Minbos shares dip after ASX debut

West Africa-focused phosphate explorer Minbos Resources has lost ground in its first day of trading on the Australian Securities Exchange.

Shares in the company closed at 19.5 cents, down from the opening price of 21 cents after almost 2.3 million shares changed hands.

The company issued 40 million shares at 20 cents each as part of its $8 million Initial Public Offering.

Upon listing the company had 68.25 million shares plus 14 million options.

Minbos executive chairman Peter Richards, who was the former CEO of Dyno Nobel, said the listing marked an important milestone for Minbos and its shareholders.

"This is another step for Minbos toward our goal of becoming a world-class phosphate company, and we will be hitting the ground running post listing," Mr Richards said.

"We have put in place a portfolio of large phosphate exploration permits with significant infrastructure and cost advantages, and which will provide our shareholders with exposure to the surging global demand for fertiliser products," he said.

"Recent world leading transactions by some of the resources majors support Minbos' strategy to pursue our phosphate projects.

"The Company has in place an excellent management and operations team with experienced partners, and expect to commence a drilling program this quarter," Mr Richards said.