Proactiveinvestors Australia Kogi Iron Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Kogi Iron Ltd RSS feed en Wed, 24 Apr 2019 00:15:50 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Kogi Iron negotiates funding proposals to advance Nigerian cast steel project DFS ]]> https://www.proactiveinvestors.com.au/companies/news/218729/kogi-iron-negotiates-funding-proposals-to-advance-nigerian-cast-steel-project-dfs-218729.html Kogi Iron Ltd(ASX:KFE) specialises in steel project exploration and development in Nigeria. It is run by financier Martin Wood and chaired by former BHP Billiton Limited (ASX:BHP) (LON:BHP) (NYSE:BHP) (NYSE:BBL) executive Don Carroll.

Managing director and CEO Wood was responsible for more than $2 billion of transactions during his time as a financier and advisor at Standard Bank, NM Rothschild and Benfield. The former chairman of the Association of Mining Analysts later founded the brokerage Vicarage Capital Limited, picking up global base metals and precious metals and oil & gas companies and assets.

Non-executive chairman Carroll is an engineer and Australian Institute of Mining and Metallurgy member with more than 30 years mining industry experience, focused on West Africa, the US and Asia. He is the former CEO of Guinea Alumina project in West Africa.

What does Kogi Iron own?

The key asset is the Agbaja Cast Steel Project in Nigeria owned by Kogi Iron’s 100%-held subsidiary KCM Mining Limited.

Test work for the West African project has been completed by Mintek and Tenova, including chemical and moisture analysis.

A market feasibility study was undertaken by London Metal Exchange successor Fastmarkets MB.

The objective of the study was to confirm the overall level of potential market demand for the cast steel product that Kogi intends to produce at Agbaja, with results to be fed into a definitive feasibility study (DFS).

Fastmarkets confirmed that based on bulk sample process work undertaken last year by Mintek/Tenova, Agbaja iron ore produced a high-quality steel product.

The product had a 99.61% iron grade with minimal impurities - 0.00939% carbon, 0.003% manganese, 0.015% silicon, 0.0194% phosphorus and under 0.0632% sulphur.

The global metals market analyst also reviewed Nigerian and regional steel market demand.

Fastmarkets forecast a long-term average billet price over the period from 2019 to 2039 of US$476 a tonne with a US$428-513 a tonne range. The marketing study price estimate was conservative compared to UK-based CARES’ prices.

Based on forecast market demand, Fastmarkets considered the Nigerian market capable of an extra 1.5 million tonnes a year steel billet production. It also recommended a project developer consider Cameroon and Ghana export markets.

Full environmental permits have been granted previously for a proposed Agbaja iron ore mine.

The company reported earlier this month that a next phase would involve “bringing the remainder of the project (including the cast steel mill) to full environmental compliance.

“The already completed comprehensive base line environmental data that has been collected will allow this next phase to be completed in a timely and efficient manner.”

Kogi said on April 2, 2019, it had estimated an extra $10 million would be needed to finish the DFS and bring the project a “final close” for processing facilities and associated infrastructure construction funding.

The DFS-related funding would also be used towards pit geotechnical work, early-stage project civil works, improving local infrastructure and “general corporate purposes”.

Kogi has been in discussions regarding potential funding, saying two weeks ago, “The company is in negotiations with various parties regarding this targeted amount of funding and will update shareholders when definitive agreements have been reached.”

In February 2019 the company raised additional funds for its activities and had entered into a letter of intent with Nigerian steel producer Inner Galaxy Group for a strategic partnership on Agbaja.

The potential partner produces 1 million tonnes at year at two facilities, in Lagos state and near Aba in Port Harcourt region.

Kogi and Inner Galaxy’s agreement is non-binding but gives them a framework for Agbaja project development and offtake agreement discussions for a third of Agbaja’s forecast production capacity.

Later that month, the company’s representatives presented to Nigerian government officials at the 25th annual Investing in African Mining Indaba conference in South Africa’s Cape Town during a Nigeria Beyond Oil-De Risking Mining Investments workshop.

Company representatives also met with potential investors at the One2One Cape Town mining conference in the southern African port city.

Inflection points

Funding packages for ongoing and planned activities

Significant transactions

$10 million funding for completion of Agbaja Cast Steel Project DFS in Nigeria

Results of individual DFS report inputs, including socio-economic study, biodiversity study, proposed water and soil quality measures, waste management proposals, health factors, meteorology and air quality data and land-use management proposals

Detailed engineering design proof-of-concept and key metrics for the DFS, including capital and operating expense estimates

Completion of Agbaja DFS within timeframe estimated at 9 months from securing funds

Project construction finance

Final investment decision

Cast steel product production, ramp-up

Revenues and profit

Kogi chairman Don Carroll notes DFS progress

“The company continues to progress the milestones required for the completion of the DFS and these next steps build on the significant work done to date,” Kogi chairman Don Carroll told the market on April 2, 2019.

“We have a clearly defined path that we are following as we continue towards the finalisation of the DFS and ultimately the production of a cast steel product in Nigeria.”

 

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Tue, 16 Apr 2019 22:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218729/kogi-iron-negotiates-funding-proposals-to-advance-nigerian-cast-steel-project-dfs-218729.html
<![CDATA[News - Kogi Iron non executive director buys more shares on-market ]]> https://www.proactiveinvestors.com.au/companies/news/218379/kogi-iron-non-executive-director-buys-more-shares-on-market-218379.html Kogi Iron Ltd (ASX:KFE) non executive director Greg Boulton has shown confidence in the company’s Nigeria-focused steel strategy through on-market share purchases.

Boulton acquired 1000,000 shares and now holds 428,056 shares in Kogi via the Greg Boulton Family Superannuation Fund.

READ: Kogi Iron moves to the next phase of Agbaja Cast Steel Project DFS

The company is continuing to progress the definitive feasibility study (DFS) for its Agbaja Cast Steel Project in Nigeria.

Following the recent completion of the test work by Mintek and Tenova, as well as the marketing study undertaken by Fastmarkets MB, Kogi is now in a position to further progress the completion of the DFS by commencing the second and final phase of the Environmental Impact Study (EIS).

Kogi chairman Don Carroll recently said that the company has a clearly defined path as it continues toward finalisation of the DFS and ultimately the production of a cast steel product in Nigeria.

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Thu, 11 Apr 2019 14:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218379/kogi-iron-non-executive-director-buys-more-shares-on-market-218379.html
<![CDATA[News - Kogi Iron responds to ASX query on price and volume increase ]]> https://www.proactiveinvestors.com.au/companies/news/218108/kogi-iron-responds-to-asx-query-on-price-and-volume-increase-218108.html Kogi Iron Ltd (ASX:KFE) received a query from the ASX today related to the company’s shares rising from a low of 7.8 cents on Friday, April 5 to a high of 12 cents today.

The ASX also noted the significant increase in the volume of Kogi securities traded over the same period.

Kogi responded to the query explaining that it was not aware of any information that had not been released to the market which, if known, could be an explanation for recent trading in the securities of the company.

READ: Kogi Iron moves to the next phase of Agbaja Cast Steel Project DFS

The company is continuing to progress the definitive feasibility study (DFS) for its Agbaja Cast Steel Project in Nigeria.

Following the recent completion of the test work by Mintek and Tenova, as well as the marketing study undertaken by Fastmarkets MB, Kogi is now in a position to further progress the completion of the DFS by commencing the second and final phase of the Environmental Impact Study (EIS).

Kogi chairman Don Carroll recently said that the company has a clearly defined path as it continues toward finalisation of the DFS and ultimately the production of a cast steel product in Nigeria.

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Mon, 08 Apr 2019 15:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218108/kogi-iron-responds-to-asx-query-on-price-and-volume-increase-218108.html
<![CDATA[News - Kogi Iron moves to the next phase of Agbaja Cast Steel Project DFS ]]> https://www.proactiveinvestors.com.au/companies/news/217708/kogi-iron-moves-to-the-next-phase-of-agbaja-cast-steel-project-dfs-217708.html Kogi Iron Ltd (ASX:KFE) is continuing to progress the definitive feasibility study (DFS) for its Agbaja Cast Steel Project in Nigeria.

