Why the Minbos Resources (ASX:MNB) share price rocketed 41% higher

This ASX share is rocketing higher today…
The post Why the Minbos Resources (ASX:MNB) share price rocketed 41% higher appeared first on The Motley Fool Australia. –

The Minbos Resources Ltd (ASX: MNB) share price was among the best performers on the Australian share market on Wednesday.

The phosphate ore developer and explorer’s shares rocketed as much as 41% to a multi-year high of 15.5 cents.

The Minbos Resources share price ultimately ended the day 23% higher at 13.5 cents.

Why did the Minbos Resources share price rocket higher?

Investors were bidding the Minbos Resources share price higher today following the release of an event presentation.

That presentation provides investors with a summary of the company’s operations, plans, and industry trends.

According to the release, the company is aiming to build a high-impact nutrient production and distribution business for Central Africa.

It is hoping to achieve this with its Cabinda Phosphate Project in Angola. At a recent showcase event, this project was affirmed as a Project of National Importance to Angola and the wider Economic Community of Central African States (ECCAS) Region.

This partly due to the International Fertilizer Development Center (IFDC) forecasting the Angolan fertiliser market to grow 10x in the future. Furthermore, over a 10-year period, the IFDC expects Minbos’ and the AFFPP to create 20,000 jobs in fertilizer distribution and agribusiness for a total economic value of more than US$2 billion.

Management commentary

Minbos Resources’ CEO, Lindsay Reed, recently commented: “What is now clear from subsequent meetings, was that that our showcase was a watershed moment for the Company and the Project, a moment for which Government support coalesced behind both our plans and that of the AFFPP. It’s now clear that Minbos has the support of the Government to produce not only Rock Phosphate Fertilizer, but to execute a range of Agri-business opportunities.”

“Through all of the challenges that developing a project during a pandemic has thrown-up, it’s clear that our Project and that of our project partners at the IFDC are having a real impact and gaining real momentum. On behalf of the Board of Minbos, we thank all of the various stakeholders representatives for their attendance as we look forward to being a part of Angola’s growth story, one of the most compelling agricultural stories globally,” he added.

The Minbos Resources share price is now up 240% in 2021.

The post Why the Minbos Resources (ASX:MNB) share price rocketed 41% higher appeared first on The Motley Fool Australia.

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More reading

Minbos Resources (ASX:MNB) share price pushes higher on project update

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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