Apollo Minerals has completed the acquisition of a 12.5% interest in the Kango North Iron project in Gabon from Octavia Consultants Limited. The consideration was 25 million shares at a deemed price of 2 cents per share. Apollo will now hold a 82.5% interest in the project company, and the company has signed a non-binding MoU with a strategic investor for development of this project.
Kango North is a potential near term, low cost development project and importantly is located in close proximity to key infrastructure in an emerging West African iron ore precinct. Providing a potential path to market, Kango North is around 70 kilometres from coastal export infrastructure and 20 kilometres from existing rail and power networks.
“The acquisition increases Apollo’s stake in the project to 82.5% and at the same time consolidates the ownership structure, making it easier to attract investor finance,” executive director Richard Shemesian said.
“Apollo shareholders have exposure to a high quality asset with a significant Exploration Target, close to major existing infrastructure connected to a deep water port which has straightforward metallurgy and the potential to produce a premium 69% iron ore product.”