Following the recent completion of the test work by Mintek and Tenova, as well as the marketing study undertaken by Fastmarkets MB, Kogi is now in a position to further progress the completion of the DFS by commencing the second and final phase of the Environmental Impact Study (EIS).

READ: Kogi Iron increases awareness of Agbaja Cast Steel Project, presents at Cape Town events

The first phase of the EIS was completed in a prior year where full environmental permits were granted for the proposed Agbaja iron ore mine.

This next phase involves bringing the remainder of the project (including the cast steel mill) to full environmental compliance.

The comprehensive base line environmental data that has already been collected will allow this next phase to be completed in a timely and efficient manner.

The new work will include: socio-economic study, biodiversity study, water and soil quality, waste management, health, meteorology, air quality and land use management.

Kogi estimates that an additional $10 million will be required to complete the DFS and take the Agbaja Cast Steel Project to financial close for the funding of the construction of processing facilities and associated infrastructure.

This will include expenditure to be incurred on pit geotechnical work, carrying out early stage civil works on the project, improving local infrastructure and for general corporate purposes.

Key elements of the DFS to be completed include detailed engineering design as well as overall capital and operating expense estimates.

Kogi is in negations with various parties regarding this targeted amount of funding.

READ: Kogi Iron positions Agbaja project to capitalise on extensive Nigerian and regional steel demand

Once the company has secured the funds to complete the DFS, it is estimated that it will take nine months to complete.

Kogi chairman Don Carroll said: “The company continues to progress the milestones required for the completion of the DFS and these next steps build on the significant work done to date.

“We have a clearly defined path that we are following as we continue towards the finalisation of the DFS and ultimately the production of a cast steel product in Nigeria.”

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Tue, 02 Apr 2019 15:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217708/kogi-iron-moves-to-the-next-phase-of-agbaja-cast-steel-project-dfs-217708.html
<![CDATA[News - Kogi Iron increases awareness of Agbaja Cast Steel Project, presents at Cape Town events ]]> https://www.proactiveinvestors.com.au/companies/news/214412/kogi-iron-increases-awareness-of-agbaja-cast-steel-project-presents-at-cape-town-events-214412.html Kogi Iron Ltd (ASX:KFE) has been increasing awareness of its Agbaja Cast Steel Project in Nigeria and its overall corporate strategy while presenting at two recent Cape Town mining events.

Kogi Iron representatives presented to Nigerian government officials at the 25th annual Mining Indaba during a Nigeria Beyond Oil-De Risking Mining Investments workshop, and also met with potential investors at the One2One Cape Town mining conference.

Enhancing investor understanding

Kogi Iron chairman Don Carroll said: “We are delighted to have been able to present at these two high profile events and continue to enhance our investor understanding and awareness as we drive the Agbaja Cast Steel Project to production.”

 

 

READ: Kogi Iron receives commitments to raise $0.56 million in share placement

The company recently entered into a letter of intent to progress discussions with the Inner Galaxy Group regarding a strategic partnership for the development of the project and has received firm placement commitments from investors to raise $560,000 before costs.

Funds raised in the share placement will be used to progress work on ongoing studies required for the Agbaja Cast Steel Project definitive feasibility study and to provide working capital.

- Jessica Cummins 

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Mon, 11 Feb 2019 23:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214412/kogi-iron-increases-awareness-of-agbaja-cast-steel-project-presents-at-cape-town-events-214412.html
<![CDATA[News - Kogi Iron positions Agbaja project to capitalise on extensive Nigerian and regional steel demand ]]> https://www.proactiveinvestors.com.au/companies/news/214309/kogi-iron-positions-agbaja-project-to-capitalise-on-extensive-nigerian-and-regional-steel-demand-214309.html Metallurgical test work including chemical and moisture analysis completed;

Expanded environmental and marketing studies ongoing;

Market feasibility study from Fastmarkets MB to be fed into DFS; and

Discussions for a strategic partnership to develop Agbaja ongoing.

What does Kogi do?

Kogi Iron Ltd (ASX:KFE) is aiming to develop its Agbaja Cast Steel Project into the first integrated steel plant of its kind in Nigeria.

The company has progressed several metallurgical studies to prove the viability of producing a suitable metallised product using Nigerian domestic coal sources.

Nigeria has substantial domestic demand for steel production which is largely met through imports.

Kogi’s managing director & CEO Martin Wood has had extensive experience working in resource finance and advisory departments at NM Rothschild, Standard Bank and Benfield, where he was responsible for over $2 billion in transactions.

In 2003 Wood established Vicarage Capital Limited, a UK-based brokerage specialising in oil and gas, precious and base metals-focused exploration and development and production-stage companies.

What does Kogi own?

A market feasibility study was recently conducted by Fastmarkets MB for the Agbaja project.

The objective of the study was to confirm the overall level of potential market demand for the cast steel product that Kogi intends to produce at Agbaja.

Study results will be fed into the definitive feasibility study (DFS), which will among other things determine the size of Agbaja’s processing facility.

Fastmarkets confirmed that based on bulk sample process work undertaken last year by Mintek/Tenova, the Agbaja iron ore produced a high-quality steel product.

The product has a 99.61% iron grade with minimal impurities – 0.00939% carbon, 0.003% manganese, 0.015% silicon, 0.0194% phosphorus and under 0.0632% sulphur.

An extensive review of Nigerian and regional steel demand was also undertaken.

Fastmarkets forecast a long-term average billet price over the period from 2019 to 2039 of US$476 a tonne with a range of US$428-513 a tonne.

It was noted this was a conservative estimate compared to UK-based CARES prices.

Based solely on forecast market demand, Fastmarkets considers the Nigerian market has a capacity to handle additional steel billet production of up to 1.5 million tonnes a year.

The market research company also recommended export markets in Cameroon and Ghana be considered.

Earlier this week, Kogi entered into a letter of intent (LOI) to progress discussions with the Inner Galaxy Group regarding a strategic partnership for the development of Agbaja.

Inner Galaxy is a Nigerian-based company with steel production operations in Lagos State and a facility near Aba in the Port Harcourt region, with capacities of 200,000 and 800,000 tonnes a year respectively.

The LOI is non-binding and is intended to provide a framework for further discussion to be held regarding the development of Agbaja and long-term off-take of production from the project.

Any off-take agreement entered into will be for no more than a third of the total production capacity of Agbaja.

Inflection points

Completion of the Agbaja definitive feasibility study incorporating processing, environmental and marketing studies;

Continued support from government and community stakeholders; and

Ongoing discussions regarding strategic partnerships and potential off-take agreements.

Chairman Don Carroll sees partnership discussions as recognition of Agbaja’s potential

“This is a recognition of the potential viability of the Agbaja Cast Steel Project.

“We look forward to the opportunity of working together with Inner Galaxy to form a long-term, mutually-beneficial relationship.

“Agbaja is a superb project with a magnificent mineral resource.

“It enjoys outstanding support from the Nigerian government and has strong relationships with the communities in which it operates.”

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Sun, 10 Feb 2019 19:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214309/kogi-iron-positions-agbaja-project-to-capitalise-on-extensive-nigerian-and-regional-steel-demand-214309.html
<![CDATA[News - Kogi Iron receives commitments to raise $0.56 million in share placement ]]> https://www.proactiveinvestors.com.au/companies/news/213768/kogi-iron-receives-commitments-to-raise-056-million-in-share-placement-213768.html Kogi Iron Ltd (ASX:KFE) has received firm placement commitments from professional and sophisticated investors to raise $0.56 million before costs.

The placement of 6.6 million ordinary fully paid shares is at a price of 8.5 cents each.

Funds raised pursuant to the share placement will be used to progress work on ongoing studies required for the Agbaja Cast Steel Project definitive feasibility study and to provide working capital.

