AIM listed Zanaga Iron Ore made significant progress at its project in the Republic of the Congo.
Aim-listed Zanaga Iron Ore Company (ZIOC) had made considerable progress at its Zanaga iron project, in Congo-Brazzaville in 2018.
Zanaga Iron Ore has identified trucking contractors for its project in the Republic of the Congo (RoC). According to Clifford Elphick, non-executive chairman of ZIOC, the company continues evaluating export routes through the RoC and neighbouring country Gabon. Zanaga is developing the iron ore project with joint venture company Jumelles.
“The first half of 2019 has been very positive for the Zanaga. Supported by its shareholders, Jumelles has made substantial progress in progressing Zanaga through the definition of a small-scale early production project solution (the EPP Project) while simultaneously engaging with large infrastructure and financing entities on the improved development case for the 30 million tonnes per annum (Mtpa) staged development project,” says Elphick.
The combination of higher iron ore prices in 2019 and simultaneous supply shocks from the major iron ore producers has led to more encouraging conditions for Zanaga’s development as a tier one iron ore project.
The Zanaga Early Production Project has the potential to produce iron ore in a shorter period of time, at low capital cost, utilising existing brownfield logistics solutions, while the substantial value of the larger 30Mtpa project provides strong foundations for a larger development case.