viewMinbos Resources Ltd

Minbos Resources makes new appointments


Minbos Resources (ASX: MNB) has appointed Scott Sullivan as managing director and James Carter as chief financial officer as it makes changes to its board.

Sullivan has more than 25 years of diversified mining experience across multiple commodities and projects domestically and internationally. 

He most recently held the position of president NSW energy coal with BHP Billiton (ASX: BHP), where he was directly responsible for the operation and rapid expansion of one of Australia’s iconic and highest producing coal mines, Mt Arthur, along with the Caroona Coal project and BHPB’s share in the NCIG port infrastructure in Newcastle. 

Prior to this, Sullivan was general manager of the Wambo Coal Complex in NSW with Peabody Energy, and successfully commissioned the Wambo underground longwall mine, helping it become one of the world’s most productive thin seam longwall mines.

He was previously chief financial officer of Straits Resources (ASX: SRQ), and prior to that was chief financial officer and company secretary of Sakari Resources (SGX: AJ1)

Carter was integral to Sakari Resources’ listing and development as a 10 million tonne per annum coal producer in Indonesia.

His work at Straits included debt and equity capital markets, tax strategy, M&A and corporate governance. 

Carter was involved with raising $2 billion from equity and debt capital markets in the last five years.

Peter Richards, chairman of Minbos Resources, commented: “Scott has the right mix of experience and skills with selective and bulk commodities to further progress the company’s strategy of developing its West African Phosphate Projects in the near term, whilst driving further development, growth and shareholder return in the medium and long term. 

“His skills and experience, particularly in strategic planning, development and operations will complement the existing board, preparing us to become an operator. 

“Combined with James’s financing, administrative and governance experience this provides Minbos with the skills of two highly experienced and successful mining executives to take the company forward in its next exciting phase of growth.”

In further restructuring, Richards will transition from executive chairman to non-executive chairman.

Former managing director Robbie McCrae will remain associated with Minbos going forward, providing consulting services supporting DRC operations in particular and also broader activities in Africa.

Bankable Feasibility 

The changes are aimed at ensuring Minbos has the best skill base possible at an executive and board level to move forward as it moves into the Bankable Feasibility stage at its West African phosphate projects.

The company is focused on fast tracking the development of the Kanzi Project, particularly given its relatively high grade and access to road and port infrastructure.

Based on the similarities of the Kanzi and Cacata projects, and the very robust financial results recently published from the Cacata Scoping Study, Minbos is confident that the next step for Kanzi will be the commencement of a BFS.

During the September quarter, Minbos announced a 42% increase in high grade resources at the Kanzi project.

The expanded limits of the recently issued exploration licences ensured that the entire Kanzi deposit is now included in the resource estimate whereas previously only two thirds of the deposit was covered by licence. 

This has resulted in an increased Inferred JORC resource for Kanzi of 66 million tonnes at 15.3% phosphate.

Previous metallurgical testwork on drill chips from Kanzi demonstrate the ore upgrades to a premium DSO phosphate product.

The ore could be upgraded to a product over 32% phosphate.

This will have positive ramifications for Kanzi to become a low CAPEX, low OPEX producer of phosphate, as well as for Minbos to transition from an explorer to developer.

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Quick facts: Minbos Resources Ltd

Price: 0.08 AUD

Market: ASX
Market Cap: $29.57 m

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