READ: Kogi Iron progressing partnership discussions to develop Agbaja Cast Steel Project

Earlier this week, Kogi entered into a letter of intent (LOI) to progress discussions with the Inner Galaxy Group regarding a strategic partnership for the development of Kogi’s Agbaja Cast Steel Project in Nigeria.

Inner Galaxy is a Nigerian based company with steel production operations in Lagos State (capacity 200,000 tonnes per annum) and a facility near Aba in the Port Harcourt region (capacity 800,000 tonnes per annum).

The LOI is non-binding and is intended to provide a framework for further discussions to be held regarding the development of the Agbaja Cast Steel Project and the long term off-take of production from the Agbaja project.

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Fri, 01 Feb 2019 12:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213768/kogi-iron-receives-commitments-to-raise-056-million-in-share-placement-213768.html
<![CDATA[News - Kogi Iron progressing partnership discussions to develop Agbaja Cast Steel Project ]]> https://www.proactiveinvestors.com.au/companies/news/213672/kogi-iron-progressing-partnership-discussions-to-develop-agbaja-cast-steel-project-213672.html Kogi Iron Ltd (ASX:KFE) has entered into a letter of intent (LOI) to progress discussions with the Inner Galaxy Group regarding a strategic partnership for the development of Kogi’s Agbaja Cast Steel Project in Nigeria.

Inner Galaxy is a Nigerian based company with steel production operations in Lagos State (capacity 200,000 tonnes per annum) and a facility near Aba in the Port Harcourt region (capacity 800,000 tonnes per annum).

The LOI is non-binding and is intended to provide a framework for further discussions to be held regarding the development of the Agbaja Cast Steel Project and the long term off-take of production from the Agbaja project.

READ: Kogi Iron renews exploration licence in Nigeria as it advances Agbaja Cast Steel Project

Any offtake agreement entered into will be for no more than a third of the total production capacity of the Agbaja Cast Steel Project.

The economic and financial impact of this non-binding LOI is not quantifiable at this stage.

READ: Kogi Iron study results support market demand for proposed steel products

Kogi chairman Don Carroll said: “This is a recognition of the potential viability of the Agbaja Cast Steel Project and we look forward to the opportunity of working together with Inner Galaxy to form a long term, mutually beneficial relationship.”

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Thu, 31 Jan 2019 15:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213672/kogi-iron-progressing-partnership-discussions-to-develop-agbaja-cast-steel-project-213672.html
<![CDATA[News - Kogi Iron renews exploration licence in Nigeria as it advances Agbaja Cast Steel Project ]]> https://www.proactiveinvestors.com.au/companies/news/213014/kogi-iron-renews-exploration-licence-in-nigeria-as-it-advances-agbaja-cast-steel-project-213014.html Kogi Iron Ltd (ASX:KFE) has received final documentation from the Federal Republic of Nigeria, Ministry of Mines and Steel Development, granting Exploration Licence EL 28784, which replaces EL 16998.

EL 16998 was first approved in September 2015 and has been replaced by EL 28784 in the normal course of business.

Following this grant, the company now holds 100% interests in Mining Leases ML24606, ML24607 and ML 25376; and retains Exploration Licences EL14847 and EL28784 where it plans to conduct additional exploration.

Kogi Iron is operating in Nigeria via its fully owned subsidiary KCM Mining which has a portfolio of exploration and mining licences for the Agbaja iron ore deposit in Kogi State, Nigeria.

READ: Kogi Iron study results support market demand for proposed steel products

Kogi Iron chairman Don Carroll said: “The maintenance of our mining leases and exploration permits is a key role of our management team at KCM Mining and it is pleasing to see the continuing positive results of this work.”

The company recently received the results of a market feasibility study conducted by Fastmarkets MB for the Agbaja Cast Steel Project in Nigeria.

The objective of the study was to confirm the overall level of potential market demand for the cast steel product that Kogi intends to produce from the Agbaja Cast Steel Project.

The study results will be fed into the definitive feasibility study (DFS), which will amongst other things determine the sizing of the Agbaja Cast Steel Project’s processing facility.

Agbaja iron ore can produce high-quality steel

Fastmarkets confirmed that based on bulk sample process work undertaken last year by Mintek/Tenova, the Agbaja iron ore produced a high-quality steel product.

The product has a 99.61% iron grade with minimal impurities – 0.0939% carbon, 0.003% manganese, 0.015% silicon, 0.0194% phosphorus and under 0.0632% sulphur.

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Tue, 22 Jan 2019 13:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213014/kogi-iron-renews-exploration-licence-in-nigeria-as-it-advances-agbaja-cast-steel-project-213014.html
<![CDATA[News - Kogi Iron study results support market demand for proposed steel products ]]> https://www.proactiveinvestors.com.au/companies/news/212729/kogi-iron-study-results-support-market-demand-for-proposed-steel-products-212729.html Kogi Iron Ltd (ASX:KFE) has received the results of a market feasibility study conducted by Fastmarkets MB for the Agbaja Cast Steel Project in Nigeria.

The objective of the study was to confirm the overall level of potential market demand for the cast steel product that Kogi intends to produce from the Agbaja Cast Steel Project.

The study results will be fed into the definitive feasibility study (DFS), which will amongst other things determine the sizing of the Agbaja Cast Steel Project’s processing facility.

Kogi’s chairman Don Carroll said: “With the completion of this very positive market study we are delighted to have taken another step on the ongoing journey to the completion of the definitive feasibility study for the Agbaja Cast Steel Project.”

Agbaja iron ore can produce high-quality steel

Fastmarkets confirmed that based on bulk sample process work undertaken last year by Mintek/Tenova, the Agbaja iron ore produced a high-quality steel product.

The product has a 99.61% iron grade with minimal impurities – 0.0939% carbon, 0.003% manganese, 0.015% silicon, 0.0194% phosphorus and under 0.0632% sulphur.

Demand exists for products within local Nigerian market

An extensive review of Nigerian and regional steel demand was also undertaken by Fastmarkets.

Fastmarkets forecasts a long-term average billet price over the period from 2019 to 2030 of US$476 per tonne with a range of US$428-513 per tonne.

Fastmarkets noted that this was a conservative estimated compared to UK-based CARES prices.

Local market can handle new production

Based solely on forecast market demand for steel billets Fastmarkets considers the Nigerian market has a capacity to handle additional new billet production of up to 1.5 million tonnes per year (tpy).

Fastmarkets also recommended export markets in Cameroon and Ghana be considered with forecast market capacity of 100-250,000 tpy.

Notably, Fastmarkets recommended that planning of the Agbaja Project take into account a potential phase II to cater for additional output in a demand upside scenario.

READ: Kogi Iron’s Don Carroll takes over chairman role

Regarding offtake agreement, Fastmarkets considered that it would be premature for Kogi to sign binding off-take agreements with prospective customers.

Nevertheless, Fastmarkets did broach the subject with the companies that they identified as potential key customers.

There was interest shown by these parties and a willingness to discuss off-take options more seriously at a future date.

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Thu, 17 Jan 2019 08:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212729/kogi-iron-study-results-support-market-demand-for-proposed-steel-products-212729.html
<![CDATA[News - Kogi Iron granted an ASX trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/212548/kogi-iron-granted-an-asx-trading-halt-212548.html Kogi Iron Ltd (ASX:KFE) has been granted a trading halt by the ASX pending an announcement to the market regarding its response to an ASX price query and an update on the Fastmarkets MB market study announced to ASX on August 31, 2018.

The halt will remain in place until the earlier of the start of trading on Thursday, January 17, or when the announcement is released to market.

READ: Kogi Iron tests prove quality of local coal to supply Nigerian cast steel project

Kogi aims to become a producer of cast steel products by developing its 100%-owned Agbaja project in the Kogi State within Nigeria.

Nigeria has substantial domestic demand for steel production, which is largely met through imports.

