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Hi Bizzo,


Who ever buys Kogi Iron can reprocess the IO to make it suitable for the Ajaokuta steel plant. It probably won't add much to the costs and given that they won't have to worry about shipping costs just internal transport the steel mill would still be able to produce a very competitively priced product.


KFE won't change its work plan prior to the sale of Kogi Iron but that does not mean to say the buyer will not change it. A study was brought to my attention that identifies a leaching process that virtually removes all impurities from Agbaja IO, given the work that KFE has done in their PFS and adding this extra processing then whoever owns Kogi Iron will have DSO that can be used without blending. As I said it is not in the KFE work plan and the company won't change the work plan now as they have sufficiently proved up the resource for sale.


There may be DSO across the river too as you point out.


The steel mill operating makes the sale of Kogi Iron more likely and hopefully we get somewhere close to fair value.


Cheers Charles

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Thanks for that Roy yes at the moment the job is safe.I am in Gold and it is looking steady for now.The positive immmelman has posted an encouraging little message .I would like to buy but the little lady would have a fit right now .Take care gentlemen
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  • 2 weeks later...

<h1 style="font-weight: normal; margin: 0px; padding: 0px;">Jindal Steel and Power in talks to buy iron ore mine in West Africa</h1>EBR Staff WriterPublished 07 May 2014Indian firm Jindal Steel and Power (JSPL) is close to buying an iron ore mine in West Africa to secure supplies for its steel plant in Oman.




The company has recently added a two million ton per year steel plant in Oman to its portfolio, along side its existing plants in Raigarh, Chhattisgarh and Angul, Odisha in India.


JSPL official was quoted by Press Trust of India as saying, "We are in discussion with a few targets in West African countries like Cameroon, Senegal and Nigeria for an iron ore mine acquisition and hope to clinch a deal in the next three-four months."


"By July-September, we will be able to seal the deal."


The official added, "We want to buy a mine so that the plant does not have to face the consequence of fluctuating iron ore prices in the international market."


To produce one million ton of steel, JSPL usually requires 1.6 million tons of iron ore. The company already operates in South Africa, Mozambique, Namibia, Botswana and Mauritania.



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So a raise of $911,284.68 overall, with 40,376,156 shares issued (including 10m shares to exhaust the $300k loan from directors last quarter).


Plus a maximum $850k to come in from Lanstead over the next 18 months, giving a maximum of $1,761,284.68 cash receivable overall.


Shares on issue increase to 341m ordinaries (from 272.3m) with a further 68.7m options in play above 8c.


True market cap at 2.8c is $9.548m.

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