Ann: Quarterly Activities Report-KFE.AX, page-6

At least they are still saying that they are actively seeking funding options which suggests to me that they will see it through to production and reap the rewards.
Can anyone advise whether the Directors still need a share price better than 28.5 cents to get something out of their Performance Loan Plan share issue that was awarded to them a few years back?
One thing that has been bugging me though is the continued reference to: “Confirmation that the coal and limestone required for the project are available locally and in abundance” ...mainly the reason why it is taking so long to confirm!
Coal - although Nigeria has coal reserves estimated at over 2 billion metric tonnes, I can not find any reference to what the reserves for bituminous coal are, the type used for steel making. However, if the information provided in the following article is correct, then there should be sufficient reserves available...
http://www.gjournals.org/GJEMPS/GJEMPS%20PDF/2013/January/Ohimain.pdf
Limestone - according to the following article the type sought for steel making is Dolomite (also called Dolostone). There is approximately 17 million tonnes of it in Kogi state.....
http://www.academicjournals.org/journal/JCEMS/article-full-text-pdf/69AE5F547546
So I guess if those two boxes are theoretically ticked, my take is that they should be in the home stretch of finalizing the DFS that will factor in the logistics and costing of getting these resources shipped to the Agbaja Plant site. With any luck the infrastructure is in place, if not, hopefully only a moderate investment is required to keep the project highly attractive/lucrative.
I guess there are a lot of long term holders out there that hope that this doesn't take too much longer. I believe that once they have a backer (or a bunch of them) who are prepared to throw some serious coin at this and they announce the transition into mining construction, the share price will see better days. Until then, I'll keep waiting.
Mic
As always, DYOR