Business
Audited Results for the Year to 31 December 2012
Audited Results for the Year to 31 December 2012.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 9514H Zanaga Iron Ore Company Ltd 27 June 2013 \n \n\n27 June 2013\n \n \nZanaga Iron Ore Company Audited Results for the Year to 31 December 2012\n \n2012 Highlights\n· Substantial increase and upgrade in Mineral Resource1\n- 57% increase in overall Mineral Resource to 6.8Bt at an average grade of 32.0% Fe\n- 74% increase in Measured and Indicated resource category to 4.69Bt with an average grade of 32.5% Fe\n· Maiden Ore Reserve Statement of 2.5Bt at 34% Fe\n· Feasibility Study drilling programme complete\n· Extension of Mining Exploration Licences to August 2014\n· Pipeline PFS successfully completed on schedule with positive results\n- Production of 30 million dry tonnes per annum over 30 year life of mine\n- Slurry pipeline identified as optimal transportation solution - >US$1 billion capital expenditure saving on direct costs compared to rail\n- Premium product of 68% Fe, with low impurities, expected to receive above benchmark pricing\n- Forecast competitive operating costs - in industry bottom quartile\n- Capital expenditure of US$7.4 billion, in line with previous estimates\n- Significant expansion potential\n· Environmental Social Impact Assessment underway\n· Feasibility Study phase commenced\n· Cash balance of US$40m as at 2012 year end\n \nPost Balance Sheet Events\n· Glencore Xstrata new joint venture partners from May 2013, following Glencore's merger with Xstrata\n \nClifford Elphick, Non-Executive Chairman of Zanaga Iron Ore Company Limited, commented:\n\"Substantive progress has been made over the past 18 months in advancing the Zanaga Iron Ore Project towards development. A robust pre-feasibility study has been completed with the results indicating that the Zanaga Project has the potential to offer a low cost, long life operation capable of producing a premium, high quality iron ore product. This confirms our belief that the Zanaga Project is one of the most attractive, undeveloped iron ore projects globally\n \nThe Zanaga Project's mining explorat...