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The estimated internal rate of return on the venture is put at 40-60%.
Minbos is currently capitalised at about A$11 million and at the start of the current quarter had $750,000 cash.
A definitive feasibility study for Cabinda now underway is expected to be completed in the next nine months, with Minbos aiming to begin production late next year or early in 2022.
Minbos' vision is to build a nutrient supply and distribution business that stimulates agricultural production and promotes food security in Angola and the broader Congo Basin.
Minbos also has a rare earths prospect in Madagascar that's currently on hold, with the company noting the owners of a broadly similar geological project in California (called Mountain Pass), recently announced plans to list on the New York Stock Exchange with an enterprise value of US$1 billion.
Shares in Minbos were unchanged at A0.2c in morning trade, capitalising the company at $11 million.