The Agbaja project opens the opportunity for domestic production of steel billets.

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Tue, 15 Jan 2019 14:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212548/kogi-iron-granted-an-asx-trading-halt-212548.html
<![CDATA[News - Kogi Iron appoints director Greg Boulton as chairman of new audit and governance committee ]]> https://www.proactiveinvestors.com.au/companies/news/211102/kogi-iron-appoints-director-greg-boulton-as-chairman-of-new-audit-and-governance-committee-211102.html Kogi Iron Ltd (ASX:KFE) has appointed non-executive director Greg Boulton to the role of chairman of the board’s audit & governance committee.

The creation of the new committee is in line with the company’s objective of continually improving its corporate governance standards.

 

As a recently elected independent director, Boulton has strong audit and governance skills and is well-suited to provide appropriate oversight in those areas.

The committee’s role will be to assist the board on issues relevant to:

Integrity of the company’s financial reporting and compliance;

Oversight of material business risks, including review and approval of the company’s risk management and oversight policies; and

Oversight of all governance-related matters.

READ: Kogi Iron tests prove quality of local coal to supply Nigerian cast steel project

Kogi aims to become a producer of cast steel products by developing its 100%-owned Agbaja project in the Kogi State within the Republic of Nigeria.

The company recently completed test work to prove the viability of producing a suitable metallised product using Nigerian domestic coal sources.

The testing was undertaken by specialist coal consultant Torex and both coal sources used in the program have the capacity to supply 100% of Agbaja’s needs and are within 70 kilometres of the project.

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Wed, 12 Dec 2018 21:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211102/kogi-iron-appoints-director-greg-boulton-as-chairman-of-new-audit-and-governance-committee-211102.html
<![CDATA[News - Kogi Iron’s Don Carroll takes over chairman role ]]> https://www.proactiveinvestors.com.au/companies/news/210912/kogi-irons-don-carroll-takes-over-chairman-role-210912.html Kogi Iron Ltd (ASX:KFE) non-executive director Don Caroll has replaced 83-year-old Ian Burston as the board’s chairman today.

Burston has been chairman of Kogi since 2011 and has overseen the development of the company’s Agbaja Cast Steel Project in Nigeria.

Burston said: “Agbaja is a project with outstanding potential to become a world-scale player in iron ore and steel products.

“Kogi now needs a Board that can see the development of the Agbaja project through financing, construction and into production.

“That will require a team that can make a long-term commitment to the company and its loyal shareholders, so this is an appropriate time to hand over the reins.

READ: Kogi Iron gains additional board expertise with election of new director

Burston added: “Agbaja is a superb project with a magnificent mineral resource. It enjoys outstanding support from the Nigerian Government and has strong relationships with the communities in which it operates.

“The project is now well advanced, so this is a natural point to hand over and let others take it through to completion and production.

“Going forward I will remain available to the company to provide support and consultation as required.”

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Tue, 11 Dec 2018 12:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210912/kogi-irons-don-carroll-takes-over-chairman-role-210912.html
<![CDATA[News - Kogi Iron gains additional board expertise with election of new director ]]> https://www.proactiveinvestors.com.au/companies/news/210165/kogi-iron-gains-additional-board-expertise-with-election-of-new-director-210165.html Kogi Iron Ltd (ASX:KFE) has gained new expertise on its board after the election of Greg Boulton as a non-executive director at Tuesday’s annual general meeting.

The new addition has been a professional director for more than 30 years serving on public company and institution boards as a chairman and non-executive director.

As a Fellow of the Institute of Chartered Accountants and a Fellow of the Australian Society of Certified Practising Accountants, Boulton brings financial expertise to the board.

South Australian links

He is also a Fellow of the Australian Institute of Company Directors and in 2010 was appointed Member of the Order of Australia ‘For service to Australian Rules football administration, to the community of South Australia, and to business’.

Kogi chairman Ian Burston said the appointment of Mr Boulton as a non-executive director added to the strength of the Kogi board.

“We are fortunate to have someone with his expertise and experience join the company,” Burston said.

READ: Kogi Iron tests prove quality of local coal to supply Nigerian cast steel project

Kogi aims to become a producer of cast steel product that can be sold to manufacturers of steel products through development of its Agbaja Cast Steel Project in Nigeria’s Kogi state.

Nigeria has substantial domestic demand for steel products, which is currently met largely through imports.

Kogi holds a land position which covers a large part of the Agbaja Plateau.

This plateau hosts an extensive, shallow, flat-lying channel iron deposit with a JORC-compliant indicated and inferred mineral resource of 586 million tonnes with an in-situ iron grade of 41.3%.

This resource covers about 20% of the prospective plateau area within Kogi’s licences.

Considerable board experience

Among the most recent boards Boulton has served on are Statewide Superannuation Fund, K&S Corporation Ltd (ASX:KSC), Southern Gold Limited (ASX:SAU) and Kangaroo Island Plantation Timbers Ltd (ASX:KPT).

The experience gained from these boards relevant to Kogi Iron is:

- Establishing and nurturing best practice in corporate governance; - Dealing with overseas jurisdictions; - Funding mining infrastructure; - Established networks in fundraising in Australia; - Understanding of mining, exploration and development; - Profile in South Australia and knowing many of the South Australian-based investors of Kogi Iron; and - Financial skills and project assessments and returns. READ: Kogi Iron appoints experienced iron and steel executive as a special advisor

Kogi recently appointed experienced iron and steel industry executive Paul Marsden as a special advisor to its board.

Marsden, who has extensive experience in the global steel and iron ore industries, has been appointed to the role as the company advances the Agbaja project.

At the time Burston said: “His deep knowledge and understanding of iron ore and steel markets and the many elements that go into successful development of a cast steel project such as ours will be a great benefit.”

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Thu, 29 Nov 2018 09:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210165/kogi-iron-gains-additional-board-expertise-with-election-of-new-director-210165.html
<![CDATA[News - Kogi Iron appoints experienced iron and steel executive as a special advisor ]]> https://www.proactiveinvestors.com.au/companies/news/209528/kogi-iron-appoints-experienced-iron-and-steel-executive-as-a-special-advisor-209528.html Kogi Iron Ltd (ASX:KFE) has appointed an experienced iron and steel industry executive as a special advisor to its board.

Paul Marsden, who has extensive experience in the global steel and iron ore industries, has been appointed to the role as the company advances its Agbaja Cast Steel Project in Nigeria.

UK-based Marsden has worked in key roles for several international iron ore and steel manufacturers.

“Deep knowledge” of markets

Kogi Iron’s chairman Dr Ian Burston said: “We are delighted Paul has agreed to join us as an advisor.

“His deep knowledge and understanding of iron ore and steel markets and the many elements that go into successful development of a cast steel project such as ours will be a great benefit as we develop the Agbaja Cast Steel Project in Kogi State, Nigeria.”

Marsden’s skills include steel plant due diligence studies; evaluation of steelwork developments globally; assessment of Direct Reduction steelworks including coal-based Direct Reduction; and environmental studies for EAF, DRI and pelletising operations; and technical input for plans to turn around an African-based steelworks.

READ: Kogi Iron tests prove quality of local coal to supply Nigerian cast steel project

He has also experience with strategic analysis of current and future competitiveness of sectors for the steel industry considering raw materials, energy and transport; project coordination; cost control management; and plant engineering for steel works.

Marsden has also published numerous articles covering the exploration, development and optimisation of iron ore and steel projects.

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Tue, 20 Nov 2018 17:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209528/kogi-iron-appoints-experienced-iron-and-steel-executive-as-a-special-advisor-209528.html
<![CDATA[Media files - Kogi Iron confident of Nigerian steel potential ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11016/kogi-iron-confident-of-nigerian-steel-potential-11016.html Mon, 29 Oct 2018 08:11:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11016/kogi-iron-confident-of-nigerian-steel-potential-11016.html <![CDATA[News - Kogi Iron tests prove quality of local coal to supply Nigerian cast steel project ]]> https://www.proactiveinvestors.com.au/companies/news/207435/kogi-iron-tests-prove-quality-of-local-coal-to-supply-nigerian-cast-steel-project-207435.html Kogi Iron Ltd (ASX:KFE) has completed a test work program to prove the viability of producing a suitable metallised product using Nigerian domestic coal sources for its Agbaja Cast Steel Project.

