ASX-listed Minbos Resources on Wednesday announced a shift in its development strategy for the Cabinda phosphate project in Angola, outlining a lower-capital expenditure “accelerated start” that will allow early production and sales of unprocessed phosphate rock into export and domestic markets.

MD Lindsay Reed said in a statement that the early-start approach “allowed the company to accelerate production and derisk the full-scale implementation by bringing more certainty and timeliness to sales, shipping, operations and finance ahead of financial drawdown”.

The strategic update follows feedback from potential customers confirming they would accept screened and dewatered, but otherwise unprocessed, material to enable early supply.

Minbos said the revised approach removed the need to install and commission the crushing, drying and dust extraction circuit at the Subantando plant from the outset. The change cuts upfront capital by about $20-million and lowers operating costs by about $17/t for the early-start product.

Stockpile dewatering technology supplied by moisture reduction systems would be installed at the Cacata mine site. The system, quoted at $250 000 for a 200 000 t/y capacity, reduced moisture from more than 20% to about 6% in trials on Cacata ore, with most moisture removed within eight hours.

Existing screens and civil works at Subantando would be used to screen product to specification, removing oversize material above 5 mm.

ACCELERATED EXPORTS
With Porto do Caio targeting its first commercial shipment in the first half of 2026, Minbos said it was evaluating two logistics options for shiploading: a bulk handling system using campaign trucking and a mobile ship loader, or a rotating container system that can be lease-financed and avoids upfront construction of storage.

Bulk handling is expected to offer lower long-term costs, while the container system provides quicker mobilisation. Final selection will depend on port readiness and component delivery timelines.

The company expects to outline the number and timing of early-start shipments by mid first quarter 2026.

Because the accelerated start does not require Banco BAI funding, Minbos said the planned transformation of subsidiary Soul Rock into a public company was no longer immediately necessary. The simpler strategy also meant no single upfront purchase exceeding $1-million was required, allowing the company to start implementation with a modest equity injection.

Minbos is in discussions with Angola’s Ministry of Finance regarding a large working-capital facility under an existing development finance arrangement supporting fertiliser inputs for the local market. The company will also progress financing avenues linked to the Angolan Sovereign Wealth Fund’s agreement with the African Trade and Development Bank, aimed at funding export stockpiles.

To progress the accelerated start without delaying the transfer of the mining investment contract, Minbos plans to establish a branch of Minbos Resources Ltd in Angola to act as operator under the MIC. This structure also increases the company’s effective economic interest in the project from 66.3% to 78%.