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Kogi Iron Heads To Market

Kogi Iron's (ASX:KFE) shares have been placed in pre-open after it was granted an ASX trading halt in relation to a capital raising.

The halt will last until the earlier of the announcement being made or the commencement of normal trading on Friday, 13 June 2014.

Kogi is developing the Agbaja Iron Ore project in Nigeria which has defined an ore reserve and a completed Pre-Feasibility Study under its belt.

This established Agbaja in Nigeria as an economically robust and technically viable project with average operating costs of US$42.98 per tonne concentrate FOB.

Other key takeaways include estimated pre-tax NPV of US$420 million (at a 12% discount), an IRR of 23.7% and CAPEX estimate of US$497 million.

The project has an Ore Reserve of 205 million tonnes at 45.7% iron, enough mineable ore to support a minimum 21 year mine plan.

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