PERTH (miningweekly.com) – ASX-listed junior Kogi Iron has been granted a fourth mining lease in Africa, after an approval by the Nigerian government.
The junior on Tuesday said that the latest approval delivered Kogi a contiguous total of 145 kmn2 over four mining leases and one exploration lease at its Agbaja Plateau cast steel project, in southern Nigeria.
Kogi is planning to mine leased local iron-ore deposits as a feedstock for its cast steel plant, to supply steel to manufacturing and product fabricators in both Nigeria and overseas.
The new minining lease grants Kogi the right to develop and operate a mine for a period of 25 years, and is renewable.
“The company has achieved another milestone towards becoming the first integrated steel producer in Nigeria as we move forward with this project of national significance. I am particularly pleased with the effectiveness of administration by our local team and government departments,” said Kogi MD David Turvey.
The developer has mandated UK advisory SD Capital and UK export finance specialist GKB Ventures to assess and secure debt funding for the project.