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Kogi Iron responds to ASX query on price and volume increase

The company is continuing to progress the definitive feasibility study (DFS) for its Agbaja Cast Steel Project in Nigeria.

ASX boards
Agbaja will be the first integrated steel plant of its kind in Nigeria

Kogi Iron Ltd (ASX:KFE) received a query from the ASX today related to the company’s shares rising from a low of 7.8 cents on Friday, April 5 to a high of 12 cents today.

The ASX also noted the significant increase in the volume of Kogi securities traded over the same period.

Kogi responded to the query explaining that it was not aware of any information that had not been released to the market which, if known, could be an explanation for recent trading in the securities of the company.

READ: Kogi Iron moves to the next phase of Agbaja Cast Steel Project DFS

The company is continuing to progress the definitive feasibility study (DFS) for its Agbaja Cast Steel Project in Nigeria.

Following the recent completion of the test work by Mintek and Tenova, as well as the marketing study undertaken by Fastmarkets MB, Kogi is now in a position to further progress the completion of the DFS by commencing the second and final phase of the Environmental Impact Study (EIS).

Kogi chairman Don Carroll recently said that the company has a clearly defined path as it continues toward finalisation of the DFS and ultimately the production of a cast steel product in Nigeria.

Quick facts: Kogi Iron Ltd

Price: 0.04 AUD

ASX:KFE
Market: ASX
Market Cap: $28.92 m
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