Kogi Iron Ltd (ASX:KFE)

Kogi Iron Ltd (ASX:KFE)


Share Price
$ 0.07
Change
0.004 (6.56 %)
Market Cap
$43.01 m
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Kogi Iron Ltd

Kogi Iron is an ASX-listed company (ASX: KFE) with the intent to build a cast steel plant on the Agbaja Plateau in Kogi State, Nigeria. The project will supply a cast steel feedstock to steel manufacturing and product fabricators in Nigeria and overseas.

EPIC: KFE
Market: ASX:KFE
52-week High/Low: A$0.15 / A$0.06
Sector: General Mining
Market Cap: $43.01 m
Website: www.kogiiron.com
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Big Picture – A Deep Dive Examination of Kogi Iron Ltd


Kogi Iron Ltd Snapshot

The Company's wholly owned subsidiary in Nigeria, KCM Mining Limited, has secured a Community Development Agreement and Mining Licences have been granted for the mining of iron ore and its conversion into cast steel for steel making.

Kogi Iron and KCM are committed to supporting the local people and environment at the plant site as the area evolves into a modern mining and steel making community, which can be proud of growing into its role as a major producer of steel quality product.

Kogi Iron will now progress its Definitive Feasibility Study to support financing for the Agbaja Project.

PROJECT OVERVIEW

The Agbaja Project is located on the Agbaja Plateau in Kogi State, Nigeria, approximately 200 kilometres from the capital city, Abuja. The Plateau hosts an extensive, shallow, flat-lying channel iron deposit (CID) and Kogi Iron has determined a Probable Ore Reserve of 205 million tonnes at a grade of 45.7% iron (Fe), estimated in accordance with the JORC (2012) code. Mineral Resources on the plateau are 586 million tonnes with an in-situ grade of 41.3% and comprise an Indicated Mineral Resource of 466 million tonnes at 41.4% Fe and an Inferred Mineral Resource of 120 million tonnes at 41.1% Fe, all estimated in accordance with the JORC (2012) code.

The Agbaja Project is uniquely positioned proximal to existing, under-utilised infrastructure including road, river and power suitable to facilitate a major cast steel project.

Since 2016, the Company has advanced its intention to develop an integrated steel plant utilising the company leased iron ore deposit and nearby coal and limestone sources. The results of a laboratory scale test on the iron ore demonstrated that it could be converted to a steel feedstock suitable for electric arc furnaces. In November 2017, the Company commenced a Pilot Plant Test Program on a large bulk sample to demonstrate the process in a continuous batch mode.

Kogi Iron will now progress its Definitive Feasibility Study to support financing for the Agbaja Project.

SD Capital and GKB Ventures Ltd were jointly engaged in October 2017 to secure debt funding for the Project as well as equity finance to complete the DFS and Project financing. The majority of the debt funding is expected to come from Export Credit Agency funds and a detailed program is underway to ensure agencies are well aware of the Project.

 

BOARD OF DIRECTORS

Mr Don CarrollNon-Executive Chairman and Director

Mr Carroll is a former executive with BHP Billiton with over 30 years of experience in the mining industry, principally overseas in Asia, the United States and West Africa.

During this time he was responsible for the early development of the Kalimantan coal projects, the marketing of minerals in Asia, including China, and was the President for BHP Billiton in Japan and India. He was also the CEO for the Guinea Alumina project in West Africa.

He holds a Bachelor degree in Mining Engineering from Sydney University, is a member of the Australian Institute of Mining and Metallurgy and the Institute of Company Directors.

Mr Greg Boulton AMNon-Executive Director

Greg has over 25 years' experience as a Director of Public Listed Companies and large Superannuation funds.  This experience includes the Logistics, Exploration, Mining and Resources sectors both in Australia and overseas.
 
He is currently Chairman of Southern Gold Limited and the Super SA Board, and a Director of Kangaroo Island Plantation Timbers Ltd and Cancer Council SA.  Greg previously served on the Boards of Port Adelaide Football Club Ltd, K&S Corporation Limited, Paragon Private Equity and Business SA.

