to russia with love

The very recently released article on Ian Burston and Energio in the mining journal is a fabulous read and might have something to do with the price rise today. It tells how Burston was personally asked by the Nigerians (The King of Kogi State) to try and unlock the vast wealth tied up in the iron ore deposits of Nigeria and in particular, Kogi State.
Here are some quotes from Burston.....

"What happened is that Russian engineers started construction of a steelmaking complex for the NIgerian Government, which they part completed before returning home in 1991 during the dark days that followed the collapse of the Soviet Union.
What they left behind were two rolling mills, complete and commissioned, a 3 mt/y capacity blast furnace, built but not commissioned, a coking plant, built but not commissioned, ore storage facilities and an ore dumper. AS well as the part complete steel mill, the Russians also started construction of an iron ore port at a location called Port Warri, and built most of a high class railway that stops 27 km short of Port Warri at the Delta scrap based electric arc furnace".

"But all of the issues I have seen so far have a solution, and there a number of ways we can develop a viable business based on the deposit".

and my favourite...

"There has been some comment about the impurities in the ore, but I suspect that a lot of the phosphorous and alumina will shake out of the sandstone host with the first crushing treatment".

I have bought more stock again today and firmly believe that Dr Ian Burston has this Iron ore puzzle well and truly sorted!