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.
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.”