Hi everyone
Immmelman's post from yesterday prompted me to go back and review the announcement on April 26 regarding Mintek's work done at the time.
As a reminder the findings were:
Mintek, a leading South African facility involved in minerals processing and metallurgical test work, has determined that the Company has an ability to produce three steel products at an on-site plant at Agbaja, including a finished product with iron content of more than 95% Fe.
The key findings of the test work were:
The results are significant because they confirm to the Company that its planned iron processing plant at Agbaja can produce the intended products – sponge iron, pig iron and the more valuable product - steel.
- Confirmation of the ability to successfully use Agbaja ore to produce three distinct products with high Fe content.
- Confirmation of the ability to reduce impurities to levels acceptable for steel production.
- The opportunity to supply a product for more than one type of steel production, broadening the range of potential customers.
We clearly are awaiting specifics and the detail from this latest round of testing but I think its important to remind ourselves that Mintek did test the ore last year and the results were positive and indicated a viable proposition!
Its just a matter of how viable it will all be so I will leave you with one other comment from this announcement from last year:
However, in combination with the unique blend of oolitic ore from Agbaja it produces a high value product.
The Company’s current cost estimates (subject to confirmation in the Definitive Feasibility Study) are that steel products can be produced at Agbaja with a healthy operating margin.
Exciting times everyone! The market will wake up to this in due course, and that moment is fast approaching IMO
Good luck all
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