The testing was undertaken by specialist coal consultant Torex and both coal sources used in the program have the capacity to supply 100% of Agbaja’s needs and are within 70 kilometres of the project.

 

Kogi said that the coal displayed a satisfactory reduction and metallisation at acceptable temperatures and time periods.

The material did not prove prone to forming aggregates of conglomerates and neither coal source showed any tendency to fuse to the kiln.

Carbon to ore ratios by mass between 20:100 and 35:100 were tested and metallisation of 85.3% was achieved using a carbon ratio of 35:100.

READ: Kogi Iron gains support from Nigerian minister and other stakeholders to build cast steel project

Kogi’s consultants Tenova said: “The coal is suitable to use as the reductant in the pre-reduction stage and our target level of metallisation of 85% was achieved during the pre-reduction test work carried out by Torex.”

Tenova’s test work program is now complete following the receipt of the coal study from Torex.

READ: Kogi Iron test work program supports steel producing future

Kogi aims to become a producer of cast steel products by developing its 100%-owned Agbaja project in the Kogi State within the Republic of Nigeria.

Nigeria has substantial domestic demand for steel production, which is largely met through imports.

The Agbaja project opens the opportunity for domestic production of steel billets.

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Fri, 19 Oct 2018 00:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207435/kogi-iron-tests-prove-quality-of-local-coal-to-supply-nigerian-cast-steel-project-207435.html
<![CDATA[News - Kogi Iron gains support from Nigerian minister and other stakeholders to build cast steel project ]]> https://www.proactiveinvestors.com.au/companies/news/206948/kogi-iron-gains-support-from-nigerian-minister-and-other-stakeholders-to-build-cast-steel-project-206948.html Kogi Iron Ltd (ASX:KFE) has received overwhelming support from the Nigerian government and other stakeholders for the Agbaja Cast Steel Project owned by Kogi’s 100% subsidiary KCM Mining Limited.

Kogi chief executive officer Martin Wood recently visited the Agbaja project and Nigeria’s capital Abuja, accompanied by Alabi Samuel Olugbenga, the recently appointed KCM Country Manager.

In Abuja, Wood and Samuel visited the Minister of State for Mines and Steel Development – The Honourable Abubakar Bawa Bwari.

The meeting, chaired by the minister, included key members of the ministry and industry specialists with extensive first-hand knowledge of the project and the deposit.

The minister expressed his pleasure at the results of the recent Mintek study (demonstrating the ability to produce a high-quality cast steel product from the KCM Agbaja ore) and gave his full support for the Agbaja project.

READ: Kogi Iron test work program supports steel producing future

The Mintek test work successfully demonstrated a process route to produce a low phosphorus / low sulphur cast steel product suitable for billet steelmaking with >99% iron recovery.

This will underpin Kogi’s plan to develop the first integrated cast steel project in Nigeria which will utilise the Agbaja iron ore as feedstock to produce cast steel billet products to be sold as replacement for current imports of scrap steel.

Support from community stakeholders

At meetings with His Majesty The Olu of Oworo, the project was discussed in a very friendly and constructive manner, and both parties expressed happiness with the current arrangements and a desire to see the project move forward.

His Majesty The Olu of Oworo expressed his support for the current team of both KCM and Kogi and offered every assistance in the development of the Agbaja Cast Steel Project.

The chairman and other stakeholders of the Community Development Agreement (CDA) were also in attendance.

A very useful and cordial discussion was had surrounding the CDA and the progress of the project.

 

Kogi non-executive chairman Dr Ian Burston said: “We are delighted that the relationship with our partners and stakeholders in Nigeria remains so strong and we continue to look forward to developing the Agbaja Cast Steel Project with our partners.

“Morale in KCM has never been better and the team feels motivated and empowered to take the project forward.”

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Fri, 12 Oct 2018 13:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206948/kogi-iron-gains-support-from-nigerian-minister-and-other-stakeholders-to-build-cast-steel-project-206948.html
<![CDATA[News - Kogi Iron test work program supports steel producing future ]]> https://www.proactiveinvestors.com.au/companies/news/205592/kogi-iron-test-work-program-supports-steel-producing-future-205592.html Kogi Iron Ltd (ASX:KFE) has completed a test work program confirming a processing flowsheet for the production of cast steel from its Agbaja iron ore project in Nigeria.

This is a major milestone for Kogi as this flowsheet and test work are critical parts of its engineering and definitive feasibility study (DFS).

The pilot smelting test work successfully demonstrated that it is feasible to process beneficiated Agbaja iron ore in an electric arc furnace to produce a cast steel product.

READ: Kogi Iron plans to become Nigeria’s first domestically-sourced producing steel company and could generate billions of dollars’ worth of business

Kogi aims to become a producer of cast steel products by developing its 100% owned Agbaja Project in the Kogi State within the Republic of Nigeria.

Nigeria has substantial domestic demand for steel production, which is largely met through imports.

The Agbaja project opens the opportunity for domestic production of steel billets.

Cast steel generated for marketing purposes

Mintek was contracted to perform smelting and refining test work on a pilot scale.

The primary objectives of the test work were:

• Demonstrate the technical feasibility of smelting beneficiated Agbaja iron ore in a pilot scale electric arc furnace to produce a crude pig iron;
• Generate enough process information to assist with design and construction of the process on a commercial scale;
• Demonstrate refining of the pig iron to produce a cast steel suitable for billet steel making; and
• Generate 50 kilograms of ‘on-spec’ cast steel for marketing purposes.

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Tue, 25 Sep 2018 11:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205592/kogi-iron-test-work-program-supports-steel-producing-future-205592.html
<![CDATA[Media files - Kogi Iron looks set to shake up the Nigerian steel market ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10411/kogi-iron-looks-set-to-shake-up-the-nigerian-steel-market-10411.html Mon, 10 Sep 2018 08:06:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10411/kogi-iron-looks-set-to-shake-up-the-nigerian-steel-market-10411.html <![CDATA[News - Kogi Iron appoints Michael Arnett as non-executive director ]]> https://www.proactiveinvestors.com.au/companies/news/204483/kogi-iron-appoints-michael-arnett-as-non-executive-director-204483.html Kogi Iron Ltd (ASX:KFE) has appointed Michael Arnett as a non-executive director in line with the company’s strategy of advancing its Agbaja project in Nigeria.

The company believes Arnett’s demonstrated capabilities will strengthen its corporate governance and legal acumen.

WATCH: Kogi Iron looks set to shake up the Nigerian steel market

Kogi chairman Ian Burson said: “This appointment of Michael adds to the diversity and strength of the Kogi board and we are delighted to have someone of his calibre join the board.”

Arnett has over 25 years of experience as a lawyer, corporate adviser and director of professional service firms and publicly-listed companies.

He is a former consultant to, as well as member and partner of, the board of directors of the natural resources business unit of the law firm Norton Rose Fulbright.

Arnett’s current directorships of listed companies include: chairman for NRW Holdings Limited (ASX:NWH) (FRA:3NR); and non-executive roles for Archipelago Metals Ltd and Queensland Energy Resources Ltd.

READ: Kogi Iron chairman meets Nigerian Minister

Kogi plans to build an integrated cast steel plant in the neighbourhood of its Agbaja iron ore deposit in south central Nigeria, owned directly through the company’s subsidiary KCM Nigeria.

Nigeria has substantial domestic demand for steel production, which is largely met through imports.

The Agbaja project opens the opportunity for domestic production of steel billets.

