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minbos resources - Initiation Report June 2015

11 Videos - Jun 2015


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Summary - Initiation Report June 2015

Initiation report  on Minbos Resources (ASX:MNB), an ASX listed phosphate development company.  Report includes:

  • Valuation Analysis;
  • Site trip to Angola;
  • Review of the phosphate sector; and
  • Management Interviews.

TSI Analysis - Valuation Analysis

  • Financial Analysis of Minbos to determine our base case valuation.
  • Discuss the key reason for the difference in our valuation and the current share price.
  • Explain reasons for the assumptions used in determining our valuation, including:
    • Commodity prices, mine life & production schedule as well as financing options.

TSI Analysis - Risk Assessment

  • Analysis of the key risk we associate with a potential investment in Minbos, including:
    • Finance;
    • Country; and
    • Port/shipping.

TSI Analysis - Investment Analysis

  • Analysis of Minbos as an investment opportunity.
  • Identify the key catalysts for future share price growth.
  • Sensitivity analysis of factors that will affect our future valuation:
    • Capital costs;
    • Operating costs;
    • Phosphate Price; and
    • Resource (size & grade).

Operations - Operation – Cacata Project

  • Site trip to the Cacata Project in Angola.
  • Recent management changes have focused on the high grade section of the project, which has a resource of 13Mt at 26% P2O5.
  • The project is supported by excellent road infrastructure, access to power as well as support from the local community and national government.
  • Given the grade of the deposit we believe only a simple scrub and screen will be required to process the concentrate to a saleable product.
  • We review two port options to export the phosphate concentrate.

Operations - Port of Caio

  • Interview with Brian Fuggle, Executive Director of Ciaoporto S.A.
  • The Caio Port is scheduled to be operational by late 2017.
  • It will be the major port in the Cabinda province, Angola.
  • Minbos plans to use this port in the long term to export phosphate concentrate.

Exploration and Development - Cabinda Projects

  • Minbos has identified 6 phosphate projects in Cabinda region for a total resource of 391Mt.
  • Minbos’ land holdings in the region cover an area of approximately 2,000km2.
  • All projects are accessible by existing roads as well as being located nearby power infrastructure and communities.

Technology, Product & Market - What is Phosphate?

  • Review of the phosphate industry.  Key areas discussed include:
    • Uses;
    • Pricing;
    • Supply; and
    • Demand.

Management - Ask the Question - CEO - Lindsay Reed

Interviews with Minbos management team to ask them about the Company's strategy and future direction as well as recent changes to the corporate structure and project ownership.

Management - Ask the Question - CFO - Stef Weber

Interviews with Minbos management team to ask them about the Company's strategy and future direction as well as recent changes to the corporate structure and project ownership.

Management - Ask the Question - Non-Executive Director - Domingos Catulichi (Zeca)

Interviews with Minbos management team to ask them about the Company's strategy and future direction as well as recent changes to the corporate structure and project ownership.

Management - - JV Partner - Mitrelli Group

Management - The Sophisticated Conversation - CEO - Lindsay Reed

Interviews with Minbos management team to discuss their relevant work experience as well as their interests and passions away from the office.

Management - The Sophisticated Conversation - CFO - Stef Weber

Interviews with Minbos management team to discuss their relevant work experience as well as their interests and passions away from the office.

All Videos for minbos resources - Initiation Report June 2015

Summary

Initiation Report June 2015

Initiation report  on Minbos Resources (ASX:MNB), an ASX listed phosphate development company.  Report includes:

  • Valuation Analysis;
  • Site trip to Angola;
  • Review of the phosphate sector; and
  • Management Interviews.

TSI Analysis

Valuation Analysis

  • Financial Analysis of Minbos to determine our base case valuation.
  • Discuss the key reason for the difference in our valuation and the current share price.
  • Explain reasons for the assumptions used in determining our valuation, including:
    • Commodity prices, mine life & production schedule as well as financing options.

Risk Assessment

  • Analysis of the key risk we associate with a potential investment in Minbos, including:
    • Finance;
    • Country; and
    • Port/shipping.

Investment Analysis

  • Analysis of Minbos as an investment opportunity.
  • Identify the key catalysts for future share price growth.
  • Sensitivity analysis of factors that will affect our future valuation:
    • Capital costs;
    • Operating costs;
    • Phosphate Price; and
    • Resource (size & grade).

Operations

Operation – Cacata Project

  • Site trip to the Cacata Project in Angola.
  • Recent management changes have focused on the high grade section of the project, which has a resource of 13Mt at 26% P2O5.
  • The project is supported by excellent road infrastructure, access to power as well as support from the local community and national government.
  • Given the grade of the deposit we believe only a simple scrub and screen will be required to process the concentrate to a saleable product.
  • We review two port options to export the phosphate concentrate.

Port of Caio

  • Interview with Brian Fuggle, Executive Director of Ciaoporto S.A.
  • The Caio Port is scheduled to be operational by late 2017.
  • It will be the major port in the Cabinda province, Angola.
  • Minbos plans to use this port in the long term to export phosphate concentrate.

Exploration and Development

Cabinda Projects

  • Minbos has identified 6 phosphate projects in Cabinda region for a total resource of 391Mt.
  • Minbos’ land holdings in the region cover an area of approximately 2,000km2.
  • All projects are accessible by existing roads as well as being located nearby power infrastructure and communities.

Technology, Product & Market

What is Phosphate?

  • Review of the phosphate industry.  Key areas discussed include:
    • Uses;
    • Pricing;
    • Supply; and
    • Demand.

Management

Ask the Question

Interviews with Minbos management team to ask them about the Company's strategy and future direction as well as recent changes to the corporate structure and project ownership.

The Sophisticated Conversation

Interviews with Minbos management team to discuss their relevant work experience as well as their interests and passions away from the office.
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