Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Minbos Resources' A$1.7M raising to support partner negotiations  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 13/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia) Minbos Resources (ASX: MNB) will raise A1.7 million after completing a bookbuild for a share placement to professional and sophisticated investors, with funds raised to enable strategic partner negotiations to be finalised.

The company has received firm commitments for the placement at 0.14 per share.

While Minbos is completing strategic partner negotiations, the funds raised will assist in finalising the Measured and Indicated resource drilling program at the high grade Kanzi Phosphate Project in the Democratic Republic of Congo.

They will also go towards progressing Bankable Feasibility Studies on the high grade Cacata Phosphate Project in Angola and Kanzi.


Placement details

The placement, which was managed by Patersons Securities and included clients of CPS Securities, will be undertaken in two tranches.

Tranche 1 comprises the issue of 6.27 million shares to raise 878,600 of the funds under Minbos' 15% placement capacity.

Tranche 2 comprises the issue of 5.9 million shares to raise the remaining 832,959 million, with this tranche to be settled after the company's Annual General Meeting on 19 November 2012.


Strategic partner

Funds raised from the placement will be used for working capital requirements to enable the company to finalise the process of evaluating, selecting and appointing a significant strategic partner.

Allying with a strategic partner will give Minbos the financial resources to complete the planned Bankable Feasibility Studies for the Kanzi Project and the Cacata Phosphate Project.

Scott Sullivan, managing director, commented: "Recently released announcements on the Scoping Studies prove that we have projects with very strong economics.

"The development of the Kanzi project in parallel to the development of the company's high grade Cacata project will put Minbos in the unique situation of having two projects with low capital and operating costs in the development stage that can be brought online in the foreseeable future.

"The DRC projects in particular, of which we have a 65% share, are amenable to accelerated development due to already established and proximate infrastructure."

Since Listing in October 2010, Minbos has delineated a substantial resource of 370 million tonnes at 12.2% P2O5, including 44 million tonnes at 21.4% P2O5 at its Kanzi Project and 22.5 million tonnes at 21.4% P2O5 at its Cacata Project.


Kanzi and Cacata metrics

A recent Scoping Study for Kanzi has demonstrated positive economics, confirming the potential of Kanzi as a viable project with an internal rate of return of 58% (pre-tax) and a net present value pf US626 million (pre-tax) at a 10% discount rate.

Operating costs of US56.03 per tonne of phosphate rock (FOB) and a capital cost of US106 million (excluding contingency) have been estimated.

Meanwhile, Cacata is just as robust economically with an internal rate of return of 40.2% (pre-tax) and a net present value of US311 million (pre-tax) at a 10% discount rate.

Cacata is forecast to have operating costs of US57.23 per tonne of phosphate rock (FOB) and a capital cost of US157 million (excluding contingency).

Importantly, there is the opportunity to reduce both operating expenditure and capital expenditure for both projects during the BFS.

 






  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014'Piles and piles' of bodies in S. Sudan ,Arab News
(MENAFN - Arab News) Nairobi: gunmen who targeted both children and the elderly left 'piles and piles" of bodies — many of those in a mosque — in a provincial capital in south sudan the un's top ...

Apr 23 2014UAE- Billion-dollar realty projects on show ,Arab News
(MENAFN - Arab News) Cityscape abu dhabi a three-day realty event that began with 120 regional and international exhibitors witnessed major announcements on tuesday.salama bint hamdan al-nahyan ...

Apr 23 2014Saudi- Ministry launches complaint center for domestic workers ,Arab News
(MENAFN - Arab News) The labor ministry has launched a first-of-its-kind multilingual communication center to address complaints and grievances voiced by the kingdom's 1.2 million domestic ...

Apr 23 2014Qatar's MPHC net profit hits USD127m in Q1 ,MENAFN
(MENAFN) Qatar's Mesaieed Petrochemical Holding Company (MPHC) announced that a net profit increase in the January-March period of this year, The Peninsula Qatar reported. The company, a leading ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014Kowait- Rationalization of water use in focus ,Arab Times
(MENAFN - Arab Times) Kuwait city april 7 (kuna): under the patronage of minister of electricity and water abdulaziz al-ibrahim kuwait environment protection society (keps) organized monday a ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help