(AGENDAWATCHDOG) – ASX-listed Kogi Iron has obtained $1-billion in funding from European funds administration firm Torridon Investments Analysis to develop its Agbaja forged metal venture, in Nigeria.
Torridon launched a funding analysis report on June 10, signaling that it considers the Kogi venture to be a four-star investment-grade venture with an optimistic outlook, and recommends that traders purchase into the venture.
The advice by Torridon follows the appointment of a brand new board of skilled administrators and leaders, together with Kogi Iron MD David Turvey, who’s a geologist with 35 years of mining expertise in Asia and Australia, and chairperson Greg Boulton, who has 25 years of expertise main listed mining and exploration corporations. The Agbaja venture is positioned on the Agbaja Plateau in Kogi State, Nigeria, about 200 km from the capital metropolis, Abuja.
The Agbaja venture is uniquely positioned near present, under-used infrastructure together with roads, rivers and energy infrastructure appropriate to facilitate a serious forged metal venture. Since 2016, Kogi has superior its intention to develop an built-in metal plant utilizing the corporate’s leased iron-ore deposit and close by coal and limestone sources. The outcomes of a laboratory-scale take a look at on the iron-ore demonstrated that it may very well be transformed to a metal feedstock appropriate for electrical arc furnaces.
In November 2017, the corporate commenced a pilot plant take a look at programme on a big bulk pattern to display the method in a steady batch mode. Profitable completion of this intensive testwork in September 2018 confirmed the feasibility of manufacturing a marketable forged metal product, along with the event of a flowsheet for the processing of Agbaja iron-ore into forged metal appropriate for billet making.
Kogi has accomplished the definitive feasibility research and is progressing its bankable feasibility research to help financing for the Agbaja venture.
“Kogi is a basic mid-cap junior useful resource firm with a world-class venture coupled with an in a position administration workforce that truly is ready to flip that hidden gem into a visual success on the world commodity scene,” Torridon chief economist and buying and selling and analysis head Rába Zoltán Tamás mentioned in a launch issued on July 7.
“Nigeria, although it is likely one of the largest economies in Africa (and even a globally important one), doesn’t produce its personal iron and metal. Quite, it imports scrap iron in giant portions yearly after which processes it domestically. Owing to this, it pays the very best worth globally for scrap steel.
“Kogi intends to construct a forged metal plant on the Agbaja Plateau in Kogi State, Nigeria. The venture will provide a forged metal feedstock to metal manufacturing and product fabricators primarily for Nigerian home use. It’ll be an built-in manufacturing of iron-ore (from a home mine) and metal (from home foundries) for import-replacement,” highlighted Tamás.