After securing 14 million dollars in financing from the South African government agency Industrial Development Corporation (IDC), Minbos also obtained 10 million dollars from the Sovereign Fund of Angola (FSDEA), he told Lusa news agency.
"The Sovereign Fund showed a strong interest because this will be a turning point for the agricultural industry in Angola, which no longer needs to import fertilizer and the respective cost, in addition to being an export good", highlighted the executive, in London, where participated in the FT Africa Summit 2024.
The remainder of the 42 million dollars needed to cover the project are funds from the company itself, which is listed in Australia, but which created a company in Mauritius for this venture.
According to Robertson, the FSDEA investment guarantees 22 percent of the equity in the project. The company is now in negotiations with Banco BAI to obtain working capital and financial services.
"As soon as the money is available, we will put it directly into the factory. We already have probably around 10 million worth of equipment that we purchased in the United States. A large amount of processing equipment has already been imported into Angola and is in warehouse right now", he added.
The director of Minbos said the company is "desperate to start as early as possible [the start of construction] to avoid the rainy season, otherwise we will be late", he explained.
The project arose from the discovery of a phosphate deposit in Cabinda, an enclave best known for producing 60 percent of Angola's oil.
The discovery several years ago was made by an Israeli company, but it was Minbos that took charge of the project and carried out prospecting for the Cácata mine, located around 50 kilometers from the Port of Cabinda.
The factory will be located in Sunbantando, halfway to the port, and preparatory work has already begun.
Minbos plans to start with annual production of around 100,000 tons of fertilizer, which it expects to double by 2026 and continue to increase capacity until it reaches 400,000 tons annually in the following years.
Over the last four to five years, the company has been dedicated to carrying out exhaustive tests with phosphate that have shown its viability and during this time it has also negotiated the purchase of a surplus of hydroelectric power of around 100 to 200 megawatts that will enable the production of green ammonia.
"This will be another game changer, because when we go into green ammonia we will be able to export abroad. About 50 percent of the ammonia will go into explosives for the mining industry and about 50 percent into phosphate, to create a superphosphate", he said.
