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Minbos terminates merger with Angolan phosphate JV partner

Minbos Resources Ltd. said Nov. 28 that it terminated a proposed merger with Petril Phosphates Ltd., its joint venture partner in the Cabinda phosphate project in Angola, after conditions for the transaction were not met by the Oct. 24 due date.

Under the proposed deal in December 2016, Minbos would acquire Petril in an all-scrip and royalty-based transaction that values the target at about A$20 million.

The company will remain a joint venture partner in the Cabinda project.