Dear Kogi Iron shareholders
Kogi Iron today announced updated metalurgy results from its iron ore project in Nigeria. The announcement to the untrained was a little ambiguous and was met with a muted response by the market. I have spoken to management who are very pleased with the progress made and are confident of the development of this asset. There is more work to be done on the metalurgy as has previously been indicated to the market, which will come out in due course. The phosphorous component attached to the ore is at elevated levels which the company say is suitable for Long Steel Products. The targeted iron ore percentage of 56-58% has not initially been achieved although with further beneficiation, they believe this achievable. I believe they are already very close to this number which is economic for a number of producers in Africa.
Drilling has been underway since early January and I am hopeful of a global resource in the multi billion tonne range over the next few months.
Management are now on their way to the Indaba mining conference in Cape Town, South Africa where they will market the story and progress infrastructure talks with the government. They are then conducting a site visit with a number of brokers. I also understand at the end of next week, the company will embark on presentations to the Australian market.
Whilst I am disappointed with the markets response, I have not changed my view on the stock. The company needs to educate the market on what exactly the process is to get the resource to a saleable state and to better explain results.
I have attached the presentation which is to be given at the conference which spells out where the company is at.
I am happy to field any questions.
Regards Guy
Disclosure: Taylor Collison has received fees for raising funds for Kogi Iron. I hold shares in Kogi Iron. The company is speculative and does not pay dividends.
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