 17.2% phosphorus.
This increase is due to the entire Kanzi deposit in the Democratic Republic of Congo now being included in the resource estimate following the signing of a joint venture agreement with Allamanda Trading SPRL for the exploration and development of the project.
The Kanzi deposit, located in the far west of the Democratic Republic of the Congo about 35 kilometres from the operating port of Boma, is found on the same mineralised trend that hosts the various deposits that make up the Cabinda Project.
Minbos is focused on fast tracking development of Kanzi and has contracted Wallis drilling to recommence aircore drilling at the project.
This will focus on infill drilling in the high grade areas to upgrade the current Inferred Resources to the higher confidence Indicated category, providing the basis for the start of a Bankable Feasibility Study.
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