Sadly Chiller Agbaja will not be built.the project had a shot, a...

Sadly Chiller Agbaja will not be built.
the project had a shot, a few years ago, but required the planets to align. It needed a corner stone investor to pay for the studies and work needed to demonstrate the nasties could be economically removed. We had shown they could be removed, the next trick was to show it could be done at scale and at a profit and that needed a lot of cash.
we also needed a parastatal to get involved as it has always been too racy for straight bank debt. We had ECGD coming along nicely but that window has closed as they now (due to to fears over global warming) won’t finance anything to do with coal and, as you know, the processing requires coal as a carbon source to drive the oxygen off the iron ore. There are new ways of processing iron to steel that are ‘low carbon’ but they haven’t been tried with polite and Nigeria does not have the depth of indigenous engineering skill or reliability of power in the grid for this to be viable.

so steel production at agbaja won’t happen. The only viable source of income from agbaja is to export iron ore. The team in nigeria could have this sorted in a heart beat but it’s low grade for dso so some processing would be needed. This could be done but your current board couldn’t organise a w@&k in a s&x shop so building a processing plant in a challenging environment is just beyond them. I’m sure they are nice chaps, but not up to it, sorry. Transport is not reliable and the port is riddled with corruption. The local team - great as they are- can’t fix these structural issues!

so in summary - the moment has passed for a steel mill and your board aren’t capable of arranging ore shipments to the coast. Thus the true spot price should be 0 plus the value of some tenements in your home land about which I know very little so can’t assign a value.