He holds a Bachelor of Arts (Accounting) from the University of South Australia and is a Fellow of the Australian Institute of Directors, Institute of Chartered Accountants and the Australian Society of Certified Practising Accounts.
 

David TurveyNon-Executive Director

David Turvey is a geologist with over 35 years' experience in the Australian and Asian mining industry.  His career has involved business development and corporate M&A activities in precious and base metals, bulk commodities, industrial minerals and speciality metals.  He has held key management roles in large international companies, incuding several international roles based in South East Asia.  During the last 20 years, David has conducted independent consulting assignments in mineral exploration, research & development, technical marketing and market entry strategies, mining law and foreign investment policy, and commercial project evaluation.

David has been a Non-Executive Director at listed Australian public company Southern Gold Limited since 2011, prior to which he was Executive Director of Lawson Gold and Managing Director of FerrAus Limited.

Peter HuljichNon-Executive Director

Peter has over 25 years' experience in the legal, natural resources and banking sectors with a particular expertise in capital markets, mining, commodities and African related matters.

He has worked in London for several prestigious investment banks, including Goldman Sachs, Barclays Capital, Lehman Brothers and Macquarie Bank, with a focus on Commodities and Equity and Debt Capital markets.  He has extensive on-the-ground African mining, oil & gas and infrastructure experience as the Senior Negotiator and Advisor for Power, Mining and Infrastructure at Industrial Promotion Services, the global infrastructure development arm of the Aga Khan Fund for Economic Development (AKFED) whilst resident in Nairobi, Kenya.

Peter holds a Bachelor of Commerce and a Bachelor of Laws from the University of Western Australia and is a Graduate of the Securities Institute of Australia, with national prizes in Applied Valuation and Financial Analysis.  He is also a graduate of the Australian Institute of Company Directors' course.

Peter is also an independent Non-Executive Director of ASX listed, AVZ Minerals Limited (ASX: AVZ).

 

TOP 30 SHAREHOLDERS

Report as at 24 June 2019

 

In Person:

Suite 23, 4 Ventnor Avenue
West Perth WA 6005

Postal Address:

PO Box 1934
West Perth WA 6872
Australia

Phone:

(08) 9200 3456 (within Australia)

(08) +61 8 9200 3456 (from overseas)

Fax:

(08) 9200 3455 (within Australia)

+61 8 9200 3455 (from overseas)

Email:

[email protected]

CORPORATE DIRECTORY

Company Name: Kogi Iron Limited
Board of Directors:

Mr Don Carroll (Non-Executive Chairman, Non Executive Director)
Mr Martin Wood (Chief Executive Officer and Managing Director)
Mr Greg Boulton (Non-Executive Director)
Mr David Turvey (Non-Executive Director)
Mr Peter Huljich (Non-Executive Director)

Company Secretary: Mr Kevin Hart
Australian Business Number: 28 001 894 033

Principal Administrative Office and
Registered Office:

Suite 23, 4 Ventnor Avenue
West Perth WA 6005
Australia

Postal Address:
Kogi Iron Limited
PO Box 1934
Australia
Ph:+61 (8) 9200 3456
Fax: +61 (8) 9200 3455

Website: www.kogiiron.com
Share Registry: Link Market Services Limited
Level 12, QV1 Building
250 St Georges Terrace
Perth WA 6000
Australia

Postal Address:
Link Market Services Limited
Locked Bag A14
Sydney South NSW 1235
Australia
Ph:+61 1300 554 474
Fax: +61 2 9287 0303
Email: [email protected]
www.linkmarketservices.com.au

Auditors: BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco WA 6008
Australia
Solicitors: Steinepreis Paganin
Level 4, The Read Buildings
16 Milligan Street
Perth WA 6000
Australia
Ph: +61 8 9321 4000

 

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