Business
Audited Results for the year to 31 December 2010
Audited Results for the year to 31 December 2010.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 2297H Zanaga Iron Ore Company Ltd 25 May 2011 \n \n\n25 May 2011 \nZANAGA IRON ORE COMPANY LIMITED\n(\"ZIOC\" or the \"Company\")\nAUDITED RESULTS FOR THE YEAR TO 31 DECEMBER 2010\n \nZanaga Iron Ore Company Limited (AIM:ZIOC) is pleased to announce its audited results for the year ended 31 December 2010. A full version of the Annual Report and Accounts for the year ended 31 December 2010 will be available on the Company's website www.zanagairon.com today.\n \n2010 Highlights\n· The Company listed on the London Stock Exchange's AIM Market (\"AIM\") on 18 November 2010, raising US$50m for ZIOC\n· Phase I of the Pre-Feasibility Study completed in June 2010. Phase II of the Pre-Feasibility Study to be published in Q3 2011 simultaneously with the results of the Value Engineering Exercise. In September 2010 Xstrata extended its first call option over 50% plus one share interest in Jumelles Limited, the joint venture vehicle which owns the Zanaga Project, for an agreed amount of up to US$56.49m which was used to fund Phase II of the Pre-Feasibility Study\n· In February 2011 - Xstrata exercised its first call option and now owns 50% plus one share interest in Jumelles Limited. The Zanaga Project is now managed by Xstrata, and Xstrata has agreed to fund the completion of a feasibility study in accordance with international best practice standards and Xstrata internal guidelines\n· Mineral resource upgrade based on work completed as at 2010 year end:\no Resource increase to 4.0 Bt from 3.3 Bt\no Grade improvement to 33.9% Fe from 32.8% Fe\n· Cash balance of US$49m as at 2010 year end\n \nCliford Elphick, Non-Executive Chairman of Zanaga Iron Ore Company Limited, commented:\n\"In addition to the strategic partnership with Xstrata, the combination of a number of key strengths supports the Board's view that the Zanaga Project represents a significant opportunity. Large scale resources have been identified from targeted areas of the Zanaga ore body that have the potential to sustain a high production mine over the long-term. Exploration work to date has indicated that the quality of the ore is characterised by a shallow, soft a...