Hi allJust came across this...

Hi all

Just came across this article

http://www.punchng.com/business/industry/australian-firm-announces-discovery-of-iron-ore-in-kogi/

There is an interesting part that says

"Meanwhile, the Minister of Mines and Steel development, Musa Mohammed Sada, will next month meet with officials of the Australian Iron Ore Development Company, Energio Limited to finetune arrangements and programmes for the commencement of the multi billion dollar Agbaju project."

Sounds like things are progressing quite quickly!!!!

Full article is below:



Australian firm announces discovery of iron-ore in Kogi

OCTOBER 12, 2012 BY LAYI ADELOYE 1 COMMENT
An Australian firm, Energio Limited, has said that it has discovered a huge deposit of iron ore in Igbaja, Kogi State.

Making its presentation to the Australian Securities Exchange, Energio, in a statement on Wednesday, was quoted to have announced the discovery of 488 million tonnes in its Igbaja project, with an in-situ iron grade of 42.7 per cent.

The company described the discovery as “one that is bound to change the pace of iron ore development in Nigeria.

It said that the discovery, from about 13.9km2, represents approximately 15 per cent of the prospective areas and 9.2 per cent of the company’s 151km landholding for iron. According to the statement, signed by the Chairman of Energio Limited, Dr. Ian Burston, on behalf of the company, this discovery is the first ever JORC Iron Ore resources discovery in Nigeria.

He said the company had informed Australian Securities that the resources update on the Agbaja project would be released on June 2013. With improved geological confidence, he said the company believed that entire resources potential of the project would have been classified by June 2013.

According to him, the company would soon begin the metallurgical test work on approximately 300m of P.Q diamond core to beneficiate the in-situ iron grade from 42.7 percent to 58 percent.

The modern JORC resources estimate enables the admission of project development studies as inputs to the pre-feasibility study stage of the development of the iron ore production project. Expatiating further on the feasibility potential of the Igbaja Iron Ore Project, Energio noted that it is located in a shallow flat lying channel, adding that the Iron deposit uniquely positioned to an existing, underutilised rail and port infrastructure.

Burston described the discovery as a “landmark result, considering that drilling at the site only commenced late November 2011, and that within 12 months, the company had released its JORC resource results.

He attributed the remarkable outcome to the support of the Federal Government of Nigeria and the host communities. With the substantial maiden JORC resources funding, he said that there was a considerable opportunity for resource development.

He said the company would undertake a number of development studies preparatory to the preparation of the preliminary feasibility study, which is the last process for the development of a steel plant.

Meanwhile, the Minister of Mines and Steel development, Musa Mohammed Sada, will next month meet with officials of the Australian Iron Ore Development Company, Energio Limited to finetune arrangements and programmes for the commencement of the multi billion dollar Agbaju project.

The company had earlier made a presentation to the minister and officials of the ministry on its huge resources discovery and its plan for the country.

Expected to lead the discussion with the ministry team is the Chairman of the Australian Steel Development Company.