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Sun, 09 Sep 2018 23:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204483/kogi-iron-appoints-michael-arnett-as-non-executive-director-204483.html
<![CDATA[News - Kogi Iron chairman meets Nigerian Minister ]]> https://www.proactiveinvestors.com.au/companies/news/204394/kogi-iron-chairman-meets-nigerian-minister-204394.html Kogi Iron Ltd’s (ASX:KFE) chairman Dr Ian Burston recently attended a Nigeria hosted luncheon with Honourable Abubakar Bawa Bwari, Minister of State for Solid Materials.

During the luncheon, the mineral opportunities currently being developed in Nigeria were extensively discussed and mention was made of iron ore and the development of the Agbaja Cast Steel Project.

Kogi aims to become a producer of cast steel products by developing its 100% owned Agbaja Project in the Kogi State within the Republic of Nigeria.

READ: Kogi Iron plans to become Nigeria’s first domestically-sourced producing steel company and could generate billions of dollars’ worth of business

Kogi’s chairman Ian Burston said: “I was delighted and honoured to meet the Minister and impressed with his knowledge of the opportunities and challenges of developing the mineral wealth of Nigeria and especially his knowledge of the Agbaja Cast Steel Project.”

Nigeria has substantial domestic demand for steel products, which is currently met largely through imports.

The Agbaja project opens the opportunity for domestic production of steel billets.

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Fri, 07 Sep 2018 12:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204394/kogi-iron-chairman-meets-nigerian-minister-204394.html
<![CDATA[News - Kogi Iron plans to become Nigeria’s first domestically-sourced producing steel company and could generate billions of dollars’ worth of business ]]> https://www.proactiveinvestors.com.au/companies/news/204324/kogi-iron-plans-to-become-nigerias-first-domestically-sourced-producing-steel-company-and-could-generate-billions-of-dollars-worth-of-business-204324.html The Nigerians pay around US$650 per tonne for delivered steel scrap. That’s the salient fact to bear in mind when it comes to reckoning up the opportunity offered by Kogi Iron Ltd (ASX:KFE).

The Nigerians have no primary steel production of their own, and can only serve around a third of the estimated US$6.8bn of domestic demand from in-country recycling. The rest of the supply is made up by Chinese imports of scrap steel, with the corresponding drawback that end users tie up their working capital for around three months.

But it won’t be long before there is an alternative, one that could turn the Nigerian steel market on its head, or at the very least give it a radical shake up.

That at least is the aspiration of Kogi Iron, and its new chief executive Martin Wood.

Kogi plans to build an integrated cast steel plant in the neighbourhood of its Agbaja iron ore deposit in south central Nigeria, owned directly through the company’s subsidiary KCM Nigeria.

It will be the first of its kind in Nigeria, and as such is likely to attract a lot of support both from those who want the immediate benefits of employment and regional economic stimulus and from those who see the strategic and international economic benefits.

It’s a compelling vision, given that for some years Agbaja was regarded merely as just one more iron ore asset stranded a little too far away from the coast.

Now, all thoughts of stranded assets are banished, as too are thoughts that Kogi itself is still leveraged to the iron ore price.

Instead, it’s all about steel and cutting a nice slice of that US$6.8bn demand for the company.

In some respects, it’s early days - precise details of potential capital and operating costs will have to wait for the results of a definitive feasibility study, which is underway.

Nevertheless, recent testwork undertaken by mining and metallurgical consultant Tenova has confirmed that the Agbaja ore is amenable to the production of a beneficiated iron ore concentrate suitable for the production of pig iron, as well as a refined metal suitable for the production of billet.

It’s enough to set Kogi firmly on the road to becoming a steel producer.

“This is the key proof of the whole project,” says Martin Wood. “It indicates that the iron ore that we own can be economically turned into a cast steel product that can be sold for more than it costs to make. Our internal numbers show this is a very valuable project.”

Metal Bulletin have now been commissioned to assess the precise size of the market which the Agbaja product will be able to address, and although it will be some time before those numbers are in, it’s likely to be substantial.

After all, there are a dozen or so rolling mills in the country, all to a greater or lesser extent having to settle for that US$650 per tonne price commanded by the Chinese imports. They will likely scramble for new sources that can supply for less.

“We think the definitive feasibility will show we can produce steel for around US$300 per tonne,” says Wood.

And plenty of it too.

“The entire market for scrap is around 2.5mln tonnes, and we have hundreds of years’ worth of ore.”

That’s assuming that the company mines at around one million tonnes a year, of course. It could go much higher, and rapidly too, since current Nigerian demand is unlikely to remain static. Nigeria is, after all, the largest economy in Africa.

So, it will be interesting to see the results of the definitive feasibility study when it comes out, in six to twelve months’ time, to see just exactly the size of the opportunity that Kogi is addressing.

Purely on a back-of-the-envelope basis, Wood reckons that to construct the cast steel plant won’t cost any more than US$500mln. It’s still quite an ask for a company that’s worth only around 20% of that, but when the final figure is delivered, Wood, an experienced banker with contacts right across the City of London, reckons he’ll be able to lay hands on the cash.

A significant portion will be equity, of course, and that’s likely to be raised in conjunction with a listing on the London exchange. But lenders too will be found, and it’s all thanks to the recent sampling work undertaken by Tenova.

“This bulk sample has changed us as a company,” says Wood.

“We’ve gone from being a company that was really only attractive to retail to opening ourselves up to a whole new universe of investors.”

For the proof of this, it’s only necessary to glance at the Kogi share price graph. There have been no significant re-ratings, true, but what there’s been instead has been a series of incremental gains as the company has gradually de-risked the project and highlighted to investors just exactly what its plans are.

Expect those incremental gains to accelerate significantly from here on in, though, as the numbers involved begin to become apparent, and the wider market begins to wake up to the opportunity that Kogi offers.

 

 

 

 

 

 

 

 

 

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Thu, 06 Sep 2018 09:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204324/kogi-iron-plans-to-become-nigerias-first-domestically-sourced-producing-steel-company-and-could-generate-billions-of-dollars-worth-of-business-204324.html
<![CDATA[News - Kogi Iron to examine domestic and regional markets for Nigerian cast steel product ]]> https://www.proactiveinvestors.com.au/companies/news/203942/kogi-iron-to-examine-domestic-and-regional-markets-for-nigerian-cast-steel-product-203942.html Kogi Iron Ltd (ASX:KFE) believes there are strong market fundamentals for cast steel product from its proposed Agbaja project in Nigeria and has engaged Metal Bulletin to carry out an independent market report.

This report will form part of a bankable market feasibility study for the project.

‘First mover’ opportunity

The company has previously identified that Nigeria and its steel market represent a significant ‘first mover’ opportunity.

It is the most populous country in Africa with the largest GDP and a growing middle class and educated workforce.

READ: Kogi Iron ore concentrate from Agbaja Cast Steel Project in Nigeria is suited to pig iron and billet uses

Nigeria imported over 6.8 million tonnes of steel products in 2017 and has a number of operating rolling mills across the country.

There is no domestic supply of billet to feed these internal mills, which currently use scrap and recycled steel.

Discussions with management of mills

Kogi has had discussions with management of a number of the operating mills and has gained an understanding of the potential customers’ quality and volume requirements.

This has given the company great confidence that its cast steel product will be well received by these steel mills and more broadly across the West Africa region.

The Agbaja Cast Steel Project has now reached the stage where Kogi must formalise this knowledge into a bankable market feasibility study.

“Important step in development plan”

Kogi’s chairman Dr Ian Burston said: “We are pleased to be at the stage where we can initiate such an important step in the project development plan.”

Metal Bulletin will carry out an independent strategic assessment out to 2030 and will provide a full bankable market feasibility document for the project.

This will be within the context of local and key global market and price trends for sponge iron (DRI/HBI), ferrous scrap, billets and rebars.

Key financing requirement

Kogi understands from its advisors that this document will be one of the key requirements of project finance lenders and Export Credit Agency providers.

Metal Bulletin will also provide input on likely competition to the Agbaja project and advice on likely tariff and regulation changes that could affect the project.

