🇳🇬NGA
Nigeria
West Africa
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Iron Ore
Strategic ResourceMetal • iron_ore • 2 deposit(s)
FAILED AMBITION: Ajaokuta Steel Complex ($8B invested, never operational, 42+ years). Itakpe mine operates at fraction of capacity. "3 billion tonnes" claim includes low-grade deposits. Imports still dominate Nigerian steel market. Political interference and corruption allegations surround sector.
Itakpe Iron Ore Complex
Kogi
producing
Grade: 36 %Fe - Beneficiation upgrades to 67%+ Fe. Highest grade in Nigeria.
Security:1/5Regulatory:2/5Environmental:2/5
Proved200.00M tonne(in-place)
📊Data Quality
Quality Tier:proved
Confidence:80%
As of:2024-06-30
✓No data quality warnings
Sources
- Itakpe Mining Feasibility Update
National Iron Ore Mining Company, 2024 - Iron Ore Deposits in Nigeria
Nigerian Geological Survey Agency, 2023
Base Case
Basis: in-place (applied)
= 25.0%
Gross Value
$12.84BmodeledState Value
$3.21BmodeledConservative
Basis: in-place (applied)
= 25.0%
Gross Value
$10.20BmodeledState Value
$2.55BmodeledOptimistic
Basis: in-place (applied)
= 25.0%
Gross Value
$15.60BmodeledState Value
$3.90BmodeledNotes: Detailed investigation by Techno-Export (USSR) confirmed reserves at 36% Fe.
Ajabanoko Iron Ore Deposit
Kogi
exploration
Grade: 36.4 %Fe
Indicated⚠36.15M tonne(in-place)
📊Data Quality
Quality Tier:indicated
Confidence:65%
As of:2023-12-31
✓No data quality warnings
Sources
- Lokoja-Okene Iron Ore Assessment
NGSA, 2023
Base Case
Basis: in-place (applied)
= 25.0%
Gross Value
$2.13BmodeledState Value
$531.86MmodeledNotes: C1 (indicated) category reserves near Itakpe.
Inferred⚠25.95M tonne(in-place)
📊Data Quality
Quality Tier:inferred
Confidence:45%
As of:2023-12-31
Warnings
⚠️Inferred estimate with low geological certainty. Confidence capped at 60%.
⚠️Low effective confidence: 45%
Sources
- Lokoja-Okene Iron Ore Assessment
NGSA, 2023
Base Case
Basis: in-place (applied)
= 25.0%
Gross Value
$1.39BmodeledState Value
$347.08Mmodeled