Business
Approval of Mining Licence and Mining Convention
Approval of Mining Licence and Mining Convention.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 2152P Zanaga Iron Ore Company Ltd 15 August 2014 \n\n15 August 2014\n \nMining Licence and Mining Convention Approved for Zanaga Iron Ore Project\n \nZanaga Iron Ore Company Limited (\"ZIOC\") (AIM:ZIOC) is pleased to announce that the Zanaga Iron Ore Project (the \"Zanaga Project\"), a joint venture with Glencore plc, has been granted a Mining Licence, and signed a Mining Convention (\"the Convention\") with the Government of the Republic of Congo (\"RoC\"). This follows the submission of a mining licence application in May 2014, which was supported by a positive Feasibility Study and a Social Environmental Impact Assessment (\"SEIA\").\n \nThe Zanaga Project is underpinned by one of the largest iron ore deposits in Africa, and is planned to be a low cost iron ore operation, which will be developed in two stages.\n \nStage One consists of a 12Mtpa operation, with Stage Two expanding the operation by a further 18Mtpa to produce a total 30Mtpa of high quality iron ore pellet feed product over a 30-year mine life. Transportation to port will be via a 366km slurry pipeline, where the product will be exported to the global sea-borne iron ore market.\n \nThe Project is expected to create widespread employment opportunities, develop substantial infrastructure, and significantly increase the GDP of the RoC economy, thereby supporting the country's objective of diversifying its economy and developing a mining sector that is sustainable over the long-term.\n \nThe Convention covers the proposed staged development of the Zanaga Project and sets out the fiscal and legal terms with respect to the construction and operation of the Zanaga Project pursuant to its Mining Licence. These are significant milestones as the Project advances toward development.\n \nClifford Elphick, Non-Executive Chairman of ZIOC, commented: \"I am delighted that the Zanaga Project has received both its Mining Licence and Mining Convention. This is a demonstration of the Government of the Republic of Congo's firm commitment to developing the country's mining sector and testament to the Project's strong stakeholder relations, which have been established over the past six years.\n \nThe development of this world class iron ore project will have a significant beneficial impact on the RoC, both at the g...