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Fri, 31 Aug 2018 15:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203942/kogi-iron-to-examine-domestic-and-regional-markets-for-nigerian-cast-steel-product-203942.html
<![CDATA[News - Kogi Iron ore concentrate from Agbaja Cast Steel Project in Nigeria is suited to pig iron and billet uses ]]> https://www.proactiveinvestors.com.au/companies/news/203127/kogi-iron-ore-concentrate-from-agbaja-cast-steel-project-in-nigeria-is-suited-to-pig-iron-and-billet-uses-203127.html Kogi Iron Ltd’s (ASX:KFE) metals consultant Tenova Mining & Minerals Australia Pty Ltd has completed test work of ore from the Agbaja Cast Steel Project in Nigeria’s Kogi State, finding it could produce beneficiated iron ore concentrate suited to the production of pig iron and billet.

The West Perth company reported its consultant was currently writing up its findings in a report Kogi was expecting to receive in the coming weeks.

Tenova said the test work produced “a beneficiated iron ore concentrate suitable for the production of pig iron and a refined metal with a grade and composition suitable for the production of billet.”

The contractor also advised it had “not discovered any issues that would materially affect the economic viability of the project moving to the next phase.”

Kogi chairman Dr Ian Burston and chief executive Martin Wood issued a joint statement, saying: “We are excited to have such a positive notice from our consultants and look forward to receiving the formal written reports which will enable us to give further details to our shareholders.”

READ: Kogi Iron tests confirm production of upgraded concentrate from Agbaja iron ore

The company viewed the news as positive and reported it was now in a position to advance its steel project and progress its construction financing efforts.

Kogi said: “To this end Kogi anticipates that it will soon be able to announce progress on the appointment of an independent consultant to assess the steel import and consumption market in Nigeria and other rapidly developing regions of West Africa.”

The company’s proposed next steps are to resume its definitive feasibility study for the project and report progress with potential offtake partners, cornerstone investors and project lenders from the banking sector.

It wrote: “The successful completion of the testwork program will allow both the optimisation of the process for the efficient conversion on a commercial scale of the ore from the Agbaja iron ore deposit to a cast steel product and the completion of detailed capital and operating cost estimates.”

The bankable feasibility study is to include the near completed mine and a cast steel plant.

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Fri, 17 Aug 2018 17:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203127/kogi-iron-ore-concentrate-from-agbaja-cast-steel-project-in-nigeria-is-suited-to-pig-iron-and-billet-uses-203127.html
<![CDATA[News - Kogi Iron tests confirm production of upgraded concentrate from Agbaja iron ore ]]> https://www.proactiveinvestors.com.au/companies/news/191938/kogi-iron-tests-confirm-production-of-upgraded-concentrate-from-agbaja-iron-ore-191938.html Kogi Iron Ltd (ASX:KFE) tests have confirmed that using standard crushing and washing the ore from the Agbaja Iron Ore Project in Nigeria produces an upgraded concentrate suitable for smelting.

The company will now carry out stage II test work, which involves pre-reduction of the concentrate followed by smelting in an electric arc furnace to produce a pig iron.

This work is expected to be completed by the end of March 2018.

Confirming ideal refining conditions

Stage III refining is then intended to confirm ideal refining conditions for impurity removal and converting the pig iron into steel with a chemical composition suitable for steel billet manufacture.

Refining test work will also establish commercial production viability and include sample analysis.

It is expected that stage III will be concluded by the end of May 2018.

Final technical report

Following this, a final technical report will be produced in stage IV process modelling and reporting in June 2018.

This will include a detailed flowsheet design for the treatment of Kogi ore to provide iron ore feedstock for the production of steel billets.

The flowsheet design will be used to complete the definitive feasibility study and ultimately to facilitate debt and equity funding for the project.

Agbaja has a total indicated and inferred resource of 586.3 million tonnes at 41.3% iron, including 466.2 million tonnes in the indicated category.

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Wed, 21 Feb 2018 09:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191938/kogi-iron-tests-confirm-production-of-upgraded-concentrate-from-agbaja-iron-ore-191938.html
<![CDATA[News - Kogi Iron to raise funds ahead of shipping date ]]> https://www.proactiveinvestors.com.au/companies/news/183716/kogi-iron-to-raise-funds-ahead-of-shipping-date-183716.html Kogi Iron Ltd (ASX:CFE) recently outlined that it has received confirmation of a shipping date to ship the Agbaja sample material to Mintek’s South African pyrometallurgical testing facilities.

Containers of the sample material are ready for delivery to port.

The company has today requested a trading halt from the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Wednesday 13th September 2017, or earlier if an announcement is made to the market.

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Mon, 11 Sep 2017 13:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183716/kogi-iron-to-raise-funds-ahead-of-shipping-date-183716.html
<![CDATA[News - Kogi Iron Ltd gets ready to raise ]]> https://www.proactiveinvestors.com.au/companies/news/154400/kogi-iron-ltd-gets-ready-to-raise-68445.html Kogi Iron Ltd (ASX:KFE) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Monday 9th May 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 05 May 2016 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154400/kogi-iron-ltd-gets-ready-to-raise-68445.html
<![CDATA[News - Kogi Iron increases entitlement offer take up to 77% ]]> https://www.proactiveinvestors.com.au/companies/news/154399/kogi-iron-increases-entitlement-offer-take-up-to-77-56574.html Kogi Iron (ASX:KFE) has allotted a further 8,997,117 shares at $0.03 each from its partially underwritten one for five entitlement offer, bringing the total take up to 77%, an excellent result in the current capital raising environment.

This brings the total subscribed up to 39,997,114 shares, or about $1.2 million.

Shortfall shares will also be allotted today with the company previously noting that firm commitments have been received for 9,376,159 shortfall shares.

Together with the $1.2 million placement, the funds will be used to progress a range of alternatives to realise value from its wholly-owned Agbaja iron ore project in Nigeria.

This will also meet the holding cost of the project, which has an Ore Reserve of 205 million tonnes at 45.7% iron, enough to support a minimum 21 year mine plan under its Pre-Feasibility Study, as well as general working capital purposes.

Kogi had offered 64,039,713 shares priced at $0.03 each to raise up to $1.92 million. This includes one free option exercisable at $0.08 expiring on 31 May 2017 for every share subscribed.

The PFS had established Agbaja as an economically robust and technically viable project with average operating costs of US$42.98 per tonne concentrate FOB, estimated pre-tax NPV of US$420 million (at a 12% discount), an IRR of 23.7% and CAPEX estimate of US$497 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 29 Jul 2014 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154399/kogi-iron-increases-entitlement-offer-take-up-to-77-56574.html
<![CDATA[News - Kogi Iron raises $0.9M from entitlement offer ]]> https://www.proactiveinvestors.com.au/companies/news/154398/kogi-iron-raises-09m-from-entitlement-offer-56428.html Kogi Iron (ASX:KFE) has raised a total of $0.9 million from its partially underwritten one for five entitlement offer, representing a very credible 63% take up.

The company had received commitments for $580,603.08 worth of new shares, or 19,353,436 shares priced at $0.03 each.
       
A further 11,646,561 shares worth $349,396.83 will issued to the Underwriter and sub-underwriters.

This leaves a shortfall of 33,039,716 shares of which firm commitments have been received for 9,376,159 shortfall shares.

Together with the $1.2 million placement, the funds will be used to progress a range of alternatives to realise value from its wholly-owned Agbaja iron ore project in Nigeria.

This will also meet the holding cost of the project, which has an Ore Reserve of 205 million tonnes at 45.7% iron enough to support a minimum 21 year mine plan under its Pre-Feasibility Study, as well as general working capital purposes.

Kogi had offered 64,039,713 shares priced at $0.03 each to raise up to $1.92 million. This includes one free option exercisable at $0.08 expiring on 31 May 2017 for every share subscribed.

