Business
Completion of Project Workstreams
Zanaga Iron Ore Company Limited has completed its project value enhancement initiative, which is expected to significantly improve the Zanaga Iron Ore Project's economics. Key outcomes include a potential revenue upside of US$11,325 million over the asset's 30-year life, driven by product grade improvements, and total combined capital expenditure savings of US$352 million through a single 30Mtpa pipeline configuration. Additionally, total combined cash cost savings are projected at US$2,235 million over the same period. The company will release an updated assessment of project economics in February 2026 and is progressing with a strategic partner process, targeting transaction terms in Q1 2026. Disclaimer*
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n\n\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR\n \n6 January 2026\nZanaga Iron Ore Company Limited\n(\"ZIOC\" or the \"Company\")\nCompletion of Project Value Enhancement Workstreams\nZanaga Iron Ore Company Limited (AIM: ZIOC) is pleased to announce the completion of its project value enhancement initiative, first announced on 18 March 2025. The workstreams have delivered significant value enhancement and strategic benefits across multiple areas of the Zanaga Iron Ore Project (the \"Zanaga Project\" or the \"Project\").\nHighlights:\nPositive results from completion of four key workstreams:\n1. Revenue improvement: US$11,325 million of potential revenue upside over the initial 30-year life of the asset (\"LoA\") due to product grade improvement which was separately announced in June 2025.\n2. Total combined capital expenditure savings potential: US$352 million, comprising:\na. Pipeline configuration option: the option to construct a single 30 million tonnes per annum (\"Mtpa\") capacity pipeline would increase upfront Stage One (12Mtpa) capital expenditure by US$349 million, but would eliminate US$706 million of Stage Two pipeline capital expenditure.\nb. Tailings facility design: a minor increase of US$5 million in capital expenditure associated with thickened and dry tailings technologies.\n3. Total combined cash cost savings: US$2,235 million over the initial 30-year LoA.\n4. Updated project economics: a combined, updated assessment of Project economics will be released in February 2026 (see below).\n· Conclusion: the four workstreams have delivered numerous positive outcomes with the DRI-grade product test results delivering the most significant economic benefit. The other initiatives are not currently expected to deliver material incremental economic upside, however, provide strategic benefits and further opportunities to de-risk the Project.\nNext milestones expected in Q1 2026,...