A PYMNTS Company

Australia: Mining Giant Minbos in A$20m merger with Angolan partner

By  |  December 5, 2016

ASX-listed junior Minbos has signed a nonbinding term sheet to buy its Angolan joint venture partner, Petril Phosphate, in a transaction valued at about A$20-million.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Under the proposed merger of equals, Minbos will acquire all shares in Petril in a mostly scrip transaction, that will result in Petril and Minbos shareholders each owning about 50% of the enlarged company.
    Petril shareholders will also be paid a structured royalty on any future production from Petril’s Lucunga project. In addition to the Lucunga project, Petril also owns the Pedra de Feitico project, on the banks of the Congo river.

    Minbos and Petril jointly own the Cabinda phosphate project, which is currently undergoing a bankable feasibility study. The 391.3-million-ton project, with an estimated ten-year mine life, spreads across the southern part of the Republic of Congo, the north-western part of Angola and the western part of the Democratic Republic of Congo.

    Full Content: Mining Weekly

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.