Business
Audited Results for the Year to 31 December 2013
Audited Results for the Year to 31 December 2013.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 4472K Zanaga Iron Ore Company Ltd 25 June 2014 \n\n25 June 2014\n \nZanaga Iron Ore Company Audited Results for the Year to 31 December 2013\nHighlights 2013 and Post balance sheet events to May 2014\n \n· In May 2013, Glencore became the new JV partner, following the merger of Xstrata with Glencore\n \n· Zanaga Project scope revised to a staged development approach\n \n· Supplemental Agreement to the JVA signed in September 2013\n· Feasibility Study progressed on a staged development scope\n· Work programme and budget agreed until the end of 2014\n· Investigation of early Direct Shipping Ore opportunities\n \n· Feasibility Study completed in April 2014, confirming attractive project economics \n· Stage One 12Mtpa initial operation\n§ US$32/t FOB bottom quartile operating costs including royalty\n§ US$2.2bn capital expenditure\n§ Premium quality 66% Fe content iron ore pellet feed product\n· Stage Two expansion to 30Mtpa operation\n§ US$2.5bn capital expenditure for additional 18Mtpa production\n§ US$26/t FOB bottom quartile operating costs including royalty\n§ Premium quality 67.5% Fe content iron ore pellet feed product\n· Benefits of staged development\n§ Lowers capital and execution risk\n§ Reduces financing requirements\n§ Maximises return on capital\n \n· Mining Licence Application submitted to the Ministry of Mines in May 2014\n \n· Social Environmental Impact Assessment completed in April 2014\n \n· Environmental Permit application for Stage One lodged with the Ministry of Environment in May 2014\n \n· Mining Convention negotiations underway\n \n· Cash balance of US$24m, as at 2013 year end\n \nClifford Elphick, Non-Executive Chairman of Zanaga Iron Ore Company Limited, commented:\n\"The Zanaga Project achieved an important milestone in Q2 2014 with the completion of the Feasibility Study, which clearly demonstrates the Zanaga Project is a highly attractive and globally competitive iron ore project. \n \nThe Stage One development has been designed as a stand alone business case and does...