The PFS had established Agbaja as an economically robust and technically viable project with average operating costs of US$42.98 per tonne concentrate FOB, estimated pre-tax NPV of US$420 million (at a 12% discount), an IRR of 23.7% and CAPEX estimate of US$497 million.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 22 Jul 2014 18:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154398/kogi-iron-raises-09m-from-entitlement-offer-56428.html
<![CDATA[News - Kogi Iron presenting at "Stars in 2014" in Sydney, 19 March ]]> https://www.proactiveinvestors.com.au/companies/news/154397/kogi-iron-presenting-at-stars-in-2014-in-sydney-19-march--53647.html Kogi Iron (ASX: KFE) has been making quick progress at its Agbaja Iron Ore Project in Nigeria, which is one of the highest grade beneficiable iron ore resources in West Africa.

Proactive Investors has secured Iggy Tan, managing director for Kogi Iron, to present the latest updates at the upcoming "Stars in 2014 Series" Investor Forum in Sydney on 19 March 2014.

REGISTER HERE: DON'T MISS OUT

The company had earlier this month defined a maiden Ore Reserve of 205 million tonnes at 45.7% iron – enough to support a minimum 21 year mine plan for a 5 million tonne per annum operation.

It also comes just weeks after delivery of the Pre-Feasibility Study that established Agbaja as an economically robust and technically viable project with average operating costs of US$42.98 per tonne concentrate FOB, estimated pre-tax NPV of US$420 million (at a 12% discount), an IRR of 23.7% and CAPEX estimate of US$497 million.

Kogi’s long term forecast FOB price of US$73 per tonne iron ore concentrate also supports a net margin of US$30 per tonne and average EBITDA of US$136 million per annum.

The Ore Reserve will serve as the basis of the Definitive Feasibility Study that it started immediately after completing the PFS in late January.

This is scheduled for completion by the end of 2014.

Agbaja still has room to grow given the Ore Reserve and Indicated Resource (466Mt at 41.4% iron) covers just 20% of EL12124. The remaining 80% hosts a conceptual Exploration Target of 1.3 billion to 2 billion tonnes at a grade of 32-48% iron.



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Thu, 13 Mar 2014 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/154397/kogi-iron-presenting-at-stars-in-2014-in-sydney-19-march--53647.html
<![CDATA[News - Kogi Iron raises $1.2 million from book-build for Agbaja Project project in Nigeria ]]> https://www.proactiveinvestors.com.au/companies/news/154396/kogi-iron-raises-12-million-from-book-build-for-agbaja-project-project-in-nigeria--48435.html Kogi Iron (ASX: KFE) has clinched $1.2 million in a book build and share placement to professional and sophisticated investors, taking it further down the road to finishing a scoping study at its Agbaja Project in Nigeria.

Funds from the placement will be applied to the completion of the study underway to evaluate a 5 million tonne per annum iron ore operation at the 100% owned Agbaja Project.

The Scoping Study is expected to be completed by the end of first quarter 2014.

The placement shares are issued at a price of $0.09 per share, an 18% discount to the 5 day VWAP price of $0.11; Kogi is offering existing shareholders new shares on the same terms via a share purchase plan.

Subject to shareholder approval, Kogi Chairman Dr Ian Burston and non-executive director Mr Don Carroll, will participate in the placement through investments of $500,000 and $100,000 respectively.

Financial support from sophisticated investors and from with company management is a strong vote of confidence in new managing director Iggy Tan's vision for Kogi to build Agbaja into a 5mtpa iron ore producer.

The Nigerian government is known to have given Agbaja project a strong endorsement.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 25 Sep 2013 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154396/kogi-iron-raises-12-million-from-book-build-for-agbaja-project-project-in-nigeria--48435.html
<![CDATA[News - Kogi Iron enters trading halt, capital raising for Agbaja Project in Nigeria ]]> https://www.proactiveinvestors.com.au/companies/news/154395/-kogi-iron-enters-trading-halt-capital-raising-for-agbaja-project-in-nigeria-48335.html Africa-focused Kogi Iron (ASX:KFE) will look to complete a capital raising after entering a trading halt for its shares, to build on momentum at the Agbaja Project in Nigeria.

To date, Agbaja has an established iron ore resource of 488 million tonnes grading 42.7%, which is high for African iron ore.  There is a sense this is just the tip of an iceberg, as less than 20% of the project has been explored.

The current Exploration Target for Agbaja Project is 1.8 – 3.0 billion tonnes at 32 - 48% iron.

Agbaja is in fact, a highly unique deposit as the iron mineralisation is hosted in cretaceous channel iron deposit (CID); shallow, flat-lying sedimentary sequence that is overlain by laterite ave thickness 6 metres.

Aiming for a 5 million tonne per annum project, it is 200 kilometres by sealed road south east of the capital city, Abuja.  A scoping study will look at transport options which could include Niger River infrastructure to sea port, and a barging transport.

There is also an established under-utilised railway to Port Warri, which would require a 59 kilometre spur line.

The project is known to have very high level support from the top echelon of the Nigerian government.

The trading halt will last until or before on 25 September 2013.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 23 Sep 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154395/-kogi-iron-enters-trading-halt-capital-raising-for-agbaja-project-in-nigeria-48335.html
<![CDATA[News - Kogi Iron scopes low cost, 5 million tonne annual iron ore production in Nigeria ]]> https://www.proactiveinvestors.com.au/companies/news/154394/kogi-iron-scopes-low-cost-5-million-tonne-annual-iron-ore-production-in-nigeria-47913.html Kogi Iron Limited (ASX: KFE) has commenced a scoping study for a first stage 5 million tonne per annum iron ore operation at its 100% owned Agbaja Iron Ore Project located in Kogi State, Nigeria.

The Agbaja Project is a shallow, flat lying channel iron deposit, consists of friable channel iron deposits and lends itself to a mining operation utilising cost efficient surface miners.

The mined ore, at a grade of around 42% iron, will be hauled to a processing plant and crushed to around 10mm by a simple low intensity system, then further milled and fed to a beneficiation plant via magnetic separation.

A final upgraded iron ore concentrate of 55-56% iron will be produced, slurried and pumped down to the Banda barge facility 20 kilometers to the south east.

The barging study demonstrated a lower capital and operating cost scenario for the proposed 5 Mtpa operation, compared to using the existing heavy haulage railway which is more suited to larger annual tonnages.

Kogi will continue to advance access agreements for the heavy haulage railway, as this remains an important part of a longer term transport solution for an expanded production profile.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 12 Sep 2013 13:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154394/kogi-iron-scopes-low-cost-5-million-tonne-annual-iron-ore-production-in-nigeria-47913.html
<![CDATA[News - Kogi Iron reduces iron processing costs at Agbaja in Nigeria ]]> https://www.proactiveinvestors.com.au/companies/news/154393/kogi-iron-reduces-iron-processing-costs-at-agbaja-in-nigeria-47784.html Kogi Iron (ASX:KFE) has identified a simpler beneficiation process to produce a saleable product from its Agbaja Iron Ore Project located in Nigeria, West Africa.

Metallurgical testwork in July confirmed the ability to produce a saleable iron ore concentrate utilising feed size reduction, cyclone sizing, gravity pre-concentration and wet low intensity magnetic separation.

Subsequent testwork by Kogi has demonstrated that the beneficiation process can be further simplified by adopting only the wet low intensity magnetic separation (LIMS), which has no adverse impact on overall yield or recovery.

Elimination of cyclone sizing and gravity pre-concentration will substantially reduce operating costs, and given the softness of the Agbaja ore and the coarse grind, the size reduction can be achieved with modest grinding power.

LIMS units are common in the iron ore industry, and allow for high loading and excellent selectivity at highest recovery; the reduced number of units required will result in lower maintenance and capital expenditure, and further reductions in operating costs.

Kogi is on the right track, continually searching for more efficient and lower cost pathways to production.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 10 Sep 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154393/kogi-iron-reduces-iron-processing-costs-at-agbaja-in-nigeria-47784.html