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Kogi Iron in discussions with parties to realise value from Agbaja project

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Kogi Iron's (ASX:KFE) chairman Ian Burston has revealed the company is in serious discussions with a number of parties to sell the Agbaja Iron Ore Project in Nigeria outright.

Other options being evaluated include investment of equity in the company or to access sales opportunities through a commodities trader.

The project has a JORC Mineral Resource of 586.3 million tonnes of iron ore. A Preliminary Feasibility Study was completed on the project.

The lower iron ore price and tighter capital raising environment has in turn seen the Company pursue value realisation of the project for shareholders.

A capital raising was completed, enabling work to progress.

Geological work has been focussed on finalising approvals for the grant of the Northern Lease, which will enable completion of an Exploration Target for the Agbaja Plateau.

Bench top studies have been undertaken to review extraction and process functions aimed at enhancing product quality to service both local and international markets.

Burston said cash is being managed carefully, and is planned to carry the Company through the 2015 financial year.

The Ebola crisis affecting West Africa is not having any effect on Kogi's Nigerian activities the company said. Upcoming elections in Nigeria in February 2015 are not expected to have a negative impact on the project.

 

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Quick facts: Kogi Iron Ltd

Price: 0.03 AUD

ASX:KFE
Market: ASX
Market Cap: $23.2 m
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