POSITIVE steps towards progressing Kogi Iron’s Agbaja steel project in Nigeria have been announced, including a recent $3.2m fundraising toward the financial completion of the feasibility study.
The Project, located at Agbaja in Central Nigeria, will potentially produce 1mt of cast steel feedstock annually.
A fourth lease has been granted by the Mining Cadastre Office, FRN which will deliver a contiguous tenement package on the Agbaja Plateau of around 145sqkm.
Kogi Iron Limited managing director David Turvey said the company had achieved another milestone as it moved forward to becoming an integrated steel producer in Nigeria.
The new funding commitments include $860,000 in new equity from current shareholders, endorsing the project’s strong potential.
Board members have continued to meet with potential new investors across all Australian capital cities and plans have been completed for a fundraising roadshow in Europe, London and North America.
To continue to progress government and business relationships, a management visit to Nigeria is planned for early-mid March 2020 including a site visit and community meetings.
In another significant move, the Agbaja project has been recognised as a “Project of National Significance” by the Nigerian Government.
The Nigerian government’s desire to strengthen its economy and develop an industrial base is reflected in its current embrace of foreign investment, including the recapitalisation of the Ajaokuta Steel facility with debt financing under an MoU between Nigerian and Russian Governments.
