- Angola’s Ministry of Agriculture backs Minbos Resources’ (MNB) proposal to produce green ammonia and nitrogen fertiliser
- A letter of intent was submitted to several ministries for development of a nitrogen fertiliser facility using hydro-electric power from Angola’s Capanda Hydroelectric Dam
- The Minister of Agriculture and Fisheries agreed to provide necessary support to implement the project and has invited Minbos to submit a staged tariff structure
- Shares in Minbos Resources are up 11.76 per cent to 19 cents at 10:29 am AEDT
Minbos Resources (MNB) has received government support for its proposal to produce green ammonia and nitrogen fertiliser in Angola.
MNB submitted a letter of intent to several ministries including the Ministry of Agriculture and Fisheries, Energy and Water, and Mineral Resources and Petroleum, proposing the development of a nitrogen fertiliser facility using hydro-electric power from the Capanda Hydroelectric Dam located in the Malange Province of Angola.
According to the company, the facility generates power from four turbines of 130 megawatts each, giving a total installed capacity of 520 megawatts.
In response, the Ministry of Agriculture and Fisheries confirmed it will grant MNB the land necessary for establishing such a facility in the area and also agreed to support implementation of the project.
Moreover, in discussions with the Ministry of Energy, MNB has established that 100 megawatts of hydro-power is available for the project.
Moving forward the company has been invited to make a submission for a staged tariff structure to offset high fixed costs during the market development phase.
The prospect of producing nitrogen fertiliser from green ammonia provides a “great oppoortunity” for the African country, according to MNB’s CEO Lindsay Reed.
“Green Ammonia is a natural progression for Minbos and its NPK for Angola strategy and a great opportunity for Angola to establish a competitive sustainable fertiliser industry to underpin the development of its Agricultural sector,” he said.
Shares in Minbos Resources are up 11.76 per cent to 19 cents at 10:29 am AEDT.