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Kogi Iron Ltd

Kogi Iron appoints advisors and finance committee to advance Agbaja Cast Steel Project

The company is undertaking a definitive feasibility study at its Agbaja project.

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Kogi's key asset is the Agbaja Cast Steel Project in Nigeria

Kogi Iron Ltd (ASX:KFE) and its Nigerian subsidiary KCM Mining have appointed advisors and established a finance committee in several management changes.

The company appointed Dr Ian Burston, Kevin Joseph and Ian Whiteley as advisors to assist in progressing its Agbaja Cast Steel Project.

READ: Kogi Iron advised of potential demand for steel billet from proposed Nigerian plant

Commenting on the management changes, Kogi chairman Don Carroll said: “It is important that the company draws on the full experience of its directors and advisors to secure the successful funding and subsequent development of the Agbaja project.”

All three advisors have extensive experience in Africa and specifically Nigeria, as well as a long association with the project from its inception.

The advisors will report the KCM Mining board and the positions are unremunerated.

READ: Kogi Iron appoints David Turvey and Peter Huljich as non-executive directors

Complementing the advisers, Kogi has established a finance committee chaired by non-executive director Peter Huljich which will include non-executive director Greg Boulton.

The committee will be responsible for identifying and securing funds necessary to complete detailed engineering and technical program for developing Agbaja.

 

Kogi managing director Martin Wood has also resigned effective August 5, with non-executive director David Turvey assuming the role on a short-term basis while a new chief executive officer is found.

Turvey was former managing director of FerrAus Limited and brings extensive experience into the new position.

Wood will remain as a financial consultant until September 30, 2019.

READ: Kogi Iron negotiates funding proposals to advance Nigerian cast steel project DFS

Kogi aims to become an African iron ore and steel producer through the development of Agbaja, capitalising on the substantial domestic demand for steel products in Nigeria.

The company’s land position covers a large part of the Agbaja Plateau which hosts an extensive, shallow and flat-lying channel iron ore deposit with an indicated and inferred mineral resource of 586 million tonnes.

This JORC-compliant resource has an in-situ iron grade of 41.3% and covers about 20% of the prospective plateau within the mining licence areas.

Quick facts: Kogi Iron Ltd

Price: $0.05

Market: ASX
Market Cap: $32.46 m
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